Monarch Bank CEO Brad Schwartz Elected to the Federal Reserve Bank of Richmond Board of Directors
November 26 2012 - 5:03PM
Monarch Financial Holdings, Inc. (Nasdaq:MNRK) (Nasdaq:MNRKP), the
parent company of Monarch Bank and Monarch Mortgage, today
announced that Brad E. Schwartz, Chief Executive Officer of Monarch
Bank and Monarch Financial Holdings, Inc., has been elected to
serve on the Board of Directors of the Federal Reserve Bank of
Richmond. He will serve a three-year term beginning in January of
2013. He was elected as a Class A director representing bankers
from the Fifth Federal Reserve District which comprises Maryland,
the District of Columbia, Virginia, North Carolina, South Carolina,
and most of West Virginia.
The Federal Reserve Bank of Richmond has a nine-member board of
directors. Three Class A and three Class B directors are elected to
three-year terms by the member banks, and three Class C directors
are appointed to three-year terms by the Board of Governors of the
Federal Reserve System. Class A directors represent the member
banks in each Federal Reserve District. Class B and Class C
directors represent the public and are chosen with due
consideration to the interests of agriculture, commerce, industry,
services, labor and consumers.
About Monarch
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, Norfolk, Suffolk, Virginia Beach,
and Williamsburg, 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 thirty
offices with locations in Virginia, North Carolina, Maryland, and
South Carolina. Our subsidiaries/ divisions include Monarch Bank,
Monarch Bank Private Wealth (Private banking, trust and
investments), OBX Bank, Monarch Mortgage (secondary mortgage
origination), Coastal Home Mortgage, LLC (secondary mortgage
origination), Regional Home Mortgage, LLC (secondary mortgage
origination), Monarch Home Funding, LLC (secondary mortgage
origination), 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," and
shares of our convertible preferred stock are publicly traded on
the NASDAQ Capital Market under the symbol "MNRKP."
CONTACT: For Media Inquiries:
Nancy Porter, Senior Vice President
Monarch Bank (757) 389-5107
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