Regulators Approve Price as Chief Credit Officer of Commonwealth Bankshares, Inc.
2011年7月19日 - 4:56AM
Commonwealth Bankshares, Inc. (the "Company" or "Commonwealth")
(Nasdaq:CWBS) today named Donald B. Price as chief credit officer
after receiving approval from federal and state banking
authorities. Price replaces Chris Beisel, who was appointed by the
board of directors as president and CEO of the company in May after
serving as interim president since December 2010.
Commonwealth Bankshares and its bank, the Bank of Commonwealth,
have been operating since July 2010 under a written agreement with
the Federal Reserve of Richmond and Virginia's Bureau of financial
institutions. The agreement calls for the company to address credit
quality and capital concerns.
"Don has the experience and level of knowledge we need to head
our credit area, particularly in commercial real estate and small
business lending," Beisel said. "We have worked very hard at
creating a new credit culture for our bank. Don understands the new
infrastructure and what regulators expect from us."
Commonwealth hired Price in 2009 as a senior commercial lending
officer, assigning the banking veteran a troubled loan portfolio
consisting primarily of commercial real estate and land
development. Price joined the company as it began to aggressively
deal with bad loans.
"I knew the challenges before I accepted the job," said Price,
who has spent all of his 24 years in commercial lending in the
Hampton Roads area. "We have in place a new credit risk management
system that was essential in moving the company in the right
direction. We've made a tremendous amount of progress in a very
short time."
The company recently announced that it has appointed FIG
Partners LLC of Atlanta, Ga., and McKinnon & Company, Inc. of
Norfolk, Va. to explore options that would return Commonwealth to
acceptable levels of capital as required by the Federal Reserve. In
addition, Commonwealth has hired the legal firm DLA Piper, LLP of
Washington, D.C., and the accounting firm KPMG, LLP of Norfolk,
Va.
"They're very important to our efforts to identify strategic
opportunities that will strengthen our capital position and improve
our financial performance," Beisel said.
Price, 54, began his banking career as a branch manager in
Newport News after graduating from Old Dominion University in
Norfolk, Va. where he studied finance and real estate before
earning a bachelor's degree in business administration. Price has
continued his education throughout his career, focusing in the
areas of commercial lending, commercial credit and financial
analysis, small business lending, corporate banking, and
accounting.
Experienced in secondary and capital markets lending, Price
joined Commonwealth from Commercial Loan Services of Hampton, Va.,
where he provided loan sale advisory services and commercial loan
alternatives for banks, realtors and commercial brokers. From 2004
to 2008, Price was vice president of commercial wholesale lending
for Lehman Brothers in Hampton.
"We are fortunate to have someone of his ability, particularly
at this time," Beisel said. "Don will play a major role as we go
forward."
Commonwealth Bankshares, Inc., through its banking subsidiary
the Bank of Commonwealth, operates 21 offices in Hampton Roads, Va.
and northeastern North Carolina. Commonwealth has approximately
$1.0 billion in assets.
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: Chris E. Beisel
CEO and President
Commonwealth Bankshares, Inc.
(757) 446-6953
Donald B. Price
Chief Credit Officer
Commonwealth Bankshares, Inc.
(757) 446-6982
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