RICHMOND, Va., Oct. 17, 2016 (GLOBE NEWSWIRE) -- Xenith Bankshares, Inc. (NASDAQ:XBKS), parent company of Xenith Bank (formerly known as The Bank of Hampton Roads), announced today that Gateway Bank Mortgage, Inc. (GBMI) and its parent company, Xenith Bank, completed the previously announced sale of certain assets of GBMI to a multi-state home lender.

GBMI ceased taking new mortgage loan applications at closing; however, all applications with prospective borrowers that are in process will continue to be managed by GBMI through funding and sale to investors in the ordinary course of business. Management of Xenith Bank and GBMI expect processing of these applications and investor funding of these loans will be substantially complete by December 31, 2016.

About Xenith Bankshares, Inc.

Xenith Bankshares, Inc. ("XBKS") is the holding company for Xenith Bank, a full-service commercial bank headquartered in Richmond, Virginia. XBKS is the fifth largest community bank by deposits headquartered in the Commonwealth of Virginia. Xenith Bank specifically targets the banking needs of middle market and small businesses, local real estate developers and investors, private banking clients and individuals, and retail banking clients. XBKS also offers marine finance floorplan and end-user products through its Shore Premier Finance division of Xenith Bank. Xenith Bank's regional area of operations spans from Baltimore, Maryland and Rehoboth Beach, Delaware, to Raleigh and eastern North Carolina, complementing its significant presence in Greater Washington, D.C., Greater Richmond, Virginia, Greater Hampton Roads, Virginia and on the Eastern Shore of Maryland and Virginia. Xenith Bank has 42 full-service branches and five loan production offices located across these areas with its headquarters centrally-located in Richmond. XBKS's common stock trades on The NASDAQ Stock Market under the symbol "XBKS."

Additional information about XBKS and its subsidiaries can be found at www.xenithbank.com.