Hampton Roads Bankshares Closes on $50 Million Private Placement of Common Stock

Hampton Roads Bankshares, Inc.

(the "Company"), the holding company for The Bank of Hampton Roads ("BHR") and Shore Bank, today announced that it has closed a $50 million private placement of common stock (the "Private Placement"). The Company issued an aggregate 71,428,572 common shares at a price of $0.70 per share to the following entities or their affiliates or managed funds: Anchorage Capital Group, L.L.C., CapGen Capital Group VI LP and The Carlyle Group (together, the "Investors") pursuant to the terms of a standby purchase agreement between the Investors and the Company.