Eastern Virginia Bankshares (EVBS) of Tappahannock, Va., said Thursday that it intends to repay $15 million of its Troubled Asset Relief Program aid by late in the second quarter.
As part of the planned sale, the $1 billion-asset bank will pay $4.1 million in dividends to holders of the Series A preferred stock. It will also pay $1.1 million in deferred interest on trust-preferred securities.
"We are extremely pleased to be able to announce this plan to repay a substantial portion of our $24 million of Series A preferred stock," Joe A. Shearin, president and CEO, said in a press release. "This repayment will eliminate a high cost source of capital and improve our financial results for our common shareholders."
Eastern Virginia Bank operates 23 offices around Richmond and along the Virginia coast.