Attached files
| file | filename |
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| 8-K - Xenith Bankshares, Inc. | f8khrb.htm |
| EX-10.1 - Xenith Bankshares, Inc. | ex10.htm |
Exhibit 99.1
August 2, 2011
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Contact:
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Douglas J. Glenn
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Executive Vice President, General Counsel and
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Chief Operating Officer
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(757) 217-1000
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HAMPTON ROADS BANKSHARES ANNOUNCES SALE OF ASSETS OF
GATEWAY INSURANCE SERVICES, INC. TO BANKERS INSURANCE, LLC
Norfolk, Virginia, August 2, 2011: Hampton Roads Bankshares, Inc. (NASDAQ: HMPR) (the “Company”), the holding company for Bank of Hampton Roads (“HRB”) and Shore Bank, today announced that Bankers Insurance, L.L.C. (“Bankers”) has purchased substantially all of the assets and assumed certain liabilities of Gateway Insurance Services, Inc. (“Gateway Insurance”). The consideration paid by Bankers included cash and a Bankers membership interest.
Insurance products will continue to be available to HRB’s customers through referrals to Bankers. Under the terms of its Bankers membership interest, HRB may receive a portion of the commissions generated by such insurance sales.
Caution About Forward-Looking Statements
Certain statements made in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that include projections, predictions, expectations, or beliefs about events or results or otherwise are not statements of historical facts, such as statements about the Company’s
plans to continue offering insurance products through referrals to Bankers. Although the Company believes that its expectations with respect to such forward-looking statements are based upon reasonable assumptions within the bounds of its existing knowledge of its business and operations, there can be no assurance that actual results, performance or achievements of the Company will not differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual events or results to differ significantly from those described in the forward-looking statements include, but are not limited to those described in the cautionary language included under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2010, as amended, Quarterly Report on Form 10-Q for the quarter ended March 31, 2011, those factors addressed in the Company’s most recent prospectus supplement filed with the Securities and Exchange Commission (“SEC”) on June 15, 2011 and other filings made with the SEC.
About Hampton Roads Bankshares
Hampton Roads Bankshares, Inc. is a bank holding company that was formed in 2001 and is headquartered in Norfolk, Virginia. The Company’s primary subsidiaries are Bank of Hampton Roads, which opened for business in 1987, and Shore Bank, which opened in 1961 (the “Banks”). The Banks engage in general community and commercial banking business, targeting the needs of individuals and small to medium-sized businesses. Currently, Bank of Hampton Roads operates forty-six banking offices in Virginia and North Carolina doing business as Bank of Hampton Roads and Gateway Bank & Trust Co. Shore Bank serves the Eastern Shore of Maryland and Virginia through eight banking offices and fifteen ATMs. Through various affiliates, the Banks also offer mortgage banking services, insurance, title insurance, and investment products. Shares of the Company’s common stock are traded on the NASDAQ Global Select Market under the symbol HMPR. Additional information about the Company and its subsidiaries can be found at www.hamptonroadsbanksharesinc.com.
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