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Hampton Roads Bankshares receives $80.3 million from US Treasury

Hampton Roads Bankshares participated in the federal government's troubled assets relief programme's capital purchase programme

Hampton Roads Bankshares, the financial holding company for Bank of Hampton Roads, Shore Bank and Gateway Bank & Trust Company, has received $80.3 million from the US Treasury through the sale of 80,347 shares of the company’s fixed rate cumulative preferred stock, series C, as part of the federal government’s troubled assets relief programme’s capital purchase programme.

 

Hampton Roads Bankshares also issued to the US Treasury a warrant to purchase 1.32 million shares of common stock at $9.09 per share. The preferred shares issued to the Treasury pay an initial cumulative annual dividend rate of 5%.

 

Jack Gibson, vice chairman and CEO of Hampton Roads Bankshares, said: The purpose of the troubled assets relief programme’s capital purchase programme is to insure that financially healthy institutions further strengthen their capital position. The investment by the US Treasury will ensure that we can fully meet the competitive challenges presented by the current economy and maintain leadership in all of our banking markets for the benefit of our shareholders, customers and employees.

 

Hampton Roads Bankshares provides community and commercial banking services to individuals and small- and mid-sized businesses.

 

Bank of Hampton Roads provides business and consumer banking products; Checking, Savings, IRAs, Loans, Mortgages, CDs, Money Markets, Business Accounts all sorts of personal financial products or business banking services are offered by the company.