Eastern Virginia Bankshares, Inc. Formalizes Written Agreement with Regulators

Eastern Virginia Bankshares, Inc. EVBS and its banking subsidiary, EVB announced today that they have entered into a written agreement with the Federal Reserve Bank of Richmond and the Virginia State Corporation Commission Bureau of Financial Institutions. The purpose of the Agreement is to formally document the common goal of the Company, the Bank and the Regulatory Agencies to maintain the financial soundness of the Company and the Bank. Under the terms of the Agreement, the Company and the Bank have committed to take certain steps to strengthen the Company's and the Bank's financial condition. These steps will primarily focus on improving the supervision and internal controls over credit risk management practices, the quality of the loan and asset portfolios, and the Company's and the Bank's capital, liquidity and earnings.