Planters Bank & Trust Company and Virginia Heartland Bank Enter Into Regulatory Agreements
March 24 2004 - 1:11PM
PR Newswire (US)
Planters Bank & Trust Company and Virginia Heartland Bank Enter
Into Regulatory Agreements CULPEPER, Va., March 24
/PRNewswire-FirstCall/ -- Virginia Financial Group, Inc. announced
today that two of its subsidiary banks -- Planters Bank & Trust
Company, Staunton, Va., and Virginia Heartland Bank,
Fredericksburg, Va. (the "Banks") -- have entered into written
agreements with the Federal Reserve Bank of Richmond to enhance
their compliance with federal anti-money laundering regulations.
After being informed of the deficiencies by the Reserve Bank in
June 2003, the Banks immediately implemented programs to improve
the Banks' systems of internal controls to ensure compliance with
all applicable provisions of federal anti-money laundering laws
andregulations. In December 2003, the boards of directors of the
Banks adopted a company-wide anti-money laundering program, which
has been provided to the Reserve Bank and will be reviewed under
the written agreements. O. R. Barham, Jr., President and Chief
Executive Officer of Virginia Financial Group, stated: "Over the
past eight months, since this was first brought to our attention,
we have made it our highest priority to address the concerns raised
by the Federal Reserve. Our immediate focus isto make certain that
the comprehensive compliance program now in place is approved by
the Federal Reserve and that the written agreements with our two
banks are lifted as soon as reasonably possible." Mr. Barham added:
"We are, and always have been, committed to maintaining our culture
of exemplary regulatory compliance, and we look forward to working
with the Federal Reserve to develop state-of-the-art policies and
controls." This press release contains forward-looking statements,
as defined by federal securities laws. These statements may address
certain results that are expected or anticipated to occur or
otherwise state the company's predictions for the future. A
forward-looking statement in this press release encompasses any
estimate, prediction, expectation, projection, opinion,
anticipation, outlook or statement of belief herein. These
particular forward-looking statements and all other statements that
are not historical facts are subject to a number of risks and
uncertainties, and actual results may differ materially. Please
refer to Virginia Financial Group's filings with the Securities and
Exchange Commission for additional information about the company.
The filings may be accessed at http://www.vfgi.net/. DATASOURCE:
Virginia Financial Group, Inc. CONTACT: Jeffrey W. Farrar,
Executive Vice President and CFO, of Virginia Financial Group,
Inc., +1-540-829-1603, or Web site: http://www.vfgi.net/
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