PRESS RELEASE

 

Date:                        August 07, 2008        

Contact:                   David Summers, CEO and Chris Brockett , CFO

Telephone:               703-359-4100

Email:                       cbrockett@virginiaheritagebank.com

 

Virginia Heritage Bank Announces Naming of Two New Directors

 

FAIRFAX, Va.--(BUSINESS WIRE)--Virginia Heritage Bank (OTCBB:VGBK), a Virginia-chartered bank located in Fairfax, Virginia, announced today that it voted to elect Thomas P. Caldwell and Thomas F. Dungan, III to it’s Board of Directors.

Thomas P. Caldwell is the Co-owner of Caldwell and Santmyer, Inc., Berryville, Virginia, a construction company focusing on school construction for the last 15 years. The company has been in business since 1979 and has effectively coordinated the construction of and renovated schools for every school system in the Washington Metropolitan area. Currently he oversees financial management for the company, which has a bonding capacity of $75 million and annual sales of $50 million. He supports the Loudoun County Educational Foundation and Feed the Children charity. Thomas is also a member of the Association of Builders and Contractors.

Thomas F. Dungan, III is president of Management Concepts, a 35 year old second generation training, consulting, and publishing organization. Tom is also President of Andover Investments, LLC, a holding company for investment activity in banking and real estate activities. Mr. Dungan’s prior community banking experience includes his service on the Board of Directors of Potomac Bank of Virginia which sold to Sandy Spring Bank in 2007. Mr. Dungan is a graduate of the College of William and Mary, with a BA in Accounting. He is a CPA and worked previously with Arthur Andersen. He is a board member of the Washington/Baltimore Chapter of the Young Presidents’ Organization, the Instructional Systems Association, The Professional Services Council, and the William and Mary Business Board.

 

Date:                        Feburary 27, 2008        

Contact:                   David Summers, CEO and Chris Brockett , CFO

Telephone:               703-359-4100

Email:                       cbrockett@virginiaheritagebank.com

 

Virginia Heritage Bank Announces Listing on the Over The

Counter Bulletin Board

 

Fairfax, VA  Virginia Heritage Bank, a Virginia-chartered bank located in Fairfax, Virginia, announced today that its common stock began trading on the Over The Counter Bulletin Board (OTC) under the symbol “VGBK.OB.”

 

The OTC Bulletin Board is a regulated quotation service that displays real-time quotes, last-sale prices and volume information in over-the-counter securities. The Financial Industry Regulatory Authority (FINRA), a self-regulatory organization of the securities industry, oversees both the OTC Bulletin Board and the NASDAQ Stock Market.

 

Separately, the Bank reported that total assets have more than doubled to $129 million at December 31, 2007 compared to year end 2006.  The 2007 year end loan portfolio grew to $71 million from $19 million at year end 2006 while deposits increased 114% to $96 million.  David Summers, the Bank’s Chief Executive Officer stated that “Management and the board are pleased with the progress the Bank has made to date towards reaching its financial goals.  In addition, due to the success of our recent stock offering, the Bank’s stockholders’ equity exceeded $31 million at December 31, 2007.  As a result, we believe we are well positioned to leverage our capital base to further our growth and achieve profitability in 2008.”

 

 

Date:                        December 21, 2007        

Contact:                   David Summers, CEO and Chris Brockett , CFO

Telephone:               703-359-4100

Email:                       cbrockett@virginiaheritagebank.com

 

Virginia Heritage Bank Announces Closing of Secondary Stock Offering

 

Fairfax, VA - Virginia Heritage Bank (“VHB” or “the Bank”), a Virginia state-chartered bank headquartered in Fairfax, Virginia, announced today that it has closed a public offering of 2,291,633 shares of its common stock at a price of $10.00 per share. The Bank received net proceeds of $22,303,731 after payment of the placement agent’s commission and estimated expenses of the offering. The Bank offered 2,200,000 shares of its common stock with the right to increase the number of shares being offered by up to 300,000 shares.  The Bank received subscriptions from 461 subscribers, consisting primarily of individual investors, and increased the number of shares offered by 91,633.  The Bank intends to use the proceeds of the offering to support future loan and asset growth, to expand its branch network, and for general corporate purposes. Commerce Street Capital, LLC served as placement agent for the offering.

 

VHB is currently seeking sponsorship from an Over the Counter Bulletin Board (“OTCBB”) market maker for quotation of its common stock on the OTCBB.  At such time as VHB’s common stock receives an OTCBB trading symbol, the trading symbol will be publicized.

 

VHB opened for business on November 21, 2005, and, as of September 30, 2007, the Bank had total assets of $98.8 million, total gross loans of $44.9 million and total deposits of $88.8 million.  The Bank currently operates 3 full-service branches in the Northern Virginia market.

 

 

Date:                           August 23, 2007        

Contact:                      Chris Brockett , Chief Financial Officer        

Telephone:                  703-359-4100

Email:                          cbrockett@virginiaheritagebank.com

                                                                                                            NEWS RELEASE

 

Fairfax, Virginia, August 22, 2007 --  The Board of Directors of Virginia Heritage Bank elected David P. Summers Chairman of the Board and Chief Executive Officer effective September 1, 2007.  Mr. Summers has served as President and Chief Executive Officer of the bank since May 28, 2007.  

 

He was formerly President and Chief Executive Officer of Community Bank of Northern Virginia (CBNV) which sold to Mercantile Bankshares Corporation (MRBK) in May 2005.  CBNV had commenced operations in 1992 as a one branch bank located in Sterling, Virginia.  Mr. Summers and his management team grew CBNV to $900 million in assets with 14 branch locations at the time of the sale to MRBK.  Mercantile has since been sold to PNC, which is headquartered in Pittsburgh, Pennsylvania.

 

Current Chairman of the Board Doug Church will assume the responsibilities of Vice Chairman of the Board.  Mr. Church was instrumental in chartering the bank and establishing the Virginia Heritage Bank franchise in the northern Virginia market.

 

In other developments, Virginia Heritage Bank (VHB) announced the recent hiring of the following staff and their new positions with the bank:

                                                                                              

Chris Mortensen – Mr. Mortensen comes to VHB from Mercantile Potomac Bank after serving with Mr. Summers at CBNV.  Chris is the Chief Commercial Lending Officer for the bank.

 

Betty Gillen – Ms. Gillen comes to VHB from Mercantile Potomac Bank after serving with Mr. Summers at CBNV.  Betty is the Chief Retail Officer for the bank.

 

Richard Johnson – Mr. Johnson comes to VHB from Mercantile Potomac Bank after serving with Mr. Summers at CBNV.  Richard is the Chief Consumer Lending Officer for the bank.

 

John Saunders – Mr. Saunders comes to VHB from Alliance Bank after serving with Mr. Summers at CBNV.  John is the Chief Real Estate Lending Officer for the bank.

 

Cindy Fusselle – Ms. Fusselle comes to VHB from Mercantile Potomac Bank after serving with Mr. Summers at CBNV.  Cindy is the Senior Credit Administration Officer for the bank and also will serve as the SBA Lending coordinator.

 

Susie Kitchin – Ms. Kitchin comes to VHB from Burke and Herbert Bank after serving with Mr. Summers at CBNV.  Susie is a Retail Business Development Officer with the bank.

 

Tom Powell – Mr. Powell comes to VHB from Mercantile Potomac Bank.  Tom is a Commercial Loan Officer with the bank.

 

Jennifer Kim – Ms. Kim comes to VHB from Hacker, Johnson & Smith, PA, Certified Public Accountants.  Jennifer is the Financial Reporting Manager for the bank.

 

Raj Periyapatna – Mr. Periyapatna comes to VHB from Mercantile Potomac Bank after serving with Mr. Summers at CBNV.  Raj is a Retail Banking Officer with the bank.

 

Robin Cunningham – Ms. Cunningham comes to VHB from Mercantile Potomac Bank after serving with Mr. Summers at CBNV.  Robin is the Loan Administration Officer with the bank.

 

Wayne Benson – Mr. Benson comes to VHB from Mercantile Potomac Bank after serving with Mr. Summers at CBNV.  Wayne is the Client Service Specialist with the bank.

 

­One final noteworthy item:  Interested investors should also note that the bank is currently in the planning stage for a secondary stock offering.

 

The offering is planned for early in the fourth quarter of 2007. More information will be available soon.

 

Virginia Heritage Bank is a Fairfax, Virginia based federally insured institution with branch offices located in the communities of Fairfax City, Chantilly and Gainesville.  The bank currently has assets in excess of $80 million.