MCLEAN, Va., May 12, 2009 (GLOBE NEWSWIRE) -- Southern National Bancorp of Virginia Inc. (Nasdaq:SONA), the holding company for Sonabank, announced today that the bank had received an award from the Richmond District of the SBA for being the leading community bank originator of SBA loans during the year ended 9/30/08. Results of the five leading community bank originators were as follows:
9/30/08 Dollars
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Sonabank 34 7,996,000
Surrey Bank & Trust 14 754,400
Peoples Bank of Virginia 12 820,000
The Fauquier Bank 9 822,000
River Community Bank 6 620,000
Georgia Derrico, Chairman and CEO of Sonabank stated: "Lending to small and middle sized companies is our core business. We are not in residential mortgage lending or HELOCS which allows us to focus on small business lending. SBA lending is a key tool in dealing with small and middle market businesses. We have seen an increase in interest on SBA loans from potential borrowers since the changes were made in March allowing for a 90% guarantee up to $1,666,666 and the waiving of upfront loan fees.
"Our SBA team is comprised of lenders stationed throughout Virginia. Collectively they have more than 50 years of SBA lending experience."
Sonabank's total assets were $428.0 million as of March 31, 2009. Its Tier 1 Risk Based Capital Ratio was 16.67% and its Tangible stockholders' equity to total tangible assets was 13.83% as of March 31, 2009.
Sonabank's branches are located in Fairfax County (Reston, McLean and Fairfax), in Charlottesville, Warrenton, Leesburg and Clifton Forge. All of our branches are in Virginia.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that relate to future events or the future performance of Southern National Bancorp of Virginia, Inc. Forward-looking statements are not guarantees of performance or results. These forward-looking statements are based on the current beliefs and expectations of the respective management of Southern National Bancorp of Virginia, Inc. and Sonabank and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond their respective control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the anticipated results discussed or implied in these forward-looking statements because of numerous possible uncertainties. Words like "may," "plan," "contemplate," "anticipate," "believe," "intend," "continue," "expect," "project," "predict," "estimate," "could," "should," "would," "will," and similar expressions, should be considered as identifying forward-looking statements, although other phrasing may be used. Such forward-looking statements involve risks and uncertainties and may not be realized due to a variety of factors. Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q) filed by Southern National Bancorp of Virginia, Inc. You should consider such factors and not place undue reliance on such forward-looking statements. No obligation is undertaken by Southern National Bancorp of Virginia, Inc. to update such forward-looking statements to reflect events or circumstances occurring after the issuance of this press release.