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EVB Announces Branch Consolidation

^{Published on 2010-09-03 06:56:07 - Market Wire}
 

TAPPAHANNOCK, Va.--([ BUSINESS WIRE ])--Joe Shearin, President and CEO of Eastern Virginia Bankshares(NASDAQ:EVBS), parent company to banking subsidiary EVB, announces the consolidation of two retail banking offices in King William County.

"In an effort to continue to provide our King William customers with the highest quality of community banking services, we are announcing the consolidation of the Aylett branch into our Central Garage facility."

According to Shearin, aIn an effort to continue to provide our King William customers with the highest quality of community banking services, we are announcing the consolidation of the Aylett branch into our Central Garage facility.a These offices and branch personnel will combine forces with a relocation of the Aylett office to the modern, state-of-the art Central Garage branch. Ed Jones will be the Branch Manager of this combined office.

Due to the age of the Aylett branch and its physical limitations, it has become increasingly difficult to maintain the office to the standard to which our customers expect and deserve. This consolidation also provides operational efficiencies, enabling EVB to derive costs savings while offering its traditional outstanding service quality in a more centralized location of King William County.

Effective at the close of business on Friday, December 3, 2010, the Aylett branch located at 8270 Richmond-Tappahannock Highway in Aylett, Virginia, will be closed. Accounts will be consolidated and safe deposit boxes transferred to the Central Garage branch located just three miles west off of Rt. 360 at 20 Commerce Lane, King William, Virginia. Beginning on Monday, December 6, 2010, customers of the Aylett branch will be serviced at the Central Garage location by all of the same familiar personal bankers with whom they have built their relationship over the years.

The consolidation of the Aylett office into the Central Garage office benefits customers in a variety of ways.

The consolidation will provide customers with improved service.
The Central Garage branch provides customers with more convenient parking, handicap accessibility, easy drive-in, a walk-up outside teller window, drive-up ATM access, with a larger, more modern lobby area.

The consolidation will provide additional hours of service.
Customers of the Aylett office will enjoy extended drive-in hours. Currently, the Aylett drive-in closes at 5:00 Monday through Thursday and offers later service on Friday. The Central Garage office provides drive-in hours until 6:00 p.m. daily.

Shearin stated, aWe are pleased to provide an improved banking experience to include the capability of providing enhanced state-of-the-art banking services and a more relaxing environment for our customers to visit and transact their banking. Ed Jones, the branch manager for the combined offices, and EVB management gave careful consideration to the decision to combine offices to ensure that our customers and stockholders are best served.a Prior to the move, EVB plans to host an open house at the Central Garage branch so that Aylett customers can meet the expanded personnel who will be serving them.

Eastern Virginia Bankshares, based in Tappahannock, is the parent company of EVB. It has $1.0936 billion in assets and operates branches in the counties of Caroline, Essex, Gloucester, Hanover, Henrico, King William, Lancaster, Middlesex, New Kent, Northumberland, Southampton, Surry and Sussex and the City of Colonial Heights. Other subsidiaries include EVB Investments, EVB Mortgage, EVB Insurance, and EVB Title. The Companya™s stock trades on the NASDAQ Global Market under the symbol EVBS.