Hampton Roads Bankshares Inc. in Norfolk, Va., is looking to sell 10 branches and its mortgage and insurance businesses.
The $2.6 billion-asset company said Tuesday it is seeking buyers for its Gateway Bank Mortgage Inc. and Gateway Insurance Services Inc., eight branches in North Carolina and two branches in Virginia. The branches held $332 million deposits at March 31.
"The purpose of the proposed sale of branches and businesses is to focus on our community banking business in our core markets and further reduce our expense base," the company said in a regulatory filing.
Hampton Roads has not turned a profit since the first quarter of 2009. In its filing, the company also reported a $17 million loss for the two-month period ending May 31.
The company reported a loss of $31.7 million in the first quarter.
The company also said in Tuesday's filing that it had hired Sandler O"Neill & Partners LP to sell 5 million shares of its stock over time.
The shares would be sold as part of an at-the-market equity offering program, which would include sales made directly on its stock exchange, sales to market makers and through privately negotiated transactions.
Hampton Roads raised $295 million of capital late last year from a consortium of investors that included private-equity groups.
