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EVBS > SEC Filings for EVBS > Form 8-K on 26-Mar-2014All Recent SEC Filings

Show all filings for EASTERN VIRGINIA BANKSHARES INC

Form 8-K for EASTERN VIRGINIA BANKSHARES INC


26-Mar-2014

Termination of a Material Definitive Agreement, Other Events, Fin


Item 1.02 Termination of a Material Definitive Agreement

On March 20, 2014, Eastern Virginia Bankshares, Inc. (the "Company") received notice of the termination of the informal memorandum of understanding, dated September 5, 2013 (the "MOU"), 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"). The termination of the MOU was effective March 13, 2014.

Under the terms of the MOU, the Company and the Bank agreed that the Company would 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 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 also had to 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 text of the MOU was filed as Exhibit 10.17 to the Company's Current Report on Form 8-K filed on September 10, 2013 and is incorporated herein by reference. The foregoing summary is qualified in its entirety by reference to the full text of the MOU.



Item 8.01 Other Events

On March 26, 2014, the Company issued a press release related to the termination of the MOU as described in Item 1.02 of this Current Report on Form 8-K. A copy of the Company's press release related to the termination of the MOU is attached hereto as Exhibit 99.1 and is incorporated herein by reference.



Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit No. Description

99.1 Press release dated March 26, 2014.

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