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. (NASDAQ: EVBS) (“EVB”)and Southern National Bancorp of Virginia, Inc. (NASDAQ: 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• Due to the merger, Eastern Virginia Bankshares, Inc.’s and its subsidiary bank, EVB’s, ratings will likely be withdrawn when the merger closes.

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Related Publications:

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

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