NORFOLK, Va., March 23, 2010 (GLOBE NEWSWIRE) -- Hampton Roads Bankshares, Inc. (the "Company") (Nasdaq:HMPR), the holding company for Bank of Hampton Roads and Shore Bank, today announced that Robert M. Cooper has joined the Company as Senior Vice President – Director, Products & Business Line Strategy. Cooper joins the Company with two decades of experience in consumer and commercial banking. He most recently served as Director, Deposit and Payment Services at RBC Bank in Raleigh, NC. RBC Bank, the U.S. division of Royal Bank of Canada, had assets of $36 billion at year-end 2009.
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In this position, which reports to the CEO, Cooper will be responsible for developing and implementing strategies and programs to drive the growth and profitability of the deposit portfolio and fee-based services, as well as retail and small business Web Banking services.
"We are delighted to be bringing Bob on board as a member of our senior management team," said John A. B. "Andy" Davies, Jr., President and Chief Executive Officer. "With 60 financial centers in Virginia, North Carolina and Maryland and $3 billion in assets, Hampton Roads Bankshares has become one of the largest community banks in our regions, and we are committed to being a sound, trusted provider of financial services to our communities for decades to come. We are confident that, with his depth and breadth of experience and proven track record of driving growth and profitability, Bob will play a key role in helping us achieve the great potential of this franchise."
Cooper said, "With the many changes that have occurred in the banking industry in recent years, companies like Hampton Roads Bankshares that have a genuine commitment to their communities and longstanding relationships with their customers have a great opportunity to emerge from the economic downturn in an even stronger competitive position. I am impressed with the comprehensive plan the company is implementing to strengthen its financial foundation and capitalize on this opportunity. I am excited about joining this team and helping make the most of this great community banking franchise."
Prior to joining the Company, Cooper served in a variety of consumer and commercial banking positions with RBC Bank since 2000. Previously, Cooper served as Deposit Product Manager – VP Consumer Marketing with Bank of America Corporation in Charlotte, NC from 1996-2000. He began his banking career at First of America Bank Corporation, a $23 billion regional bank based in Kalamazoo, MI. Cooper earned a degree in Public Relations and Communications from Western Michigan University.
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 subsidiaries are Bank of Hampton Roads, which opened for business in 1987, and Shore Bank, which opened in 1961. The Banks engage in general community and commercial banking business, targeting the needs of individuals and small to medium-sized businesses. Currently, Bank of Hampton Roads operates twenty-eight banking offices in the Hampton Roads region of southeastern Virginia and twenty-four offices in Virginia and North Carolina doing business as Gateway Bank & Trust Co. Shore Bank serves the Eastern Shore of Maryland and Virginia through eight banking offices and fifteen ATMs. Through various affiliates, the Banks also offer mortgage banking services, insurance, title insurance 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.
Forward-Looking Statements
This press release contains certain "forward-looking statements" within the meaning of federal securities laws that involve significant risks and uncertainties, including statements regarding our plans, expectations, goals, and projections. For example, forward-looking statements includes those about steps we are taking to strengthen our balance sheet and capital position, suspending our dividend payments, improving our credit quality, reducing the rate of increase in our nonperforming assets, plans for and timing of our return to profitability, integrating acquired companies, and increasing deposits and shareholder value. Such statements are based on our assumptions and analyses and other information we believe are appropriate in the circumstances and available to us at the time of the press release. Actual results could differ materially from those contained in or implied by such statements for a variety of risks including (1) deterioration in the loan portfolio; (2) managing problem loans; (3) changes in economic conditions; (4) movements in interest rates; (5) competitive pressures on product pricing and services; (6) success and timing of other business strategies; and (7) the nature, extent, and timing of governmental actions and reforms, including existing and potential future restrictions and limitations imposed in connection with the Troubled Asset Relief Program's voluntary Capital Purchase Plan or otherwise, among other reasons. Consequently, all of the forward-looking statements in this press release are qualified by these cautionary statements and the cautionary language in our most recent Form 10-K report and other documents we file with the Securities and Exchange Commission. Hampton Roads Bankshares, Inc. does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date of this press release.
