Shore Bank Becomes
Subsidiary of Hampton Roads Bankshares
At their respective meetings held on May 22, 2008, shareholders of Hampton Roads Bankshares, Inc. (NASDAQ: HMPR), the Bank's financial holding company, and Shore Financial Corporation (NASDAQ: SHBK), the financial holding company for Shore Bank, overwhelmingly approved the merger of Shore Financial Corporation with and into our Company. As of June 1, 2008, Shore Bank began operating as a subsidiary of Hampton Roads Bankshares.
Shore Bank serves the Eastern Shore of Maryland and Virginia through eight full-service banking facilities and twenty-two ATMS. Through its affiliates, Shore Bank also offers title insurance and investment products.
For more information about Shore Bank, please visit their website at www.shorebank.com or click here to visit our Investor Relations page.
Hampton Roads Banksharesnkshares
Declares $0.11 Per Share Dividend
At their meeting held on April 22, 2008, our Board of Directors declared a quarterly dividend in the amount of $0.11 per share, payable on June 13, 2008, to shareholders of record as of May 15, 2008. This will be our 26th consecutive dividend payment to shareholders.
Bank of Hampton Roads Receives
Financial Safety Rating of "A"
TheStreet.com Ratings has awarded Bank of Hampton Roads a financial safety rating of "A" or "Excellent." This rating recognizes our bank as an outstanding financial institution offering excellent financial stability for its customers, vendors and employees. Fewer than four percent of the nation's banks and thrifts meet TheStreet.com Ratings' criteria for this category signifying exceptional financial strength.
For more information, please visit www.thestreet.com/ratings.
Hampton Roads Bankshares, Parent Company of Bank of Hampton Roads, Reports
20th Year of Record Earnings
We're pleased to report that net income for 2007 jumped 12.8% from 2006 to $6,810,613. For the twelve month period ended December 31, 2007, diluted earnings per share were unchanged from 2006 at $0.65. For the fourth quarter of 2007, we earned $1,713,107, or $0.16 per diluted share, compared to $1,621,973, or $0.16 per diluted share in the same period in 2006.
Our earnings results for 2007 produced a return on average assets of 1.31% and a return on average shareholders’ equity of 9.52%. This is the fifteenth (15th) consecutive year that we have posted a return on average assets of 1.20% or better. For the fourth quarter of 2007, return on average assets was 1.24% and return on average shareholder’s equity was 9.33%.
Total assets as of December 31, 2007, rose 18.4% to $564 million, up from $476 million a year ago. In 2007, we enjoyed a 27.2% increase in total loans, ending the year at a record-breaking $477 million, $102 million more than at December 31, 2006. Total deposits were up 18.8% to $431 million on December 31, 2007, from $363 million on December 31, 2006.
In summary, 2007 was an outstanding year for our company.
To view the entire press release, click here.
Shore Financial Corporation to Join
Hampton Roads Bankshares
We are pleased to announce that the board of directors of Hampton Roads Bankshares, Inc., the financial holding company for Bank of Hampton Roads, and Shore Financial Corporation, the financial holding company for Shore Bank, approved the execution of, and the parties have executed, a definitive agreement in which Shore Financial Corporation will merge with and into Hampton Roads Bankshares.
Shore Financial Corporation, based in Onley, Virginia, is the holding company for Shore Bank, which serves the Eastern Shore of Maryland and Virginia through eight full-service banking facilities and twenty-two ATMS. Through its affiliates, Shore Bank also offers title insurance and investment products. As of September 30, 2007, Shore Financial Corporation had total assets of $269 million, total deposits of $200 million, total loans of $217 million, and total stockholders’ equity of $27 million.
Jack W. Gibson, President and Chief Executive Officer of Hampton Roads Bankshares, stated, “The addition of Shore Bank with Bank of Hampton Roads under Hampton Roads Bankshares, brings together two extraordinary banks with excellent reputations, similar performance-driven cultures, and operating strengths that are highly complimentary. Both of our organizations share a vision to grow and be the market leader without compromising profitability. Shore’s talented and well-respected management team will be instrumental in guiding our growth into this market and helping us to take advantage of future opportunities throughout the Delmarva Peninsula."
The merger is anticipated to close in the second quarter of 2008 and is conditioned upon receiving the requisite regulatory and stockholder approvals. Pursuant to the terms of the merger agreement, Shore Financial Corporation will merge with and into Hampton Roads Bankshares. Subsequent to the completion of the merger, Shore Bank will maintain its competitive distinction and brand by operating as a subsidiary of Hampton Roads Bankshares.
To view the entire press release , click here.
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