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EVBS > SEC Filings for EVBS > Form 8-K on 10-Sep-2013All Recent SEC Filings

Show all filings for EASTERN VIRGINIA BANKSHARES INC

Form 8-K for EASTERN VIRGINIA BANKSHARES INC


10-Sep-2013

Entry into a Material Definitive Agreement, Financial Statements


Item 1.01 Entry into a Material Definitive Agreement

As previously disclosed, on August 2, 2013 Eastern Virginia Bankshares, Inc. (the "Company") announced the termination (the "Termination") of the written agreement, dated February 17, 2011 (the "Written Agreement"), by and among the Company, the Company's wholly-owned bank subsidiary EVB (the "Bank"), the Federal Reserve Bank of Richmond (the "Reserve Bank") and the Virginia State Corporation Commission Bureau of Financial Institutions (the "Bureau"). Also as previously disclosed, in connection with the Termination the Company and the Bank anticipated entering into an informal memorandum of understanding with the Reserve Bank and the Bureau.

On September 5, 2013, the Company and the Bank entered into a Memorandum of Understanding (the "MOU") with the Reserve Bank and the Bureau. Under the MOU, the Company and the Bank have agreed that the Company will not, without prior written approval of the Reserve Bank and the Bureau, (i) declare or pay dividends of any kind, or make any payments on the Company's trust preferred securities; (ii) incur or guarantee any debt; or (iii) purchase or redeem any shares of the Company's stock. In addition, under the MOU the Company and the Bank have agreed to review and revise the allowance for loan and lease losses methodology ("ALLL"), and on a quarterly basis submit to the Reserve Bank and the Bureau a copy of the internally calculated ALLL worksheet. The boards of directors of the Company and the Bank will submit quarterly written progress reports to the Reserve Bank and the Bureau detailing the actions taken (and related results) to achieve and/or maintain compliance with the provisions of the MOU.

The above description of the MOU is qualified in its entirety by reference to the MOU, a copy of which is attached to this Current Report on Form 8-K as Exhibit 10.17 and incorporated herein by reference.



Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit No. Description

10.17 Memorandum of Understanding, dated September 5, 2013, by and among Eastern Virginia Bankshares, Inc., EVB, the Federal Reserve Bank of Richmond, and Virginia State Corporation Commission Bureau of Financial Institutions.

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