Virginia Financial Group, Inc. Announces Affiliate Bank Reorganization
17 Ottobre 2006 - 12:14AM
PR Newswire (US)
CULPEPER, Va., Oct. 16 /PRNewswire-FirstCall/ -- Virginia Financial
Group, Inc. (NASDAQ:VFGI) (VFG) today announced that it has
initiated a significant reorganization within its affiliate bank
network. In a move designed to create banks of sufficient size and
depth to compete more effectively and accelerate growth prospects,
VFG will combine its Second Bank & Trust (Culpeper) affiliate
and Virginia Heartland Bank (Fredericksburg) affiliate. The
combined bank will retain the Second Bank & Trust name and
charter, with 15 branches and pro forma assets of $715 million at
September 30, 2006. The two banks to be combined are geographically
contiguous, share increasingly similar market dynamics and offer
the opportunity to create efficiencies and management depth.
Pending regulatory approval, the banks will be combined in February
2007. O.R. Barham, Jr., President and CEO, commented, "This
reorganization will enable us to operate more effectively and
efficiently in the face of increased competitive and regulatory
pressures. Fewer and larger banks afford the opportunity to better
leverage resources, leverage the branch network, reduce
administrative burden and increase the breadth of expertise among
our management groups. These benefits all ultimately will result in
benefits to our customers. With VFG's Planters Bank (Staunton)
affiliate consisting of 24 branches and assets of $842 million, VFG
will have two similarly sized franchises with well defined
footprints." Branches will remain open with the same staff and the
commercial and retail sales staff will continue in their current
roles. The boards of each of the banks will be condensed to form
the board of the resulting organization. Virginia Financial Group,
Inc., with assets of $1.6 billion, is a community bank holding
company headquartered in Culpeper, Virginia. The Company is a
traditional community banking provider, offering a full range of
business and consumer banking services including trust and asset
management service via its trust company affiliate. The
organization maintains a network of thirty-nine branches serving
Central and Southwest Virginia. It also maintains five trust and
investment service offices in its markets. Additional information
can be obtained at http://www.vfgi.net/ Forward Looking Statements
In addition to historical information, this press release contains
forward-looking statements. The forward-looking statements are
subject to certain risks and uncertainties, which could cause
actual results to differ materially from historical results, or
those anticipated. When we use words such as "believes," "expects,"
"anticipates" or similar expressions, we are making forward-looking
statements. Readers are cautioned not to place undue reliance on
these forward-looking statements, which reflect management's
analysis only as of the date thereof. VFG wishes to caution the
reader that factors, such as those listed below, in some cases have
affected and could affect VFG's actual results, causing actual
results to differ materially from those in any forward looking
statement. These factors include: (i) expected cost savings from
VFG's acquisitions and dispositions, (ii) competitive pressure in
the banking industry or in VFG's markets may increase
significantly, (iii) changes in the interest rate environment may
reduce margins, (iv) general economic conditions, either nationally
or regionally, may be less favorable than expected, resulting in,
among other things, credit quality deterioration, (v) changes may
occur in banking legislation and regulation, (vi) changes may occur
in general business conditions and (vii) changes may occur in the
securities markets. Please refer to VFG's filings with the
Securities and Exchange Commission for additional information,
which may be accessed at http://www.vfgi.net/. DATASOURCE: Virginia
Financial Group, Inc. CONTACT: Jeffrey W. Farrar, Executive Vice
President and CFO of Virginia Financial Group, Inc.,
+1-540-829-1603, or Web site: http://www.vfgi.net/
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