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H.E. Richeson Retires From Bank of Virginia Board

MIDLOTHIAN, Va., June 29, 2011 (GLOBE NEWSWIRE) -- Bank of Virginia (Nasdaq:BOVA) announced the retirement of its Vice Chairman, H. E. "Hank" Richeson, age 69, from the Bank's Board of Directors, marking the culmination of a 45-year career in Richmond-area banking.

Mr. Richeson became the founding CEO of Bank of Virginia in 2002, served nine years on its Board of Directors, was elected Chairman of the Board in 2008, and served as Vice Chairman of the Board following the investment by Cordia Bancorp Inc. in 2010.  

"Hank has been the cornerstone of Bank of Virginia since our founding," said Jack Zoeller, Chairman and CEO. "He is well-known and well-respected across the Bank's constituencies. He was a strong voice for putting our shareholders' interests first – most notably when he relinquished his position as Chairman to help arrange a major investment by Cordia Bancorp. We will miss his wisdom and contribution around the board table. All of us at Bank of Virginia wish him the best in his retirement."

Mr. Richeson began his banking career in 1966 with United Virginia Bank, where he rose to Vice President before becoming a Founding Director, President and CEO of People's Bank of Chesterfield in 1974. After a merger into Dominion Bank-Richmond in 1983, he served as Executive Vice President, COO and Director. In 1989 he joined County Bank of Chesterfield as President, CEO and Director. Through several subsequent mergers, Mr. Richeson served as President of Commerce Bank, Director of Community Bankshares Incorporated, and City President of SouthTrust-Richmond until his first retirement in 2002. He is a past director of the Virginia Bankers Association and the Virginia Association for Community Banks.

Mr. Richeson resides in Virginia Beach, VA.

About Bank of Virginia

Bank of Virginia, a Virginia state chartered bank headquartered in Midlothian, Virginia, currently operates four full-service offices in the counties of Chesterfield and Henrico, Virginia. Bank of Virginia's common stock is traded on the NASDAQ stock market under the quotation symbol "BOVA". Additional investor relations information can be found on the internet at Bank of Virginia is a member of the FDIC and Equal Housing Lender.


This news release may include forward-looking statements. These forward-looking statements are based on current expectations that involve risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may differ materially. These risks include: changes in business or other market conditions; the timely development, production and acceptance of new products and services; the challenge of managing asset/liability levels; the management of credit risk and interest rate risk; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the Bank's periodic filings with the Board of Governors of the Federal Reserve System, including the Bank's annual report on Form 10-K as filed with the Board of Governors of the Federal Reserve. Pursuant to the Private Securities Litigation Reform Act of 1995, the Bank does not undertake to update forward-looking statements contained within this news release.

CONTACT: Jack Zoeller
         Chairman and CEO
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