NORFOLK, Va., Aug. 24, 2012 (GLOBE NEWSWIRE) -- Hampton Roads Bankshares, Inc. (Nasdaq:HMPR) (the "Company"), the holding company for The Bank of Hampton Roads ("BHR") and Shore Bank, today announced that it has completed the sale of deposits associated with the Gateway Bank & Trust Company branch located at 901 Military Cutoff Road in Wilmington, North Carolina to First Bancorp (Nasdaq:FBNC) of Troy, North Carolina, pursuant to an agreement announced on April 30, 2012, and has closed the Military Cutoff Road branch. The terms of the transaction were not disclosed.
The Company also announced that it has completed the previously announced transfer of accounts associated with the Gateway Bank & Trust branch located at 8470 Falls of Neuse Road in Raleigh, North Carolina to its branch at 2235 Gateway Access Point in Raleigh and has closed the Falls of Neuse branch.
About Hampton Roads Bankshares
Hampton Roads Bankshares, Inc. is a bank holding company that was formed in 2001 and is headquartered in Norfolk, Virginia. The Company's primary subsidiaries are The Bank of Hampton Roads, which opened for business in 1987, and Shore Bank, which opened in 1961 (the "Banks"). The Banks engage in general community and commercial banking business, targeting the needs of individuals and small to medium-sized businesses. Currently, The Bank of Hampton Roads operates banking offices in Virginia and North Carolina doing business as The Bank of Hampton Roads and Gateway Bank & Trust Co. Shore Bank serves the Eastern Shore of Maryland and Virginia through seven banking offices, ATMs and a recently opened loan production office in West Ocean City, Maryland. Through various affiliates, the Banks also offer mortgage banking services and investment products. Shares of the Company's common stock are traded on the NASDAQ Global Select Market under the symbol "HMPR." Additional information about the Company and its subsidiaries can be found at www.hamptonroadsbanksharesinc.com.
CONTACT: Stephen P. Theobald Executive Vice President and Chief Financial Officer (757) 217-1000
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