Shore Financial Corporation Announces Cash Dividend
April 09 2008 - 2:09PM
PR Newswire (US)
ONLEY, Va., April 9 /PRNewswire-FirstCall/ -- On April 8, 2008, the
Board of Directors of Shore Financial Corporation (NASDAQ:SHBK)
approved the declaration of a quarterly cash dividend of $0.08 per
share payable on May 1, 2008 to stockholders of record as of April
25, 2008. Shore Financial Corporation, based in Onley, Virginia, is
the holding company for Shore Bank, which serves the Eastern Shore
of Maryland and Virginia through eight full-service banking
facilities and twenty-two ATMs. Through its affiliates, Shore Bank
also offers title insurance and investment products. As of December
31, 2007, Shore Financial Corporation had total assets of $267
million, total deposits of $197 million, total loans of $222
million, and total stockholders' equity of $28 million. For more
information on stock, products and services, visit
http://www.shorebank.com/. Information about Merger of Shore
Financial Corporation and Hampton Roads Bankshares On January 9,
2008, Shore Financial Corporation announced the signing of a
definitive merger agreement with Hampton Roads Bankshares pursuant
to which Shore Financial will be merged into Hampton Roads
Bankshares. Hampton Roads Bankshares has filed with the Securities
and Exchange Commission a registration statement on Form S-4 to
register the shares of its common stock to be issued to the
shareholders of Shore Financial Corporation in connection with the
proposed transaction. The registration statement will include a
proxy statement/prospectus that will be sent to the shareholders of
Shore Financial Corporation seeking their approval of the proposed
merger. The proxy statement/prospectus will contain important
information about Hampton Roads Bankshares, Shore Financial
Corporation, and the merger and about the persons soliciting
proxies from Shore Financial's shareholders in the merger,
including the officers and directors of Shore Financial, and their
interests in the merger, such as their stock ownership in Shore
Financial. Additional information about Shore Financial's directors
and executive officers is included in Shore Financial's Annual
Report on Form 10-K for the year ended December 31, 2007, which was
filed with the Securities and Exchange Commission and is available
on Shore Financial's website at http://www.shorebank.com/ and at
the Shore Financial address provided below. Hampton Roads
Bankshares and Shore Financial Corporation urge the shareholders of
Shore Financial and other investors to read the registration
statement on Form S-4 and the proxy statement/prospectus included
in the registration statement on Form S-4, and any other relevant
documents to be filed with the SEC in connection with the proposed
transaction, because they will contain important information about
Hampton Roads Bankshares, Shore Financial, and the proposed
transaction. Shareholders and investors may obtain free copies of
the proxy statement/prospectus and other documents related to the
merger, once they are filed with the SEC, through the SEC's website
at http://www.sec.gov/. Free copies of the proxy
statement/prospectus and other relevant documents also may be
obtained by directing a request by telephone or mail to the
following: Hampton Roads Bankshares, Inc. Shore Financial
Corporation 999 Waterside Drive, Suite 200 25020 Shore Parkway
Norfolk, VA 23510 Onley, Virginia 23418 Attention: Jack W. Gibson
Attention: Scott C. Harvard Telephone Number: (757) 217-1000
Telephone Number: (757) 787-1335 Certain statements in this report
may constitute "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are statements that include projections,
predictions, expectations, or beliefs about events or results or
otherwise are not statements of historical facts. Although Shore
Financial believes that its expectations with respect to certain
forward-looking statements are based upon reasonable assumptions
within the bounds of its existing knowledge of its business and
operations, there can be no assurance that actual results,
performance or achievements of Shore Financial will not differ
materially from any future results, performance or achievements
expressed or implied by such forward-looking statements. Actual
future results and trends may differ materially from historical
results or those anticipated depending on a variety of factors. For
an explanation of the risks and uncertainties associated with
forward-looking statements, please refer to the Shore Financial's
Annual Report on Form 10-K for the year ended December 31, 2007,
and other reports filed and furnished to the Securities and
Exchange Commission. Shore Financial undertakes no obligation to
update any forward-looking statements made in this press release
and this release shall not constitute an offer to sell or the
solicitation of an offer to buy securities in any jurisdiction in
which such solicitation would be unlawful. DATASOURCE: Shore
Financial Corporation CONTACT: Lynn M. Badger of Shore Financial
Corporation, +1-757-787-1335, Web site: http://www.shorebank.com/
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