Monarch Bank Announces Small Business Contest "Top Flight" Award Semifinalists

Congratulations to MYMIC LLC, Osage of Virginia, and Valkyrie Enterprises, LLC.

Mar 31, 2011, 15:26 ET from Monarch Bank

CHESAPEAKE, Va., March 31, 2011 /PRNewswire/ -- Monarch knows that small businesses are the backbone of America, and that's no different here in Hampton Road. Monarch Bank, a subsidiary of Monarch Financial Holdings, Inc. (NASDAQ: MNRK), today announces the three semifinalists of its "Top Flight" Award, a contest that will reward one growing business in Southside Hampton Roads with a prize package valued at $40,000.

"Monarch Bank would like to thank all the entrants for participating in and supporting our inaugural "Top Flight" Award.  We have had an unbelievable response receiving 95 high quality entries," said Brad E. Schwartz, CEO of Monarch Bank. "Since 2007, these local companies have collectively redefined a down economy, growing operating revenue $100 million and adding 467 new jobs to our economy. Hampton Roads is in good hands!"

Now it's up to the community to vote for their favorite semifinalist: MYMIC LLC, Osage of Virginia, and Valkyrie Enterprises, LLC; and help determine the winning "Top Flight" business. The community (colleagues, friends and family) will vote for their favorite semifinalist between April 1-30 through a text-to-vote and online poll survey on MonarchBank.com to cast a ballot for their favorite "Top Flight" semifinalist.

"Monarch Bank started the award to help area businesses attain their goals," said Neal Crawford, president of Monarch Bank. "The "Top Flight" Award gives us the opportunity to recognize businesses that are making impressive strides and reward one business with a prize package we think will further stimulate growth and job creation for our community."

The one winner will be selected to receive: $10,000 cash from Monarch Bank; a professional business service package valued at $10,000 from accounting, tax and advisory firm Cherry, Bekaert & Holland, L.L.P.; a professional business package valued at $10,000 from Cox Business Communications; and an advertising package, including the creation of a 30-second commercial and cable airtime, valued at $10,000 from Cox Cable Media. Norfolk-based law firm Vandeventer Black is also sponsoring the award.

An independent panel of judges reviewed all entries and selected the three "Top Flight" semifinalists. All financial information was kept strictly confidential and viewed only by the two analysts assigned to verify and document the entries. The "Top Flight" Award winner will be announced on May 17 at the annual Monarch Financial Holdings, Inc. shareholders' meeting. Official rules can be found at MonarchBank.com. http://www.monarchbank.com

Text "Top1" to 269411 (cox411)

About MYMIC LLC

MYMIC, a technology firm and defense contractor based in Portsmouth, is among the Roaring 20 fastest-growing firms in Hampton Roads, according to Inside Business. Founded in 2000 by Tom Mastaglio and Bill Younger, the firm has doubled revenues each year from 2008-10, and it expects to grow revenue by 40 percent and manpower by about 20 percent in 2011. While many of its clients are defense-related, MYMIC plans expanding into health care and law enforcement. The firm has been involved with the Chesapeake Rotary Club and its Paint Your Heart Out, Chesapeake, project that paints homes for the elderly poor, and the first Chesapeake Wine Festival, which raised $140,000 for various charities. If chosen to win the Top Flight Award, MYMIC plans on investing in the future of Hampton Roads by starting the Intern Innovate Incubator, a student intern program open to Hampton Roads high school and college students. It also envisions a job-fair and matchmaker session to keep M&S technology jobs in Hampton Roads and potentially establishing a new business unit to marry the ideas from the intern program with the experience from the skilled labor force.

Text "Top2" to 269411 (cox411)

About Osage of Virginia, Inc.

Osage of Virginia, a Native American owned, Woman-Owned Small Disadvantaged Business (WOSDB), provides management, environmental consulting and planning services. Founded in 2004, clients call on the firm to attain and sustain regulatory compliance, identify and restore contaminated sites, prevent or reduce pollution and conserve natural and cultural resources. Led by Farley Peel and Michael Cree, Osage prides itself on mixing pragmatic solutions with a responsibility to give back to the Hampton Roads community. If chosen to win the Top Flight Award, Osage envisions implementing "Eco-Logical Green Roof Technology" – it would fuel the trend that green roofs have significant environmental, social and economic benefits in urban areas. Osage would design and develop 2,000 square feet of its building's roof to grow fruits, vegetables, herbs and spices that can be harvested and either donated to local churches, missions and other organizations or sold/exchanged with local restaurants for donations or gift cards that could be utilized by the less fortunate. It also plans to promote the concept to schools, commercial developers, hotels, restaurants and other businesses to impart a sea of change in green roof technology in Hampton Roads.

Text "Top3" to 269411 (cox411)

About Valkyrie Enterprises LLC

Valkyrie Enterprises, a defense contractor that services the Department of the Navy and other Department of Defense clients founded in 2007, is one of the "Best Places to Work in Virginia" according to Virginia Business, which ranked the Virginia Beach firm No. 1 in the mid-sized category. Led by President and CEO Gary Lisota, the company has grown from 36 employees at the end of 2007 to nearly 130 today. A consummate community partner, Valkyrie Enterprises supports the United Way of South Hampton Roads, the Boy Scouts, Edmarc Children's Hospice, the Navy League and the NATO Festival, among others. It also assists Honor and Remember, which recognizes all military lives lost in defense of our national freedoms. If chosen to win the Top Flight Award, the firm will upgrade its accounting software, enhance its efficiency and productivity, and increase its technological capabilities at its two Virginia Beach offices. Valkyrie Enterprises envisions more growth – it is looking to use a targeted advertising campaign to fill more than 20 openings – and enhancing our local community through its work with local, regional and national clients.

About Monarch Bank

Monarch Financial Holdings, Inc. is the one-bank holding company for Monarch Bank. Monarch Bank is a community bank with nine banking offices in Chesapeake, Virginia Beach, and Norfolk, Virginia. OBX Bank, a division of Monarch Bank, operates offices in Kitty Hawk and Nags Head, North Carolina. Services are also provided through over fifty ATMs located in the South Hampton Roads area and the Outer Banks of North Carolina, and "Monarch Online" consumer and business internet banking (monarchbank.com). Monarch Mortgage and our affiliated mortgage companies have over twenty offices with locations in Virginia, North Carolina, Maryland, and South Carolina. Our subsidiaries/ divisions include Monarch Bank, OBX Bank, Monarch Mortgage (secondary mortgage origination), Coastal Home Mortgage, LLC (secondary mortgage origination), Regional Home Mortgage, LLC (secondary mortgage origination), Monarch Home Funding, LLC (secondary mortgage origination), Monarch Investments (investment and insurance solutions), and Real Estate Security Agency, LLC (title agency). The shares of common stock of Monarch Financial Holdings, Inc. are publicly traded on the NASDAQ Capital Market under the symbol "MNRK," and shares of our convertible preferred stock are publicly traded on the NASDAQ Capital Market under the "MNRKP" symbol.

SOURCE Monarch Bank



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