Stellarone Cutting 4% of Workforce; Sees $1M Charge

StellarOne Corporation

("StellarOne") today reported the expected results of its planned phase one efficiency initiative. Operating savings from recent efforts are expected to begin in third quarter of 2012 and reach approximately $2.2 - $2.4 million of annualized cost savings by 2013. Included in the planned initiatives are the elimination of 34 staff positions or approximately 4% of the workforce beginning with the start of third quarter, and relocation and realignment of certain functional areas and responsibilities.