Exhibit 99.1

Xenith Bankshares, Inc. Reports 2014 Third Quarter Results,

Strong Loan and Deposit Growth

RICHMOND, VA, November 4, 2014 — Xenith Bankshares, Inc. (Nasdaq: XBKS), parent company of Xenith Bank, a business-focused bank serving the Greater Washington, D.C., Richmond, and Greater Hampton Roads, Virginia markets, today announced financial results for the three and nine months ended September 30, 2014.

Xenith Bankshares recorded net income of $657 thousand, or $0.05 per common share, in third quarter of 2014, compared to net income of $748 thousand, or $0.07 per common share, in third quarter of 2013. For the first nine months of 2014, net income was $707 thousand, or $0.06 per common share, compared to $1.7 million, or $0.16 per common share, for the first nine months of 2013. Results in the third quarter and year-to-date periods of 2014 include pre-tax merger-related costs of $566 thousand ($0.03 per common share, after tax¹) and $1.2 million ($0.07 per common share, after tax¹), respectively. Additionally, in the year-to-date period of 2014, the company recorded a previously announced fraud loss from an ACH transaction (pre-tax $205 thousand), which occurred in the second quarter of 2014. Results for the third quarter and year-to-date periods of 2014 reflect effective income tax rates of 35% and 44%, respectively, resulting from the non-deductibility of certain merger-related transaction costs.

On June 30, 2014, the company completed the previously announced merger of Colonial Virginia Bank (“CVB”) with and into Xenith Bank, with Xenith Bank being the surviving bank. During the third quarter of 2014, the company completed the conversion of the CVB customers’ accounts and systems to those of Xenith.

T. Gaylon Layfield, III, President and Chief Executive Officer, commented: “We are pleased to welcome the customers of CVB and look forward to serving the Gloucester market. In addition, we are pleased with Xenith’s core loan growth through these first nine months of 2014. Through September, excluding the $70 million of loans added by CVB, our annualized loan growth was approximately 33%. While our first three quarters of the year include considerable noise from non-recurring costs, our operating earnings have improved relative to prior years, as we have grown total loans and core deposits and closely managed our noninterest expenses.”

Layfield continued: “Lending to and providing sophisticated treasury services to a broad array of commercial and industrial customers at various stages of their life cycle is a strength at Xenith. Additionally, we are actively engaged in financing top-tier commercial real estate professionals who are developing many exciting projects in our target markets.”

Third Quarter and Nine Month 2014 Highlights

Operating Results

Income Statement

Total interest income for the three months ended September 30, 2014 was $9.4 million compared to $6.9 million for the three months ended September 30, 2013. For the three-month period of 2014, total interest income reflected average interest-earning assets of $833.4 million compared to $554.2 million in interest-earning assets in the same period of 2013. For the first nine months of 2014, total interest income was $22.4 million compared to $19.2 million for the first nine months of 2013. For the first nine months of 2014, interest income reflected average interest-earning assets of $719.3 million compared to $547.4 million for the comparable 2013 period. While average interest-earning asset balances were higher in the 2014 period, asset yields in the first nine months of 2014 were lower (4.16% compared to 4.67%) than in the comparable 2013 period. This decline was primarily due to downward interest rate pressure and lower accretion of fair value adjustments from acquired loans. Accretion from acquired loans decreased to $1.5 million in the first nine months of 2014 from $2.1 million in the first nine months of 2013.

Total interest expense for the three months ended September 30, 2014 was $1.3 million compared to $832 thousand for the three months ended September 30, 2013. Average interest-bearing liabilities in the three-month period of 2014 increased to $671.7 million from $410.1 million in the comparable 2013 period. Despite higher average balances, the cost of total liabilities declined to 0.77% in the three-month period of 2014 from 0.81% in the comparable period of 2013. For the first nine months of 2014, total interest expense was $3.1 million compared to $2.6 million for the first nine months of 2013. Average interest-bearing liabilities in the first nine months of 2014 increased to $563.6 million from $407.8 million in the comparable 2013 period. The cost of total liabilities declined to 0.74% in the first nine months of 2014 from 0.86% in the first nine months of 2013.

Net interest margin in third quarter 2014 was 3.90% compared to 4.38% in third quarter 2013. Net interest margin for the first nine months of 2014 was 3.59% compared to 4.04% for the first nine months of 2013. Net interest margin pressure caused by the continued low interest rate environment, especially for loans, negatively affected the company’s net interest margin in the 2014 periods. Additionally, a decline in accretion from acquired loans in the nine-month period ended September 30, 2014 negatively affected net interest margin.

Net interest income after provision for loan and lease losses was $6.6 million in third quarter of 2014 compared to $5.6 million in the third quarter of 2013. Net interest income after provision for loan and lease losses was $16.9 million in the first nine months of 2014 compared to $15.7 million in the comparable 2013 period. Higher provision expense was the result of loan growth and greater than expected past due loans in the company’s guaranteed student loan portfolio, which have a high probability of default as to the unguaranteed portion. Net interest income after provision in the third quarter of 2014 reflected $1.6 million in loan and lease loss provision compared to $497 thousand of provision expense in third quarter of 2013. Net interest income after provision in the first nine months of 2014 reflected $2.4 million in loan and lease loss provision compared to provision expense of $913 thousand in the comparable period of 2013.

Total noninterest income was $357 thousand in the third quarter of 2014 compared to $345 thousand in the third quarter of 2013. Service charges on deposit accounts and fees from treasury management services for the three months ended September 30, 2014 increased 39% compared to the three months ended September 30, 2013. For the first nine months of 2014, noninterest income was $938 thousand compared to $1.4 million for the first nine months of 2013. Income from service charges increased 34% in the 2014 nine-month period from the comparable 2013 period. Noninterest income in the nine month period of 2014 included a $42 thousand bargain purchase gain related to the CVB acquisition, an amount that is subject to change as the company finalizes its purchase accounting adjustments. The nine-month period of 2013 included a net gain on the sale of collateral ($361 thousand), as well as net gains from the sale of securities ($291 thousand).

Noninterest expense in the third quarter of 2014 was $5.9 million compared to $4.8 million in the third quarter of 2013. The increase in noninterest expense was the result of merger-related costs associated with the CVB transaction ($566 thousand) and costs associated with the outsourcing of the servicing of the company’s guaranteed student loan portfolio ($152 thousand). Noninterest expense in the first nine months of 2014 was $16.6 million compared to $14.4 million in the same period of 2013. Noninterest expense in the 2014 period included $1.2 million of merger-related costs, $476 thousand of costs for servicing guaranteed student loans, and $205 thousand for the ACH fraud loss. The company has filed a claim with its insurance carrier, but cannot predict the outcome or timing of any recovery. Excluding these above noted costs in the nine month period of 2014, noninterest expense increased modestly when compared to the comparable 2013 period.

Income tax expense in the third quarter of 2014 was $347 thousand, or a 35% effective rate, compared to $564 thousand, or a 44% effective rate, for the first nine months of 2014. The higher effective rate of tax in these periods is due to the non-deductibility of certain merger-related costs associated with the CVB transaction.

Balance Sheet

Loans after allowance for loan and lease losses grew to $738.8 million at September 30, 2014 from $536.5 million at December 31, 2013, which includes approximately $70 million of loans acquired in the CVB transaction. Net loan balances at September 30, 2014 included $90.0 million of guaranteed student loans purchased in the third and fourth quarters of 2013. The company believes the balance of guaranteed student loans will decline by approximately $20 million by year-end 2014 as claims filed pursuant to the government guarantee have been made. As of September 30, 2014, the company’s participation in a mortgage warehouse lending program increased to $63.5 million compared to $3.4 million at December 31, 2013, as mortgage financing activity for the national bank with which the company participates has increased. Prior to second quarter 2014, the mortgage warehouse lending program loans were categorized as loans held for sale on the company’s balance sheet. Beginning June 30, 2014, these loans were included as loans held for investment, and all prior periods presented reflect this reclassification.

Securities available for sale were $74.7 million at September 30, 2014, including $17.4 million acquired in the CVB transaction, compared to $69.2 million at December 31, 2013. Securities held to maturity were $9.3 million at September 30, 2014. Total securities as a percentage of the company’s total assets were 9.2% at September 30, 2014.

Total assets were $910.2 million at September 30, 2014, including approximately $114.4 million of assets acquired in the CVB transaction, compared to $679.9 million at December 31, 2013. Total deposits at September 30, 2014 were $766.5 million, including approximately $101.0 million acquired in the CVB transaction, compared to $569.2 million at December 31, 2013.

Asset and Credit Quality

At September 30, 2014, the ratio of nonperforming assets to total assets was 0.90%, the ratio of nonperforming assets to total loans was 1.10%, and the ratio of the company’s allowance for loan and lease losses (ALLL) to nonaccrual loans was 80.4%. These asset quality measures were negatively affected by the CVB acquisition. Net charge-offs as a percentage of average loans were 0.32% as of September 30, 2014, which includes the charge-off of the unguaranteed portion of the company’s guaranteed student loans that are greater than 120 days past due and have a high probability of default. The company’s ALLL as a percentage of total loans was 0.75% at September 30, 2014, and this measure, excluding guaranteed student loans, was 0.84%.¹ Provision for loan and lease losses on guaranteed student loans is calculated on that portion of carrying values that is not covered by the federal government guarantee. Additionally, the company does not record provision for loan losses on loans held pursuant to the mortgage warehouse lending program. Loans pursuant to this program are to mortgage originators that seek funding to facilitate the origination of residential mortgage loans for sale in the secondary market and are generally held for less than 30 days. The national bank with which the company participates has experienced negligible losses from this lending activity. ALLL plus remaining discounts (credit-related fair value adjustments) on acquired loans as a percentage of total loans was 1.60% as of September 30, 2014.¹

Capital and Shareholder Value Measures

The company’s combined capital ratios remained above regulatory standards for “well-capitalized” banks, with a Tier 1 leverage ratio of 9.69%, a Tier 1 risk-based capital ratio of 11.31%, and a total risk-based capital ratio of 12.11% at September 30, 2014. Capital ratios at Xenith Bank were enhanced by the company’s contribution to Xenith Bank of a significant portion of the net proceeds from the company’s sale of shares of its common stock and the senior term loan, resulting in a Tier 1 leverage ratio of 10.68%, a Tier 1 risk-based capital ratio of 12.47%, and a total risk-based capital ratio of 13.27% at September 30, 2014 at the bank.

Total shareholders’ equity was $105.7 million at September 30, 2014 compared to $87.7 million at December 31, 2013. The increase in equity was primarily the result of the equity contributed in the CVB transaction and the company’s sale of shares of its common stock. Tangible book value¹ at September 30, 2014 was $6.27 per share of common stock compared to $6.10 at December 31, 2013. Return on average assets was 0.29% for the third quarter of 2014 compared to (0.11%) for the second quarter of 2014. Return on average common equity was 2.86% for the third quarter of 2014 compared to (1.01%) for the second quarter of 2014.

Outlook

Layfield concluded: “We are beginning to see more favorable operating leverage in our business model. While there continues to be margin pressure in this protracted low interest rate environment, we have grown the bank while keeping noninterest expenses tightly controlled. We have been deliberate in building a loan portfolio with largely variable interest rates that should serve us well when rates eventually increase. In executing our strategic plan, we focus every day on building and maintaining strong customer relationships that validate our business model. We also continue to examine strategic merger opportunities.”

Profile

Xenith Bankshares, Inc. is the holding company for Xenith Bank. Xenith Bank is a full-service, locally-managed commercial bank, specifically targeting the banking needs of middle market and small businesses, local real estate developers and investors, private banking clients, and select retail banking clients. As of September 30, 2014, the company had total assets of $910.2 million, total deposits of $766.5 million, and total shareholders’ equity of $105.7 million. Xenith Bank’s target markets are Greater Washington, DC, Richmond, VA, and Greater Hampton Roads, VA metropolitan statistical areas. The company is headquartered in Richmond, Virginia and currently has eight branch locations in Tysons Corner, Richmond, Suffolk and Gloucester, Virginia and one loan production office in Gloucester, Virginia. Xenith Bankshares common stock trades on the NASDAQ Capital Market under the symbol “XBKS.”

For more information about Xenith Bankshares and Xenith Bank, visit our website: https://www.xenithbank.com/

Forward-Looking Statements

All statements other than statements of historical facts contained in this press release are forward-looking statements. Forward-looking statements made in this press release reflect beliefs, assumptions and expectations of future events or results, taking into account the information currently available to Xenith Bankshares, Inc. These beliefs, assumptions and expectations may change as a result of many possible events, circumstances or factors, not all of which are currently known to Xenith Bankshares. If a change occurs, Xenith Bankshares’ business, financial condition, liquidity, results of operations and prospects may vary materially from those expressed in, or implied by, the forward-looking statements. Accordingly, you should not place undue reliance on these forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by these forward-looking statements include the risks discussed in Xenith Bankshares’ public filings with the Securities and Exchange Commission (the “SEC”), including those outlined in Part I, Item 1A, “Risk Factors” of Xenith Bankshares’ Annual Report on Form 10-K for the year ended December 31, 2013 and under “Risk Factors” in Xenith Bankshares’ proxy statement/prospectus (Registration No. 333-195108) that was filed with the SEC on April 30, 2014 with respect to the merger of CVB with and into Xenith Bank. Except as required by applicable law or regulations, Xenith Bankshares does not undertake, and specifically disclaims any obligation, to update or revise any forward-looking statement.

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Contact:

Thomas W. Osgood

Executive Vice President, Chief Financial Officer,

Chief Administrative Officer and Treasurer

(804) 433-2209

tosgood@xenithbank.com

-Selected Financial Tables Follow-

XENITH BANKSHARES, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF SEPTEMBER 30, 2014 AND DECEMBER 31, 2013

XENITH BANKSHARES, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2014 AND 2013

(Unaudited)

XENITH BANKSHARES, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014 AND 2013

(Unaudited)

CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)

($ in thousands, except per share data)

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

Allowance for loan and lease losses (ALLL) as a percentage of gross loans excluding guaranteed student loans, ALLL plus discounts on acquired loans as a percentage of gross loans, and tangible book value per share are supplemental financial measures that are not required by, or presented in accordance with, U.S. GAAP. Management believes that ALLL as a percentage of gross loans excluding guaranteed student loans, and ALLL plus discounts on acquired loans are meaningful because they are two measures we use to assess our asset quality. Management believes that tangible book value per common share is meaningful because it is one of the measures we use to assess capital adequacy. Set forth above are reconciliations of each of these non-GAAP financial measures calculated and reported in accordance with GAAP. Book value is the same as shareholders’ equity presented on our consolidated balance sheets. Our calculations of these non-GAAP financial measures may not be comparable to the calculation of similarly titled measures reported by other companies.