|By PR Newswire||
|March 27, 2014 01:46 PM EDT||
TAPPAHANNOCK, Va., March 27, 2014 /PRNewswire/ -- Eastern Virginia Bankshares, Inc. (NASDAQ: EVBS), the holding company for EVB, Southern National Bancorp of Virginia Inc. (NASDAQ: SONA), the holding company for Sonabank, and Jerry Flowers of Southern Trust Mortgage (STM), announced today that the two banks and Jerry Flowers have reached an agreement with Middleburg Bank to purchase the 62 percent of STM currently owned by Middleburg Bank. Upon the closing of the transaction, Jerry Flowers and other STM executives will own 51.1 percent of STM, Sonabank will own 44 percent and EVB will own 4.9 percent.
STM is a mortgage banking company headquartered in Virginia Beach. It was founded in 1998 by Jerry Flowers, and has mortgage banking originators in Virginia, Maryland, North Carolina and South Carolina. Southern Trust Mortgage only originates retail mortgage production.
STM is an approved Fannie Mae, Freddie Mac, VA and FHA lender. In addition, Southern Trust Mortgage is one of a select few lenders to have received approval from Ginnie Mae to issue securities on its behalf. Having all agency approvals greatly expands the mortgage products and, therefore, expands EVB's ability to positively impact the lives of our customer base with mortgage products suited to every economic spectrum.
The continuation of our seven year relationship will help expand our consumer real estate services with additional STM loan officers in more of our EVB branch locations. STM will originate non-conforming residential mortgage loans for EVB's residential mortgage loan portfolio in their markets in accordance with credit criteria provided by EVB.
Joe Shearin, CEO of Eastern Virginia Bankshares, Inc, and EVB stated "We have worked with Southern Trust Mortgage for many years and are excited to build upon this relationship which will help to expand our existing mortgage products while continuing to provide high quality service to our customers. Southern Trust is a well managed company that has come through many mortgage industry business cycles with a solid reputation for quality and customer service."
Jerry Flowers, President of STM commented: "We are very excited to have Sonabank as our new Banking partner along with EVB who we have been doing business with for the past seven years. Having EVB and Sonabank as partners, will allow us to expand in their market areas and will give us banking partners that not only want to be a part of STM's existing model but would like for us to expand our mortgage footprint."
Eastern Virginia Bankshares, Inc. is a bank holding company with assets of $1.0 billion at December 31, 2013. The Company's banking subsidiary, EVB, operates twenty-one full service branches in eastern Virginia located in the counties of Essex, Gloucester, Hanover, Henrico, King William, Lancaster, Middlesex, New Kent, Northumberland, Southampton, Surry and Sussex and the City of Colonial Heights.
Certain statements contained in this release that are not historical facts may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Examples of forward-looking statements contained in this release include, but are not limited to: (i) the anticipated closing of the transaction described in this release, (ii) statements of expectations of Eastern Virginia Bankshares, Inc. (the "Company") or its management or Board of Directors with respect to the future business relationship with Southern Trust Mortgage; (iii) the future impact of the transaction on the business of the Company and EVB; and (iv) statements of assumptions underlying such statements.
Words such as "believes," "anticipates," "expects," "intends," "targeted," "continue," "remain," "will," "should," "may" and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.
Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those discussed in or implied by such statements. Factors that could cause actual results to differ from those discussed in or implied by the forward-looking statements include, but are not limited to (a) changes in interest rates or other factors that adversely affect the mortgage market; (b) changes in governmental regulation; (c) other circumstances that may be out of the Company's control; and (d) other risk factors disclosed on the Company's filings with the Securities and Exchange Commission.
Although the Company believes that its expectations with respect to the forward-looking statements are based upon reliable assumptions and projections within the bounds of its knowledge of its business and operations, there can be no assurance that actual results, performance, actions or achievements of the Company will not differ materially from any future results, performance, actions or achievements expressed or implied by such forward-looking statements. Readers should not place undue reliance on such statements, which speak only as of the date of this report. The Company does not undertake any steps to update any forward-looking statement that may be made from time to time by it or on its behalf.
Contact: Joe A. Shearin, President/CEO
Eastern Virginia Bankshares, Inc.
NASDAQ Symbol: EVBS
SOURCE Eastern Virginia Bankshares, Inc.
SYS-CON Events announced today that SafeLogic has been named “Bag Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. SafeLogic provides security products for applications in mobile and server/appliance environments. SafeLogic’s flagship product CryptoComply is a FIPS 140-2 validated cryptographic engine designed to secure data on servers, workstations, appliances, mobile devices, and in the Cloud....
Apr. 21, 2015 04:30 AM EDT Reads: 1,912
SYS-CON Events announced today that FierceDevOps will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. FierceDevOps keeps software developers and IT operations personnel updated on the latest news and trends around the rapidly evolving role of the traditional IT worker.
Apr. 21, 2015 04:15 AM EDT Reads: 1,952
The IoT Bootcamp is coming to Cloud Expo | @ThingsExpo on June 9-10 at the Javits Center in New York. Instructor. Registration is now available at http://iotbootcamp.sys-con.com/ Instructor Janakiram MSV previously taught the famously successful Multi-Cloud Bootcamp at Cloud Expo | @ThingsExpo in November in Santa Clara. Now he is expanding the focus to Janakiram is the founder and CTO of Get Cloud Ready Consulting, a niche Cloud Migration and Cloud Operations firm that recently got acquir...
Apr. 21, 2015 04:00 AM EDT Reads: 1,323
SYS-CON Events announced today that StorPool Storage will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. StorPool is distributed storage software that allows service providers, enterprises and other cloud builders to run data storage on standard x86 servers, instead of using expensive and inefficient storage arrays (SAN).
Apr. 21, 2015 04:00 AM EDT Reads: 2,052
PubNub on Wednesday released an open source template to allow developers to add Skype-like video chat into their apps. The free template provides a fully functional video chat platform using WebRTC, PubNub and Google Authentication for a global, reliable collaboration solution. “While the WebRTC protocol has created huge excitement as a way to deliver video chat ubiquitously, there’s still a gap between the protocol itself and the ability to deploy a working, globally scaled, collaboration appl...
Apr. 21, 2015 04:00 AM EDT Reads: 7,691
SYS-CON Events announced today that QTS Realty Trust, one of the nation’s largest and fastest-growing providers of data center facilities and cloud services and a leader in security and compliance, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. QTS Realty Trust, Inc. (NYSE: QTS) is a leading national provider of data center solutions and fully managed services, and a leader in security and compliance...
Apr. 21, 2015 03:45 AM EDT Reads: 1,801
SYS-CON Events announced today that IndependenceIT, a leading software provider of simplified IT management solutions for workspaces, applications and desktops-as-a-service, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. IndependenceIT's Cloud Workspace® Suite combines application, end-user and infrastructure management into a seamless, easy-to-manage platform, with a unified management interface an...
Apr. 21, 2015 03:15 AM EDT Reads: 2,581
Today, IT is not just a cost center. IT is an enabler and driver of business. With the emergence of the hybrid cloud paradigm, IT now has increasingly more capabilities to create new strategic opportunities for a business. Hybrid cloud allows an organization to utilize multi-tenant public clouds, dedicated private clouds, bare metal hosting, and the associated support and services for the right use cases through an on-demand, XaaS model. This model of IT creates tremendous opportunities for busi...
Apr. 21, 2015 03:00 AM EDT Reads: 3,900
SYS-CON Events announced today that kintone has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. kintone promotes cloud-based workgroup productivity, transparency and profitability with a seamless collaboration space, build your own business applic...
Apr. 21, 2015 03:00 AM EDT Reads: 1,568
SYS-CON Events announced today that that Innodisk, the service-driven provider of industrial embedded flash and DRAM storage products and technologies, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Innodisk is a service-driven provider of industrial embedded flash and DRAM storage products and technologies. With satisfied customers across the embedded, aerospace and defense, cloud storage markets an...
Apr. 21, 2015 03:00 AM EDT Reads: 2,645
Modern Systems announced completion of a successful project with its new Rapid Program Modernization (eavRPMa"c) software. The eavRPMa"c technology architecturally transforms legacy applications, enabling faster feature development and reducing time-to-market for critical software updates. Working with Modern Systems, the University of California at Santa Barbara (UCSB) leveraged eavRPMa"c to transform its Student Information System from Software AG's Natural syntax to a modern application lev...
Apr. 21, 2015 02:45 AM EDT Reads: 1,554
SYS-CON Events announced today that WSM International (WSM), the world’s leading cloud and server migration services provider, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. WSM is a solutions integrator with a core focus on cloud and server migration, transformation and DevOps services.
Apr. 21, 2015 02:45 AM EDT Reads: 1,909
SYS-CON Events announced today that Site24x7, the cloud infrastructure monitoring service, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Site24x7 is a cloud infrastructure monitoring service that helps monitor the uptime and performance of websites, online applications, servers, mobile websites and custom APIs. The monitoring is done from 50+ locations across the world and from various wireless carr...
Apr. 21, 2015 02:30 AM EDT Reads: 1,921
DevOps tasked with driving success in the cloud need a solution to efficiently leverage multiple clouds while avoiding cloud lock-in. Flexiant today announces the commercial availability of Flexiant Concerto. With Flexiant Concerto, DevOps have cloud freedom to automate the build, deployment and operations of applications consistently across multiple clouds. Concerto is available through four disruptive pricing models aimed to deliver multi-cloud at a price point everyone can afford.
Apr. 21, 2015 02:30 AM EDT Reads: 1,366
SYS-CON Events announced today that Intelligent Systems Services will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Established in 1994, Intelligent Systems Services Inc. is located near Washington, DC, with representatives and partners nationwide. ISS’s well-established track record is based on the continuous pursuit of excellence in designing, implementing and supporting nationwide clients’ mission-cri...
Apr. 21, 2015 02:15 AM EDT Reads: 2,501