2014 - 2nd Quarter

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2014 - 2nd Quarter
Volume Six
In this
Issue:
Issue Two
2nd Quarter 2014
Sonabank Purchases 44% of Southern Trust Mortgage
Page 1
Sonabank Acquires
Part Ownership of
Southern Trust
Mortgage
Page 2
The First SonaCup
at Middleburg Spring
Races
Page 3
Sona Staff in the
Community
Page 4
Annual Meeting
Locations Map
“The investment in STM
will allow Sonabank to use
its very strong capital
position, combined with
the expertise of STM and
its extraordinary team to
expand in an entirely new
direction at a time when
the rules on residential
mortgage lending have
been rewritten to the
benefit of bank affiliated
mortgage lenders”
-Georgia Derrico
CEO/Chairman
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Sonabank New sletter
STM Headquarters in Virginia Beach
Southern National Bancorp of Virginia Inc. the
holding company for Sonabank, Jerry Flowers of
Southern Trust Mortgage (STM), Eastern Virginia
Bankshares, the holding company for EVB agreed
to purchase the 62 percent of STM previously
owned by Middleburg Bank. Upon the closing of the
transaction, Jerry Flowers and other STM executives
became owners of 51.1 percent of STM, Sonabank
purchased 44 percent and EVB purchased 4.9 percent. Founded in 1998, Southern Trust Mortgage is
an approved Fannie Mae, Freddie Mac, VA and FHA
lender. In addition Southern Trust Mortgage is one
of a select few lenders to have received approval
from Ginnie Mae to issue securities on its behalf.
Having all agency approvals greatly expands the
mortgage products and therefore expands Sonabank's
ability to positively impact the lives of our customer
base with mortgage products suited to every
economic spectrum. Southern Trust Mortgage is
experienced in originating FHLB first time homebuyer grants for low to moderate income borrowers
in their lending footprint. Sonabank is particularly
excited about the future of FHLB programs for
underserved markets and low income borrowers.
This relationship will provide us a partnership in
which to expand our consumer real estate services
with STM loan officers assigned to various
Jerry Flowers, President
Southern Trust Mortgage (STM)
Sonabank branches. Southern Trust
Mortgage will originate nonconforming residential mortgage
loans for Sonabank's portfolio in its
footprint in accordance with credit
criteria provided by Sonabank.
Southern Trust Mortgage has a history of originating portfolio loans
for their banking partners with a
focus on compliance and risk management. This is similar to arrangements that were in place with Middleburg Bank.
Flowers, President of STM commented: "We are very excited to have Sona as
our new banking partner along with EVB
who we have been doing business with for
the past 7 years.”
866.336.4600
www.sonabank.co m
Middleburg Spring Races
After a rocky start to the
spring, we were somehow provided
with perfect weather this year for the
annual sojourn to the Middleburg
Spring Races. After 26 years of
sponsoring this historic Equine
event, Sonabank added to the festivities of this Virginia tradition by
awarding the first SonaCup to the
winner of the 6th Race. This year’s
party theme was inspired by the
The SonaCup
Jossie Arroyo, Sonabank with
Larry La, D. C. Restauranteur
Georgia with Joan Belotti and daughters
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Sonabank New sletter
popular Downton A bbey show and so
British favorites of tea sandwiches and
Yorkshire pudding were served along
with plenty of meat and potatoes. The
turn-out was the best in years with
many traveling quite a distance to join
in and even bringing their families.
Gratitude goes to the Middleburg
Spring Races Association, Sona’s
Party Planners and the staff of The
Mooring Restaurant in Kinsale, VA.
Chef Joey
of The Mooring Restaurant was good
natured enough to wear Mr. Carson’s
Butler tux for our ‘Downton Abbey’
party theme, while Allison played
Georgia and Sona staffers enjoyed the day with Anna serving tea sandwiches to the
Sona supporters and friends.
guests.
Awarding the SonaCup.
Casual Creeper claimed victory! Owner, Magalen O.
Bryant. Jimmy Day, Trainer. Jockey, Gustav Dahl .
Staff Members of Southern Trust Mortgage
Breathtaking Jumpers
Rod with Paul & Archer Aliloo
866.336.4600
www.sonabank.co m
SONABANK COMMUNITY SPIRIT
We are proud of our Sona Staff for the incredible customer service and bank expertise they offer every day on the
job. We are also grateful to have so many staffers willing to volunteer their time to community service and local
events each year. In 2013 our small staff volunteered nearly 1000 hours to educational and fund raising efforts in
their communities across Virginia and Maryland. We are on target to exceed that in 2014. Special thanks goes to
our Regional and Branch Managers for coordinating these opportunities.
Benefit Fairfax Law Foundation which
provides legal assistance to the indigent.
Leesburg Branch opened its doors to give LV High
Theater kids rehearsal time with live audience.
Haymarket Branch participated
in Earth Day
Clifton Forge Branch’s many donations this spring included: Funds to Allegheny Food Pantry & The Bike Rodeo event (sponsored by
local law enforcement) which raises money to give bicycles and teach safety to at-risk youths. Many of our branch managers taught at
local schools on “Teach A Child to Save Day” (Kevin Persinger featured in photo far left.)
Our Midlothian Branch (Naomi, Kate,
Charlene & Sherry) raised money for
March of Dimes in a May Walkathon
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Sonabank New sletter
School Field Trip to Middleburg Sona
On April 26-27, the Leesburg Branch donated space
to the organizers of the beautiful Leesburg Flower &
Garden Show and handed out water bottles to thirsty
vendors & customers. This 2-day event drew 32,000.
866.336.4600
www.sonabank.co m
Sonabank announced April 24th that net income for the
quarter ended March 31, 2014 was $1.6 million (compared
to $1.5 million during the quarter ended March 31, 2013).
The Board of Directors declared a dividend of $.07 per
share. This is our tenth consecutive quarterly dividend.
Two strategic acquisitions were discussed. The purchase
of the Prince Georges Federal Savings Bank (PGFSB), an
83 year old institution headquartered in Upper Marlboro,
Maryland (expected to close July 31, 2014) and
Sonabank's purchase of 44% of the common stock
of Southern Trust Mortgage, LLC (STM) from the
Middleburg Bank.
Total stockholders' equity increased from $106.6 million
at December 31, 2013 to $107.6 million at March 31,
2014 as a result of the retention of earnings.
BETHESDA BRANCH
7700 Wisconsin Ave.
Bethesda, MD 20814
301.215.6322
HAYMARKET BRANCH
6719 Lea Berry Way
Haymarket, VA 20169
571.248.6459
CLIFTON FORGE BRANCH
511 Main Street
Clifton Forge, VA 24422
540.862.4251
LEESBURG BRANCH
1 East Market Street
Leesburg, VA 20176
703.777.2424
FAIRFAX BRANCH
10855 Fairfax Boulevard
Fairfax, VA 22030
703.273.0050
LEESBURG DRIVE THRU
10 West Market Street
Leesburg, VA 20176
703.443.8770
FOREST LAKES BRANCH
1770 Timberwood Blvd.,
Suite 100
Charlottesville, VA 22911
434.973.5242
MIDDLEBURG BRANCH
10 West Washington Street
PO Box 423
Middleburg, VA 20117
540.687.3893
FREDERICK BRANCH
37 North Market Street
Frederick, MD 21701
301.662.5086
MIDLOTHIAN BRANCH
13804 Hull Street Road
Midlothian, VA 23112
804.521.6585
FRONT ROYAL BRANCH
1 South Royal Avenue
Front Royal, VA 22630
540.631.1185
MCLEAN BRANCH &
HEADQUARTERS
6830 Old Dominion Drive
McLean, VA 22101
703.893.7400
GERMANTOWN BRANCH
12800 Middlebrook Road
Suite 102
Germantown, MD 20874
301.601.4452
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Sonabank New sletter
NEW MARKET BRANCH
9484 Congress Street
New Market, VA 22844
540.740.3898
*Prince George’s FSB Branches are indicated in green
OLD TOWN WARRENTON
BRANCH
11A Main Street
Warrenton, VA 20186
540.428.3435
SHADY GROVE BRANCH
9707 Medical Center Drive
Suite 150
Rockville, MD 20850
301.838.2307
RESTON BRANCH
11527 Sunrise Valley Drive
Reston, VA 20191
703.860.8088
SOUTH RIDING BRANCH
43086 Peacock Market Plaza
South Riding, VA 20152
703.327.1700
ROCKVILLE BRANCH
11200 Rockville Pike
Suite 105
Rockville, MD 20852
301.881.1900
WARRENTON BRANCH
& LOAN PRODUCTION
OFFICE
550 Broadview Ave., Suite LL1
Warrenton, VA 20186
540.347.4521
866.336.4600
www.sonabank.co m

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