Bank of Virginia Adds Hollar and Bushnell to Board

/ Source: GlobeNewswire

MIDLOTHIAN, Va., March 30, 2011 (GLOBE NEWSWIRE) -- Jack Zoeller, Chairman of the Board and CEO of Bank of Virginia (Nasdaq:BOVA) (), announced the election of Hunter R. Hollar and David C. Bushnell to the Bank's Board of Directors.

Mr. Hollar, age 62, was elected President of Sandy Spring Bancorp in 1990, served as Chief Operating Officer until 1994 and as Chief Executive Officer from 1994 to 2008. During his tenure at Sandy Spring Bancorp, Mr. Hollar led the growth of the bank from ten local branches in Montgomery and Howard Counties to over forty offices and expanded the service area to include Prince Georges, Anne Arundel and Frederick Counties in Maryland and Fairfax and Loudoun Counties in Virginia. Following his retirement from Sandy Spring Bancorp in 2008, he continued to serve as Chairman of the Board until December 2009.   Prior to Sandy Spring Bancorp, he served as Senior Vice President and Senior Credit Officer at Dominion Bank of Richmond, VA. He also served a three-year term as a Director of the Federal Reserve Bank of Richmond from 2006 to 2008. Mr. Hollar began his banking career in 1972 in Harrisonburg, VA. He earned an MBA from James Madison University and a BA in Economics from the University of Virginia. He resides in Singers Glen, VA with his wife Mary Margaret and has two daughters and one granddaughter.

Mr. Bushnell, age 56, is Managing Director of Bushnell Consulting, LLC, a financial services consulting firm and a member of the Board of Directors of RenaissanceRe Holdings Limited, a global provider of insurance coverage. Mr. Bushnell retired from Citigroup in December 2007, after 22 years of service. He served as the Senior Risk Officer of Citigroup from 2003 through 2007 and as Chief Administrative Officer in 2007. Previously, Mr. Bushnell worked for Salomon Smith Barney Inc. (later acquired by Citigroup) and its predecessors in a variety of positions, including as a Managing Director and Chief Risk Officer. Mr. Bushnell began his career at BayBanks Inc., a regional bank holding company headquartered in Boston. He holds a BA in English from Amherst College. He and his wife, Mary, have two sons and reside in Short Hills, NJ.

"We are very pleased to have these two highly respected former banking executives join Bank of Virginia's Board of Directors. Their expertise in credit management and bank strategy in varying economic cycles will be invaluable as the Bank moves forward. Their election reflects our commitment to building the strongest possible team at Bank of Virginia," said Jack Zoeller, Chairman and CEO.

About Bank of Virginia

Bank of Virginia, a Virginia state chartered bank headquartered in Midlothian, Virginia, currently operates five full-service offices in the counties of Chesterfield and Henrico, Virginia. Bank of Virginia's common stock is traded on the NASDAQ stock market under the quotation symbol "BOVA". Additional investor relations information can be found on the internet at . Bank of Virginia is a member of the FDIC and Equal Housing Lender.


This news release may include forward-looking statements. These forward-looking statements are based on current expectations that involve risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may differ materially. These risks include: changes in business or other market conditions; the timely development, production and acceptance of new products and services; the challenge of managing asset/liability levels; the management of credit risk and interest rate risk; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the Bank's periodic filings with the Board of Governors of the Federal Reserve System, including the Bank's annual report on Form 10-KSB as filed with the Board of Governors of the Federal Reserve. Pursuant to the Private Securities Litigation Reform Act of 1995, the Bank does not undertake to update forward-looking statements contained within this news release.

CONTACT: Jack Zoeller, Chairman and CEO, 804-763-1333