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Stock Market & Financial Investment News

News Breaks
March 26, 2014
12:04 EDTEVBS, SONASouthern National, Eastern Virginia in deal for stake in STM
Southern National Bancorp of Virginia (SONA), Jerry Flowers of Southern Trust Mortgage, and Eastern Virginia Bankshares (EVBS) announced that the two banks and Jerry Flowers have reached an agreement to purchase the 62% of STM currently owned by Middleburg Bank. Upon the closing of the transaction, Jerry Flowers and other STM executives will own 51.1% of STM, Sonabank will own 44% and EVB will own 4.9%. STM is a mortgage banking company headquartered in Virginia Beach. It was founded in 1998 by Jerry Flowers, and has mortgage banking originators in Virginia, Maryland, North Carolina and South Carolina. Southern Trust Mortgage only originates retail mortgage production.
News For SONA;EVBS From The Last 14 Days
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January 22, 2015
16:38 EDTSONASouthern National Bancorp reports Q4 EPS 16c, one estimate 17c
Reports Q4 revenue $9.2M, one estimate $8.86M. Reports Q4 loan loss provision $1.1M vs. $600K a year ago.
January 20, 2015
09:02 EDTEVBSEastern Virginia Bankshares announces partial redemption of Series A preferreds
Eastern Virginia Bankshares announced the partial redemption of an additional 5,000 shares, or 35.7%, of its 14,000 shares of outstanding Series A Preferred Stock that were originally issued to the U.S. Treasury under the Troubled Asset Relief Program Capital Purchase Program. Following completion of the partial redemption, 9,000 shares of Series A Preferred Stock remain outstanding. The redemption price for the shares of Series A Preferred Stock was the stated liquidation preference amount of $1,000 per share, plus accrued and unpaid dividends. The total aggregate redemption price of the shares of Series A Preferred Stock redeemed in the Partial Redemption was approximately $5.1M. The Partial Redemption will result in estimated annual savings of $450K, or 2c per fully diluted common share, due to the elimination of payment of dividends on the redeemed shares of Series A Preferred Stock. Following completion of the Partial Redemption, the capital ratios of the Company and EVB continue to exceed regulatory capital standards to be categorized as well-capitalized.

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