VIRGINIA BEACH, Va. and RICHMOND, Va., July 12, 2016 (GLOBE NEWSWIRE) -- Hampton Roads Bankshares, Inc. (Nasdaq:HMPR), the holding company for The Bank of Hampton Roads, and Xenith Bankshares, Inc. (Nasdaq:XBKS), the holding company for Xenith Bank, today announced that the Federal Reserve Bank of Richmond, acting under authority delegated by the Board of Governors of the Federal Reserve System (the “Federal Reserve”), has granted the federal bank regulatory approvals necessary for the merger of HRB and Xenith. The merger was previously approved by the Virginia State Corporation Commission, and the approval of the Federal Reserve was the final regulatory approval necessary to consummate the merger. The merger is expected to close on July 29, 2016, subject to the approval of the companies’ respective shareholders at meetings to be held on July 28, 2016, and the satisfaction or waiver of other customary closing conditions.

Upon the completion of the merger, Xenith will merge with and into HRB and Xenith Bank will merge with and into The Bank of Hampton Roads. In connection with the merger and subject to the approval of HRB shareholders, the combined company will assume the Xenith Bankshares, Inc. name for the holding company and the Xenith Bank name for all banking operations. Headquarters for the combined company will be in Richmond, Virginia.

About Hampton Roads Bankshares, Inc.

Hampton Roads Bankshares, Inc. is a bank holding company headquartered in Virginia Beach, Virginia. The Company’s primary subsidiary is The Bank of Hampton Roads (“BOHR”). BOHR engages in general community and commercial banking business, targeting the needs of individuals and small- to medium-sized businesses in our primary service areas. As of March 31, 2016, total assets were $2.040 billion, total deposits were $1.684 billion and total shareholders’ equity was $293.6 million. Currently, BOHR operates 17 full-service offices in the Hampton Roads region of southeastern Virginia, 10 full-service offices throughout Richmond, Virginia and the Northeastern and Research Triangle regions of North Carolina that do business as Gateway Bank and 7 full-service offices on the Eastern Shore of Virginia and in Maryland and 3 loan production offices in Maryland and Delaware that do business as Shore Bank. Through various divisions, BOHR also offers mortgage banking and marine financing.

For more information about Hampton Roads Bankshares, please visit:www.bankofhamptonroads.com.

About Xenith Bankshares, Inc.

Xenith Bankshares, Inc. is the holding company for Xenith Bank. Xenith Bank is a full-service, locally-managed commercial bank, specifically targeting the banking needs of middle market and small businesses, local real estate developers and investors, private banking clients, and select retail banking clients. As of March 31, 2016 the company had total assets of $1.02 billion, total deposits of $872.3 million, and total shareholders’ equity of $105.5 million. Xenith Bank's target markets are Greater Washington, D.C., Richmond, Virginia, and Greater Hampton Roads, Virginia metropolitan statistical areas. The company is headquartered in Richmond, Virginia and currently has eight branch locations in Herndon, Richmond, Suffolk and Gloucester, Virginia, and one loan production office in Newport News, Virginia.

For more information about Xenith Bankshares, please visit: www.xenithbank.com.