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Hampton Roads Bankshares, Inc.
Shore Bank Announces Branch Deposits Acquisition
NORFOLK, Va., Sept. 26, 2008 (GLOBE NEWSWIRE) -- Hampton Roads Bankshares, Inc. (Nasdaq:HMPR), the financial holding company for Bank of Hampton Roads and Shore Bank, today announced that Shore Bank has signed a Purchase and Assumption Agreement to acquire the deposits and certain assets of the Chevy Chase Bank branch located at 751 South Salisbury Boulevard in Salisbury, Maryland. Chevy Chase Bank is headquartered in Bethesda, Maryland. Shore Bank has two branches in Salisbury and one in Pocomoke City and five more on the Eastern Shore of Virginia. The purchase will add approximately $7 million in deposits to the bank. Terms of the agreement were not disclosed. The transaction is subject to regulatory approvals and is expected to close before year-end.