CHESAPEAKE, Va., Nov. 14, 2012 (GLOBE NEWSWIRE) -- Monarch Bank, a subsidiary of Monarch Financial Holdings, Inc. (Nasdaq:MNRK) (Nasdaq:MNRKP), today announced that Steve Layden has been named the Market President for Virginia Beach. Mr. Layden joined Monarch in October of 2011 and previously served as the Company's Chief Credit Officer. Mr. Andrew N. Lock, who currently serves as the Chief Risk Officer, will assume the duties related to credit from Mr. Layden.
"We welcome Steve's leadership of our Virginia Beach team, our five Virginia Beach banking offices, our strong client base and our Virginia Beach board of directors. Now that his previous employer's non-compete agreement has expired we are able to put Steve in a position where he can make a difference in supporting our smart growth strategy in Monarch's largest market," stated E. Neal Crawford, Jr., President. "Steve's experience in the market coupled with his strong leadership and credit skills will further drive our loan and deposit growth in Virginia Beach."
Steve Layden previously served as the Virginia Market President for Gateway Bank, and prior to that he served the majority of his career with Central Fidelity Bank and their successors. He resides in Virginia Beach.
Monarch Financial Holdings, Inc. is the one-bank holding company for Monarch Bank. Monarch Bank is a community bank with eleven banking offices in Chesapeake, Norfolk, Suffolk, Virginia Beach, and Williamsburg, Virginia. OBX Bank, a division of Monarch Bank, operates offices in Kitty Hawk and Nags Head, North Carolina. Monarch Mortgage and our affiliated mortgage companies have thirty offices with locations in Virginia, North Carolina, Maryland, and South Carolina. Our subsidiaries/ divisions include Monarch Bank, Monarch Bank Private Wealth (Private banking, trust and investments), 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 symbol "MNRKP."