Virginia bank released from regulatory agreement

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Associated Press

Posted on March 27, 2014 at 10:29 AM

Updated Thursday, Mar 27 at 2:05 PM

TAPPAHANNOCK, Va. (AP) — Eastern Virginia Bank's parent company says an agreement with regulators to improve its financial condition has ended.

Eastern Virginia Bankshares, Inc. says in a news release that the termination of an informal memorandum of understanding with the Federal Reserve Bank of Richmond and the Virginia State Corporation Commission Bureau of Financial Institutions was effective March 13. A formal agreement was terminated last September.

Eastern Virginia Bankshares president and CEO Joe A. Shearin tells the Richmond Times-Dispatch (http://bit.ly/1gZWlXP ) that the Tappahannock-based company has made progress in strengthening its balance sheet.

He says the bank's problems stemmed from difficult economic conditions.

Eastern Virginia Bank operates 23 branches in Colonial Heights and the counties of Caroline, Essex, Gloucester, Hanover, Henrico, King William, Lancaster, Middlesex, New Kent, Northumberland, Southampton, Surry and Sussex.

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Information from: Richmond Times-Dispatch, http://www.timesdispatch.com

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