MIDLOTHIAN, Va., July 11, 2011 (GLOBE NEWSWIRE) -- Bank of Virginia (Nasdaq:BOVA) announced the expected departure of Nancy Corsiglia, Executive Vice President and Chief Financial Officer, in August 2011 following a transition to her successor, Joseph Pennington, currently Vice President and Controller of Bank of Virginia.
"Nancy came to us with a well-earned reputation as a turn-around CFO," said Jack Zoeller, Chairman and CEO, "and she has indeed put Bank of Virginia on a far sounder footing. In the last 12 months, she has significantly upgraded the Bank's financial reporting, investment and asset liability management and overseen the transition to her successor, Joseph Pennington. We thank her for her dedication and contribution, and wish her every success in her next venture." Ms. Corsiglia will remain an executive vice president of Cordia Bancorp Inc., the holding company of Bank of Virginia.
Joseph Pennington, 38, joined Bank of Virginia as Vice President and Controller on March 1, 2011. He is a Certified Public Accountant who previously served as Vice President and Controller at HomeTown Bank in Roanoke, VA and before that in the same capacity at Essex Bank in Glen Allen, VA. His appointment as Chief Financial Officer is subject to regulatory approval.
"Joseph is an extremely well-grounded finance professional," said Mr. Zoeller, "who has broad experience in Virginia community banking. In his four months at Bank of Virginia he has proved an astute financial manager. We are grateful to have him as part of our team."
About Bank of Virginia
Bank of Virginia, a Virginia state chartered bank headquartered in Midlothian, Virginia, currently operates four full-service offices in the counties of Chesterfield and Henrico, Virginia. Bank of Virginia's common stock is traded on the NASDAQ stock market under the quotation symbol "BOVA". Additional investor relations information can be found on the internet at www.bankofva.com. Bank of Virginia is a member of the FDIC and Equal Housing Lender.
DISCLAIMER
This news release may include forward-looking statements. These forward-looking statements are based on current expectations that involve risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may differ materially. These risks include: changes in business or other market conditions; the timely development, production and acceptance of new products and services; the challenge of managing asset/liability levels; the management of credit risk and interest rate risk; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the Bank's periodic filings with the Board of Governors of the Federal Reserve System, including the Bank's annual report on Form 10-K as filed with the Board of Governors of the Federal Reserve. Pursuant to the Private Securities Litigation Reform Act of 1995, the Bank does not undertake to update forward-looking statements contained within this news release.