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Section 1: 8-K (FORM 8-K)

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

  

 

FORM 8-K

  

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 14, 2015

 

  

Eastern Virginia Bankshares, Inc.

(Exact name of registrant as specified in its charter)

 

 

         
Virginia   000-23565   54-1866052

(State or other jurisdiction

of incorporation)

 

 

(Commission

File Number)

 

 

(IRS Employer

Identification No.)

 

 

         
330 Hospital Road, Tappahannock, Virginia   22560
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (804) 443-8400

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 
 

 

Item 8.01Other Events.

 

On May 14, 2015, Eastern Virginia Bankshares, Inc. (the “Company”) announced that it has repurchased from the United States Department of the Treasury (“Treasury”) the warrant to purchase 384,041.19 shares of the Company’s common stock at an exercise price of $9.374 per share (the “Warrant”), each as adjusted in accordance with the Warrant’s terms due to certain capital stock transactions by the Company subsequent to the Warrant issue date. The Warrant was originally issued to Treasury in January 2009 pursuant to the Company’s participation in the TARP Capital Purchase Program. The aggregate repurchase price paid by the Company for the Warrant was $115 thousand, based on the fair value of the Warrant as agreed upon by the Company and Treasury. Following the repurchase of the Warrant, Treasury has no remaining equity investment in the Company.

 

A copy of the Company’s press release regarding the Warrant repurchase is attached as Exhibit 99.1 and is incorporated herein by reference.

 

 

Item 9.01Financial Statements and Exhibits.

 

(d)Exhibits

 

Exhibit No. Description
   
99.1 Eastern Virginia Bankshares, Inc. press release dated May 14, 2015

 

 
 

 

Signatures

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  EASTERN VIRGINIA BANKSHARES, INC.  
       
Date: May 14, 2015      
       
  By: /s/ J. Adam Sothen  
    J. Adam Sothen  
    Executive Vice President &  
    Chief Financial Officer  

 

 
 

 

Exhibit Index

  

Exhibit No. Description
   
99.1 Eastern Virginia Bankshares, Inc. press release dated May 14, 2015

 

 

 

 

 

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Section 2: EX-99.1 (EXHIBIT 99.1)

Eastern Virginia Bankshares, Inc. Announces Repurchase of TARP Warrant from U.S. Treasury

TAPPAHANNOCK, Va., May 14, 2015 /PRNewswire/ -- Eastern Virginia Bankshares, Inc. (NASDAQ: EVBS) (the "Company"), the one bank holding company of EVB (the "Bank"), announced today that it has repurchased from the United States Department of the Treasury ("Treasury") the warrant to purchase 384,041.19 shares of the Company's common stock at an exercise price of $9.374 per share (the "Warrant"), each as adjusted in accordance with the Warrant's terms due to certain capital stock transactions by the Company subsequent to the Warrant issue date. The Warrant was originally issued to Treasury in January 2009 pursuant to the Company's participation in the TARP Capital Purchase Program. The aggregate repurchase price paid by the Company for the Warrant was $115 thousand, based on the fair value of the Warrant as agreed upon by the Company and Treasury. Following the repurchase of the Warrant, Treasury has no remaining equity investment in the Company.

Joe A. Shearin, President and Chief Executive Officer of the Company and Bank, commented, "We are excited to have repurchased our TARP Warrant and eliminate Treasury's remaining equity stake in our company and believe that this marks continued progress toward achieving our strategic goals."

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding the business of Eastern Virginia Bankshares, Inc. that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of these risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission.

Contact: Adam Sothen
Chief Financial Officer
Voice: (804) 443-8404
Fax: (804) 445-1047



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