Bank of Virginia Launches Two Strategic Initiatives
20 Marzo 2013 - 2:48PM
Bank of Virginia (the "Bank") (Nasdaq:BOVA) (www.bankofva.com),
announced it has initiated two high-quality, low-risk programs
involving U.S. agency-backed loans to enhance the Bank's organic
growth strategy. Bank of Virginia has committed to a $60
million participation in residential mortgage loans packaged
primarily for sale to Government Sponsored Enterprises, such as
Fannie Mae and Ginnie Mae; and arranged the purchase of a $23
million rehabilitated student loan portfolio backed by the federal
government's guarantee. The Bank intends to hold the student loans
to maturity.
The initiatives reflect Bank of Virginia's strategy to align
with nationally recognized counter-parties in support of each
program. In residential mortgages, the Bank is partnering with
Stonegate Mortgage Corporation, one of the nation's largest and
fastest growing independently-owned mortgage lenders and
servicers. In student loans, the Bank is partnering with
GradCapital, LLC, which advises universities and financial
institutions on educational financial solutions and Xerox Education
Services, a premier servicer of student loan portfolios.
"While Bank of Virginia remains focused on core loan growth in
our local Virginia markets, we are pleased to announce these two
extraordinary initiatives that will enhance the Bank's earnings,
credit quality and portfolio diversity," said Jack Zoeller,
Chairman and CEO of Bank of Virginia. "We are being
opportunistic in leveraging the depth and experience of the Bank's
board of directors and our credit and lending team led by President
Richard Dickinson. We continue to seek high quality loans to
support our targeted growth of approximately $100 million in assets
beginning in late 2012."
About Bank of Virginia
Bank of Virginia, a state chartered bank headquartered in
Midlothian, Virginia, currently operates four full-service offices
in the counties of Chesterfield and Henrico, Virginia. Bank of
Virginia's common stock is traded on the NASDAQ stock market under
the quotation symbol "BOVA". Additional investor relations
information can be found on the internet at www.bankofva.com. Bank
of Virginia is a member of the FDIC and an Equal Housing
Lender.
DISCLAIMER
This news release may include forward-looking statements. These
forward-looking statements are based on current expectations that
involve risks, uncertainties and assumptions. Should one or more of
these risks or uncertainties materialize or should underlying
assumptions prove incorrect, actual results may differ materially.
These risks include: changes in business or other market
conditions; the timely development, production and acceptance of
new products and services; the challenge of managing
asset/liability levels; the management of credit risk and interest
rate risk; the difficulty of keeping expense growth at modest
levels while increasing revenues; and other risks detailed from
time to time in the Bank's periodic filings with the Board of
Governors of the Federal Reserve System, including the Bank's
annual report on Form 10-K as filed with the Board of Governors of
the Federal Reserve. Pursuant to the Private Securities Litigation
Reform Act of 1995, the Bank does not undertake to update
forward-looking statements contained within this news release.
CONTACT: Jack Zoeller, Chairman & CEO, 804-763-1333
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