Hampton Roads Bankshares in Virginia Beach, Va., has agreed to pay $200,000 to address an investigation by the Securities and Exchange Commission into the company's accounting practices.

The investigation, first disclosed in November 2010, focused on the treatment of a deferred-tax asset, as well as the company's loan-loss allowances in 2009 and 2010.

Under the settlement, the $2 billion-asset Hampton Roads agreed to an administrative cease-and-desist order tied to the deferred tax asset, without admitting or denying wrongdoing.

"We are pleased to have fully resolved this legacy mater with the SEC so that we can continue to position the company for growth and increased profitability," Douglas Glenn, the company's president and chief executive, said in a press release Friday.

The accounting practices at issue were corrected in August 2010, prior to the company's recapitalization and subsequent change in executive leadership, the release said.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.