CHESAPEAKE, Va., May 3, 2012 (GLOBE NEWSWIRE) -- Monarch Bank, a subsidiary of Monarch Financial Holdings, Inc. (Nasdaq:MNRK), is extremely pleased to announce PayDay Payroll Services as the winner of the 2012 'Top Flight' Award $50,000 prize package.
"Hampton Roads has spoken and selected this year's $50,000 winner," said Brad E. Schwartz, CEO of Monarch Bank. "Monarch Bank developed this award program to recognize top performing businesses, and we had great response in year two of our 'Top Flight' contest. We truly are putting our money where our mouth is."
Monarch's contest received 53 applications, which were narrowed down to three semifinalists, PayDay Payroll, SteelMaster Buildings, and TASTE. The semifinalists were chosen by an independent panel of judges based upon a formula that took into account: growth in both revenue and full-time staff employed over the company's three most recent completed fiscal years, descriptive narrative on how the prize package will be implemented; and community service.
Community enthusiasts were encouraged to vote for their favorite semifinalist through a text-to-vote and online MonarchBank.com poll. 2,739 unique votes were received during the April 1-30 voting period.
PayDay Payroll Services will 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.
Founded in 1985 in Virginia Beach, PayDay Payroll is a payroll and human resources services firm that works with nationally known brands as well as community nonprofits and everything in between. Led by founder/CEO Andy Kline, the company has been a constant community partner, working with 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. PayDay Payroll Services hopes to extend its "Locals should use locals" philosophy and encourage Hampton Roads companies to do business with each other.
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.
The Monarch Bank logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=12705