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Trusteer

Letter from the President

Dear Friend,

Thank you for your interest in Xenith Bank. Xenith was established in December of 2009 as an independent, well-capitalized bank, headquartered in Richmond, Virginia and staffed with seasoned banking professionals. We are focused on the Virginia business, real estate, and private banking communities as well as select retail markets. Today, we have offices in Northern Virginia, Richmond, and Suffolk, VA. It is our intent to make every customer a fan!

Since the early 1990’s, Virginia’s statewide banks have steadily disappeared as consolidation has washed over the industry. Today, the banking landscape in Virginia looks like a ‘barbell.’ Community banks represent one end of the barbell, and large nationwide ‘megabanks’ represent the other. While both serve certain segments well, we do not believe that either group adequately meets the needs of the segments we have targeted. Community banks are typically constrained by capital resources, and megabanks are hampered by their organizational structure. Xenith intends to reside in the middle of the barbell with substantial capital resources, local management and decision making, state-of-the-art technology and a team of experienced professionals dedicated to helping you prosper.

When we began our efforts to open Xenith in mid-2008, we were initially planning to open as a de novo (newly-chartered) institution. However, as the macro-economic and bank regulatory environment changed dramatically during the year, we modified our approach and shifted our focus towards partnering with an existing, healthy Virginia bank that shared our vision. This approach not only helped us with our launch, but it also increased our capital base and provided a source of core deposits as well.

Accordingly, in May 2009, we were pleased to announce that we had signed a Merger Agreement with First Bankshares, Inc., of Suffolk, Virginia. Our new partner not only shared our vision but also brought a strong team and impressive market share in the Suffolk area of Hampton Roads. Then, in June 2009, we completed an offering of Xenith common stock, resulting in gross proceeds of approximately $48 million. Following the receipt all the necessary regulatory approvals, we closed our merger and opened for business on December 23, 2009.

During 2010, we concentrated on opening offices in Northern Virginia and Richmond, building our infrastructure for operating the bank and growing our customer base. We completed a successful first year with loan and deposit growth in excess of 50%. The establishment of Xenith has created an institution that is uniquely suited to serve the markets we have targeted.  We are determined to make you want to bank with us. We think you’ll find our attitude and approach to doing business refreshing.

The year 2011 brought continued change and progress to Xenith. In April, we completed a successful public offering of common equity raising an additional $17.7 million to support our continued growth. In July, we purchased the majority of loans and deposits of the Richmond branch of North Carolina based Paragon Commercial Bank, and we executed a purchase and assumption agreement with the FDIC to assume the loans and deposits of Virginia Business Bank (VBB). At the same time, we remained focused on sound organic growth in the three major markets we serve.

2012 and 2013 have been two years of continued profitable growth for Xenith. In 2012, we successfully integrated the Paragon and VBB transactions. At December 31, 2013 we were the 27th largest bank headquartered in Virginia--less than 4 years since we opened our doors! Our growing list of customers is testimony to our ability to provide banking solutions in a service environment that businesses and individuals value.

Xenith Bank’s journey has been both challenging and exciting. Operating in the very attractive Northern Virginia, Richmond, Hampton Roads (the Golden Crescent) market is a distinct advantage. Combined with our strong capital base, experienced team, independence, and local decision making, we are well positioned to pursue our vision. We invite you to contact us…or when we contact you, let us come by and convince you that Xenith is the bank you always wanted to do business with!

T. Gaylon Layfield, III
President & CEO