NORFOLK, Va., Dec. 7, 2007 (PRIME NEWSWIRE) -- Bank of Hampton Roads, the subsidiary bank of Hampton Roads Bankshares, Inc. (Nasdaq:HMPR), is proudly celebrating its 20th anniversary. On December 8, 1987, the Bank opened its doors with the intention of operating under a simple philosophy, "Treat others like you want to be treated yourself." By adhering to this philosophy and delivering outstanding customer service each and every day, Bank of Hampton Roads has become one of the most successful and well respected banks in the Commonwealth of Virginia.
From an idea that literally began in a local barn, Bank of Hampton Roads has flourished into seventeen branch offices, including eight offices in the city of Chesapeake, four offices in the cities of Norfolk and Virginia Beach, and one office in the city of Suffolk. In 2005, the bank moved its corporate headquarters into the Dominion Tower, downtown Norfolk's tallest skyscraper.
The bank's outstanding growth and strong financial performance suggests that its business philosophy is working well. As of September 30, 2007, Hampton Roads Bankshares had total assets of $544 million, total loans of $453 million, and total deposits of $411 million. For the nine months ended September 30, 2007, the company's net income was $5,097,506.
From a historical perspective, Bank of Hampton Roads was profitable in its first full year of operations and has achieved nineteen consecutive years of earnings increases. Since opening twenty years ago, the company has earned cumulative net income totaling $49,675,275. In 1991, the company declared its first dividend to shareholders and has followed that with twenty-three additional dividend payments totaling $26,912,035 or 54% of cumulative net income. Approximately 80% of the company's shareholders reinvest their dividends into additional stock.
"From the day we opened, every aspect of our business has been influenced by our desire to maximize the value of our shareholders' investments," said Hampton Roads Bankshares President and Chief Executive Officer Jack W. Gibson. "I am very proud of the manner in which our company has always put our customers and shareholders first and of the way we have consistently shared our success with them in the form of a dividend."
"The most significant reflection of our growth and success occurred last year when our stock was approved to list and trade on the NASDAQ Capital Market," said Gibson. "Just over twelve months later, our shares qualified for inclusion in the NASDAQ Global Select Market, NASDAQ's highest market tier."
Bank of Hampton Roads has also been acknowledged for its commitment to safety and soundness throughout the years. The bank has been awarded a 5-Star rating by BauerFinancial for fifty-three consecutive quarters or just over thirteen years. In addition, the bank was recently awarded a financial safety rating of "A" by TheStreet.com Ratings. Both ratings signify excellent financial stability.
Bank of Hampton Roads has established an excellent foundation to build upon and looks forward to serving the citizens of Hampton Roads for many years to come.
About Hampton Roads Bankshares
Hampton Roads Bankshares, Inc. is a financial holding company that was formed in 2001 and is headquartered in Norfolk, Virginia. The Company's primary subsidiary is Bank of Hampton Roads, which opened for business in 1987. The Bank engages in general community and commercial banking business, targeting the needs of individuals and small to medium-sized businesses. Currently, the Bank operates 17 banking offices in the Hampton Roads region of southeastern Virginia. Additional information about the Company and its subsidiaries can be found on the Web at www.bankofhamptonroads.com.
Certain statements in this report may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that include projections, predictions, expectations, or beliefs about events or results or otherwise are not statements of historical facts. Although the Company believes that its expectations with respect to certain forward-looking statements are based upon reasonable assumptions within the bounds of its existing knowledge of its business and operations, there can be no assurance that actual results, performance or achievements of the Company will not differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Actual future results and trends may differ materially from historical results or those anticipated depending on a variety of factors. For an explanation of the risks and uncertainties associated with forward-looking statements, please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2006, and other reports filed and furnished to the Securities and Exchange Commission.