Eastern Virginia Bankshares and Southern Trust Mortgage join to form EVB Mortgage

June 14, 2004 --  Eastern Virginia Bankshares (EVBS) announces it has entered into a joint venture with Southern Trust Mortgage Company in Virginia Beach to establish a mortgage company. 

The newly formed company, EVB Mortgage, will offer full-service mortgage products to customers in its 20-branch retail trade area.  EVB Mortgage will offer a full array of mortgage products including, but not limited to, three, five and seven-year adjustable rate mortgages, 15 and 30-year fixed products, and all government program products.

Joe Shearin, President and CEO, stated, “We are pleased to offer a new dimension of lending products. The formation of a mortgage company is another extension of service quality excellence, meeting the demands of a diverse customer base with product offerings that best serve their respective needs.  Further, as the interest in varied mortgage products continues to proliferate, Eastern Virginia Bankshares is poised to take advantage of new growth opportunities.”

Jerry Flowers and Kim Curtis, Southern Trust Mortgage President and COO, respectively, said “We are very excited about partnering with EVB in the formation of this new mortgage company joint venture.  It expands our exposure into markets in which we currently have no representation.  In addition, it affords us the opportunity to work with a regional bank whose strong reputation and impressive management team will compliment the goals of Southern Trust.”

Eastern Virginia Bankshares, the parent company for Bank of Northumberland, Hanover Bank, and Southside Bank, operates 20 retail branches in the counties of Caroline, Essex, Gloucester, Hanover, King William, Lancaster, Middlesex, Northumberland, Southampton, Surry and Sussex. 

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