Eastern Virginia Bankshares, Inc. Announces Expiration and Oversubscription of $5.0 Million Rights Offering

Jul 01, 2013, 17:15 ET from Eastern Virginia Bankshares, Inc.

TAPPAHANNOCK, Va., July 1, 2013 /PRNewswire/ -- Eastern Virginia Bankshares, Inc. (NASDAQ: EVBS) (the "Company") announced today the expiration at 5:00 p.m., Eastern time, on June 28, 2013 of the subscription period for its previously announced $5.0 million rights offering. Preliminary results indicate that the rights offering was oversubscribed and, as a result, the Company expects to receive gross proceeds of approximately $5.0 million from the offering. Following the issuance of the newly subscribed common shares, which will occur as soon as practicable, the Company will have approximately 11.82 million total common shares outstanding. Any excess subscription payments received by the subscription agent will be returned, without interest, as soon as practicable.

Forward-Looking Statements and Additional Information

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. In addition, certain statements may be contained in the Company's future filings with the Securities and Exchange Commission, in press releases, and in oral and written statements made by or with the approval of the Company that are not statements of historical fact and constitute forward-looking statements within the meaning of such Acts. 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.

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 press release. 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.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Contact: Adam Sothen Chief Financial Officer Voice: (804) 443-8404 Fax: (804) 445-1047


SOURCE Eastern Virginia Bankshares, Inc.