After receiving formal approval from federal and state banking
regulators, the Boards of Directors of Commonwealth Bankshares,
Inc. ("Commonwealth") (Nasdaq:CWBS) and Bank of the Commonwealth
("the Bank") appointed longtime Virginia banker Chris E. Beisel as
the Chief Executive Officer, President and Director of Commonwealth
and the Bank. Beisel, who joined the company last year as
Chief Credit Officer, has been serving as interim President since
the December 3, 2010 announcement of the retirement of former CEO
and President, Edward J. Woodard, Jr.
"Chris has the resolve and temperament to do what is necessary
to get our organization moving in the right direction," said
Chairman Richard J. Tavss. "With over 27 years of banking
experience in the Hampton Roads area, we could not have selected an
individual who knows our markets any better than Chris."
Commonwealth and its bank, Bank of the Commonwealth, have been
operating since July 2010 under a written agreement with the
Federal Reserve Bank of Richmond and Virginia's Bureau of Financial
Institutions. The agreement calls for the company to address credit
quality and capital concerns.
Beisel, 62, joined Commonwealth in March 2010 after working for
some of the country's most respected banks where he earned a
reputation for sound, responsible lending. Rather than
bringing in an outsider, the Board opted for someone with
first-hand knowledge of their markets. Beisel, with 39 years
of experience in banking, has spent 27 of those years working in
Hampton Roads with Central Fidelity/Wachovia, SouthTrust, BB&T
and Bank of Hampton Roads.
"Before I ever considered this role, I knew the challenges at
Commonwealth were great," said Beisel, who as a former senior
commercial and real estate lender in Hampton Roads and who is
intimately knowledgeable of the real estate challenges in the
region. "But I've seen the desire of our employees, the duties to
our stockholders and the resiliency of our customers. We have
a proud heritage and a solid yearning to uphold our 40-year history
in this community."
A native of Portsmouth, Beisel has spent his entire banking
career in Virginia. After graduating with a bachelor's degree
in business from Atlantic Christian College in Wilson, N.C., Beisel
entered the management training program of then Portsmouth based
Merchants & Farmers Bank in 1972.
As smaller banks were acquired by larger institutions, Beisel
found himself working for the likes of Wachovia and BB&T,
gaining valuable experience in credit administration, commercial
lending and small business banking. In the end, Beisel
preferred community banking. After electing early retirement
in 2002 from Wachovia in Winchester, Virginia, Beisel, with his
wife and two children, returned home to Hampton Roads where he
accepted an offer from SouthTrust in Norfolk to grow a portfolio of
commercial loans.
"I knew I would return home one day," said Beisel, who earned
his MBA in 1979 from Golden Gate University, San Francisco,
California, through a Norfolk satellite extension office. "But I
have always wanted to lead a bank. Of course, Commonwealth is no
ordinary bank. We have our challenges, but we're working extremely
hard to deal with them."
"Since day one, the employees here have been great and very
positive. We have solid management," he said. "We've gone through
some personnel changes in the past few months, but I believe as a
bank we are stronger for it. We are extremely focused. We know what
we have to do. We have the right people at the right time to move
this company forward for the betterment of our employees,
customers, stockholders and communities."
Commonwealth Bankshares, Inc., through its banking subsidiary,
Bank of Commonwealth, operates 21 offices in Hampton Roads,
Virginia and northeastern North Carolina. As of December 31, 2010,
Commonwealth has $1.1 billion in assets.
About Commonwealth Bankshares, Inc.
Commonwealth Bankshares, Inc., the parent of Bank of the
Commonwealth, operates 21 offices throughout Hampton Roads,
Virginia, and northeastern North Carolina. Bank of the Commonwealth
offers insurance services through its subsidiary BOC
Insurance Agencies of Hampton Roads, Inc., title services
through its subsidiary Executive Title Center,
mortgage funding services through its subsidiary Bank of
the Commonwealth Mortgage, and access to investment
related services through its subsidiary Commonwealth
Financial Advisors, LLC.* Additional information
about the Company, its products and services, can be found on the
Web at www.bankofthecommonwealth.com.
* Securities offered through Infinex Investments, Inc., member
FINRA and SIPC. Not insured by FDIC or any Federal Government
Agency. May Lose Value. Not a Deposit of or Guaranteed by
the Bank or any Bank Affiliate. Commonwealth Financial
Advisors, LLC is a wholly-owned subsidiary of Bank of the
Commonwealth.
This press release contains forward-looking statements. Words
such as "anticipates," " believes," "estimates," "expects,"
"intends," "should," "will," variations of such words and similar
expressions are intended to identify forward-looking statements.
These statements reflect management's current beliefs as to the
expected outcomes of future events and are not guarantees of future
performance. These statements involve certain risks, uncertainties
and assumptions that are difficult to predict with regard to
timing, extent, likelihood and degree of occurrence. Therefore,
actual results and outcomes may materially differ from what may be
expressed or forecasted in such forward-looking statements. Factors
that could cause a difference include, among others: changes in the
national and local economies or market conditions; changes in
interest rates, deposit flows, loan demand and asset quality,
including real estate and other collateral values; changes in
banking regulations and accounting principles, policies or
guidelines; and the impact of competition from traditional or new
sources. These and other factors that may emerge could cause
decisions and actual results to differ materially from current
expectations. Commonwealth Bankshares, Inc. undertakes no
obligation to revise, update, or clarify forward-looking statements
to reflect events or conditions after the date of this release.
CONTACT: Richard J. Tavss
Chairman
Commonwealth Bankshares, Inc.
(757) 625-1214
Chris E. Beisel
Chief Executive Officer and President
Commonwealth Bankshares, Inc.
(757) 446-6900
Commonwealth Bankshares, Inc. (MM) (NASDAQ:CWBS)
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Commonwealth Bankshares, Inc. (MM) (NASDAQ:CWBS)
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