In a move aimed at reducing its cost of funds, Eastern Virginia Bankshares (EVBS) in Tappahannock is retiring debt owed to the Federal Home Loan Bank System.

The $1.1 billion-asset company announced Friday that it has prepaid $107.5 million in long-term FHLB advances and plans to retire an additional $10 million in early September. The loans carry an average interest rate of 4.14% and have average remaining maturities of 3.5 years, the company said.

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