Hampton Roads in Virginia Adds Banking Veteran to its Board

Hampton Roads Bankshares (HMPR) has added banking veteran to its board.

The Norfolk, Va., company announced on Monday that Charles M. Johnston, a former chief financial officer at Eastern Bank in Boston, had joined its board. Johnston, who retired from Eastern in March, has also worked at Commonwealth Bancorp in Philadelphia and Norfolk auto lender TFC Enterprises.

"We are confident that the company will benefit greatly from his experience and independent perspective," Henry Custis Jr., Hampton Roads' chairman, said in a press release. Johnston's addition to the board "represents another step in advancing the company's long-term strategy of being the most meaningful community bank in the mid-Atlantic region."

Hampton Roads recently sold deposits and branches from Gateway Bank, a 2009 acquisition that failed to live up to expectations. The company is also raising up to $95 million capital, including $50 million in commitments from three private equity groups.

Regulators approved Johnston's appointment to Hampton's board Sept. 19.