Kroll Bond Rating Agency Assigns BBB/K3 Senior Long-Term & Short-Term Debt Ratings to Eastern Virginia Bankshares, Inc.

Kroll Bond Rating Agency (KBRA) has assigned a senior unsecured long-term rating of BBB, a subordinated rating of BBB-, and a short-term debt rating of K3 to Eastern Virginia Bankshares, Inc. (NASDAQ: EVBS), a bank holding company headquartered in Tappahannock, Virginia. In addition, KBRA has assigned a senior deposit rating of BBB+ and a short-term rating of K2 to the subsidiary bank, EVB (“the Bank”). The outlook on all ratings is stable.

The ratings are supported by EVBS’s seasoned management team, sound credit quality, strong credit culture, and solid funding management. These factors are counterbalanced by EVBS’s comparatively weak efficiency ratio, modest return on assets, and high concentrations in real estate loans, which make the Bank more susceptible to credit losses in the event of a real estate downturn.

The ratings are based on KBRA’s Global Bank and Bank Holding Company Rating Methodology, published on January 28, 2015.

To view the report, please use the following link: https://www.krollbondratings.com/show_report/1943

Follow us on Twitter!
@KrollBondRating

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).