Kroll Bond Rating Agency Comments on Eastern Virginia Bankshares, Inc.'s Merger with Southern National Bancorp of Virginia, Inc.

NEW YORK--(BUSINESS WIRE)--

Kroll Bond Rating Agency (KBRA) released a comment entitled, "United Community Banks, Inc.'s acquisition of Palmetto Bancshares, Inc.", which makes the following points:

• Eastern Virginia Bankshares, Inc. EVBS ("EVB") and Southern National Bancorp of Virginia, Inc. SONA ("Southern National"), have announced an agreement whereby Southern National will merge with EVBS and its subsidiary bank, EVB.
• Southern National Bancorp will be the surviving entity once the transaction closes.
• The all-stock transaction is valued at nearly $180 million and is expected to close in the second quarter of 2017.
• On April 29, 2016, KBRA affirmed Eastern Virginia Bankshares, Inc.'s unsecured debt rating of BBB, subordinated debt rating of BBB-, and short-term rating of K3.
• On April 29, 2016, KBRA affirmed EVB's deposit rating of BBB+, subordinated debt rating of BBB, and short-term deposit rating of K2 rating and assigned a senior unsecured debt rating of BBB+, and a short-term debt rating of K2.
• On December 14, 2016, KBRA assigned a Senior Unsecured debt rating of BBB, a subordinated debt rating of BBB- and a short-term rating of K3 to Southern National Bancorp of Virginia, Inc.
• Due to the merger, Eastern Virginia Bankshares, Inc.'s and its subsidiary bank, EVB's, ratings will likely be withdrawn when the merger closes.

To view the comment click here.

Related Publications:

• Southern National Bancorp of Virginia, Inc. Rating Report
• Eastern Virginia Bankshares, Inc. Surveillance Report

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About Kroll Bond Rating Agency

KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).

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