Hampton Roads Bankshares Inc. in Norfolk, Va., has shuffled its management ranks and created several new divisions as it aims to regain its footing after suffering steep losses on real estate loans.
The $2.4 billion-asset company announced Thursday that Senior Vice President Donna W. Richards has been promoted to president of its Virginia and North Carolina markets and that W. Thomas Mears, the president and chief executive of the company's Shore Bank division on Maryland's eastern shore, has added the title of commercial banking president for the parent company.
In her new post, Richards will oversee all of the company's branches, marketing, its Gateway Investment Services arm and its newly created small-business banking and private banking units.
In his new post, Mears will oversee all of the company's market presidents as well as its newly created real estate lending unit.
"Building on our strong community banking franchise in attractive markets, sound capital base and improving fundamentals, our focus in 2012 and beyond will be on leveraging our team of strong banking professionals to serve the needs of our customers and drive profitable growth," the company's interim president and CEO, Douglas J. Glenn, said in a news release announcing the moves.
Though elevated provisions for loan losses have wiped out profits for Hampton Roads over the last several quarters — losses through the first nine months of 2011 totaled roughly $78 million — the company's capital levels have remained strong as a result of a $275 million private equity investment it received last year. Hampton Roads has also raised capital by selling off some business units and branches that were outside of its core markets.