CHESAPEAKE, Va., April 2, 2012 (GLOBE NEWSWIRE) -- Monarch knows that small businesses are the backbone of America, and that's no different in Hampton Roads, Virginia. Monarch Bank, a subsidiary of Monarch Financial Holdings, Inc. (Nasdaq:MNRK), announces the three semifinalists of its "Top Flight" Award, a contest that will reward one growing business in Southside Hampton Roads with a prize package valued at $50,000.
"Banks are critical in their economic role of lending money to support the growth of local businesses and jobs," said Brad E. Schwartz, CEO of Monarch Bank. "Monarch Bank is doing our part to put our money where our mouth is. Now in its second year, our 'Top Flight' Award was created not only as a philanthropic advertising campaign, but to encourage local companies to look at their business model and determine how they plan to grow if given this award."
Semifinalists Payday Payroll, SteelMaster Buildings, and Taste were among the 53 local businesses that participated and supported the "Top Flight" Award Year 2. Over the last two years, these businesses have collectively redefined a down economy, growing operating revenue $144 million and adding 310 new jobs to our economy.
Monarch Bank's focus to support Hampton Roads businesses aligns with The Virginia Association of Community Banks (VACB) "Go Local" Virginia initiative. VACB's promotion encourages consumers to bank, shop and dine locally. Added Schwartz: "A big thank you to Cherry, Bekaert & Holland, Cox Business, Cox Communications, Pilot Media and Vandeventer Black our partnering sponsors, who have embraced our 'Top Flight' concept. To our knowledge Monarch Bank is the only organization to award a hefty prize package to area businesses."
Now it's up to the community to vote for their favorite semifinalist: Payday Payroll, SteelMaster Buildings, and Taste; and help determine the one winning $50,000 "Top Flight" business. The community (colleagues, friends and family) will vote for their favorite semifinalist between April 1-30 through a text-to-vote and online MonarchBank.com poll survey.
"As the top business bank in Hampton Roads, 'Top Flight' gives us the opportunity to recognize businesses that are making impressive strides and supports our mission of helping local businesses attain their goals," said E. Neal Crawford, Jr., president of Monarch Bank. "We're excited to reward a business with a prize package of cash and professional services we think will further stimulate growth and job creation for our community."
The one winner will be selected to receive: $10,000 cash from Monarch Bank; a professional business service package valued at $10,000 from accounting, tax and advisory firm Cherry, Bekaert & Holland, L.L.P.; a professional business package valued at $10,000 from Cox Business Communications; an advertising package, including the creation of a 30-second commercial and cable airtime, valued at $10,000, from Cox Cable Media; and an advertising contract with Pilot Media for one year valued at $10,000. Norfolk-based law firm Vandeventer Black is also sponsoring the award.
One semifinalist was chosen from three unique business categories based upon a formula that took into account: growth in both revenue and full-time staff employed over the company's 2010, 2009, and 2008 fiscal years. An independent panel of five judges reviewed all essays of the company's intent and proposed use of the award based on uniqueness, cost-effectiveness and impact on the company's focus of continued growth and job creation; and Community Service. Adding the percentage of community votes will determine the one winning $50,000 "Top Flight" business.
The "Top Flight" Award winner will be announced on May 3, 2012 at the Monarch Financial Holdings, Inc. annual shareholders meeting at the Sandler Center for the Performing Arts in the Town Center area of Virginia Beach. Official rules can be found at MonarchBank.com. http://www.monarchbank.com.
Payday Payroll
Payday Payroll, a payroll and human resources services firm founded in 1985 in Virginia Beach, is one of the fastest-growing firms in Hampton Roads and a regular on the Inc. 5000 list. Led by founder/CEO Andy Kline, the firm works with nationally known brands as well as community nonprofits and everything in between. Payday Payroll Services has been a constant community partner, working with College Park Elementary School, The Foodbank of Southeastern VA, Physicians for Peace, the NEST program and United Way – Payday created the "Power of ONE" fundraising campaign to help United Way reach new partners through a payroll deduction program with Payday clients. If chosen to win the Top Flight Award, Payday Payroll Services plans to help it grow its clients' revenue base and raise its brand awareness among the Hampton Roads business, medical, legal and nonprofit community. It also hopes to extend its "Locals should use locals" philosophy, which encourages Hampton Roads companies to do business with each other.
SteelMaster Buildings
SteelMaster Buildings is enjoying its 30th anniversary in 2012 and has become known as the leading manufacturer of steel and metal pre-fabricated arched buildings. In all, the firm boasts more than 40,000 structures in more than 50 countries, with its buildings serving residential, commercial and industrial customers. Since 2008, it has seen tremendous growth in revenue (19 percent), profit (29 percent) and employees (19 percent). SteelMaster has garnered its share of awards, ranging from Hampton Roads Chamber of Commerce "Top 10 Company to Watch" and Inside Business "Roaring 20" to "Top 12 to Watch Company in Virginia" by the United States Senate Productivity and Quality Award Program to the "Small Business Exporter of the Year" by the Small Business Association. In the community, SteelMaster supports charitable organizations that provide shelter to individuals and families, including the People in Need (PIN) Ministry and ForKids. If chosen to win the Top Flight Award, SteelMaster envisions investing in the expansion of its business domestically and in targeted international markets. As part of the expansion, the firm is hoping to increase its workforce by 20 percent in the next year.
TASTE®
TASTE started in 1973 in Virginia Beach as a wine and cheese shop and has grown to a six-location gourmet food market that employs 125 people. The Pruden family purchased the company from founder Peter Coe and his family in 2006. In 2009, the business was recognized by the Retail Alliance as the "Retailer of the Year" and by the National Association for the Specialty Food Trade as one of its "Outstanding Retailers." Sales have increased by more than 60% in recent years, and the company continues to re-invest in location improvements and customer service excellence. TASTE has focused its philanthropic efforts to primarily assist organizations that provide cancer support and research. The company recently held a series of cooking classes that raised over $11,000 for Lee's Friends in honor of Coe, who passed away last year. If chosen to win the Top Flight Award, TASTE plans on accelerating the development of the TASTE BAKEHOUSE™, a bakery & café that will supply breads and desserts to TASTE locations and also sell to other retailers and restaurants. The business expects to employ up to 30 new employees.
About Monarch Bank
Monarch Financial Holdings, Inc. is the one-bank holding company for Monarch Bank. Monarch Bank is a community bank with nine banking offices in Chesapeake, Virginia Beach, and Norfolk, Virginia. OBX Bank, a division of Monarch Bank, operates offices in Kitty Hawk and Nags Head, North Carolina. Services are also provided through over fifty ATMs located in the South Hampton Roads area and the Outer Banks of North Carolina, and "Monarch Online" consumer and business internet banking (monarchbank.com). Monarch Mortgage and our affiliated mortgage companies have over twenty offices with locations in Virginia, North Carolina, Maryland, and South Carolina. Our subsidiaries/ divisions include Monarch Bank, OBX Bank, Monarch Mortgage (secondary mortgage origination), Coastal Home Mortgage, LLC (secondary mortgage origination), Regional Home Mortgage, LLC (secondary mortgage origination), Monarch Home Funding, LLC (secondary mortgage origination), Monarch Investments (investment and insurance solutions), Real Estate Security Agency, LLC (title agency) and Monarch Capital, LLC (commercial mortgage brokerage). The shares of common stock of Monarch Financial Holdings, Inc. are publicly traded on the NASDAQ Capital Market under the symbol "MNRK," and shares of our convertible preferred stock are publicly traded on the NASDAQ Capital Market under the "MNRKP" symbol.