CHESAPEAKE, Va., April 14, 2014 (GLOBE NEWSWIRE) -- Monarch Bank, a subsidiary of Monarch Financial Holdings, Inc. (Nasdaq:MNRK), celebrates "15 Happy Years" of community banking today. Beginning its operation in an office attic and raising $8 million of capital in one day, the bank opened on April 14, 1999 in the Greenbrier section of Chesapeake, Virginia. Today, Monarch has grown into a strong publicly-traded, multi-faceted financial institution with more than $1 billion in assets that serves the relationship banking, mortgage and investment needs of its clients in Virginia, Maryland, North Carolina, and South Carolina.
"For the past fifteen years we have built a company that constantly balances the needs of its employees, clients, community and shareholders. The foundation we build upon every year puts our employees first, and those happy employees deliver exceptional service to our clients who in turn create performance for both our shareholders and the community," stated Brad Schwartz, Chief Executive Officer. "Our formula for success must be working as our shareholder returns continue to outperform our peers. This milestone is further complemented by our recent recognition as one of the Best Places to Work in Virginia by Virginia Business Magazine. It is great to be Monarch!"
To celebrate its 15th anniversary, Monarch launched its newest TV commercial "Bank Happy" featuring the Bank's happy employees dancing and clapping throughout offices, at desks, in halls and in elevators. The commercial was edited from the longer, "8-Hours Monarch Happy" video created for its 2014 Annual Employee Appreciation Day. Both videos can be found on the Bank's website www.monarchbank.com. The bank will host its 15th anniversary reception after its Annual Shareholders Meeting on Thursday, May 8 at the Sandler Center for Performing Arts in Virginia Beach.
Monarch Financial Holdings, Inc. is the one-bank holding company for Monarch Bank. Monarch Bank is a community bank with eleven banking offices in Chesapeake, Virginia Beach, Norfolk, Suffolk, and Williamsburg Virginia. Monarch Bank also has a loan production office in Newport News, Virginia. OBX Bank, a division of Monarch Bank, operates offices in Kitty Hawk and Nags Head, North Carolina. Monarch Mortgage and our affiliated mortgage companies have over thirty-five offices with locations in Virginia, North Carolina, Maryland, and South Carolina. Our subsidiaries/ divisions include Monarch Bank, OBX Bank, Monarch Mortgage (secondary mortgage origination), OBX Bank Mortgage (secondary mortgage origination), Coastal Home Mortgage, LLC (secondary mortgage origination), Regional Home Mortgage, LLC (secondary mortgage origination), Advance Financial Group (secondary mortgage origination), Monarch Bank Private Wealth (investment, trust, planning and private banking), Monarch Investments (investment and insurance solutions), Real Estate Security Agency, LLC (title agency) and Monarch Capital, LLC (commercial mortgage brokerage). The shares of common stock of Monarch Financial Holdings, Inc. are publicly traded on the Nasdaq Capital Market under the symbol "MNRK".
This press release may contain "forward-looking statements," within the meaning of federal securities laws that involve significant risks and uncertainties. Statements herein are based on certain assumptions and analyses by the Company and are factors it believes are appropriate in the circumstances. Actual results could differ materially from those contained in or implied by such statements for a variety of reasons including, but not limited to: changes in interest rates; changes in accounting principles, policies, or guidelines; significant changes in the economic scenario: significant changes in regulatory requirements; and significant changes in securities markets. Consequently, all forward-looking statements made herein are qualified by these cautionary statements and the cautionary language in the Company's most recent Form 10-K and 10-Q reports and other documents filed with the Securities and Exchange Commission. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.