2014 - 2nd Quarter
Transcription
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 Find us on Facebook 1 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 2 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 3 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 4 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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