VFGI Virginia Financial Grp. (MM)

Virginia Financial Group, Inc. Announces Board Changes and Declares Dividend CULPEPER, Va., April 28 /PRNewswire-FirstCall/ -- Virginia Financial Group, Inc. today reported that the Board of Directors elected Taylor E. Gore as Chairman of the Board and H. Wayne Parrish as Vice Chairman of the Board. Taylor E. Gore has served on the Board of Directors of Virginia Financial Group, Inc. as Vice Chairman since January 2002 after the merger of Virginia Commonwealth Financial Corporation and Virginia Financial Corporation. In addition, Mr. Gore was elected to the Board of Directors of Second National Bank of Culpeper in 1975 and is a past Chairman of the Board of Second National Bank of Culpeper, Second National Financial Corporation and Virginia Commonwealth Financial Corporation. Mr. Gore maintained a distinguished business career during his 46 years at Culpeper Farmers' Cooperative, Inc., and retired in June 2002 as the Executive Vice President and General Manager. H. Wayne Parrish has served on the Board of Directors of Virginia Financial Group, Inc. since January 2002 after the merger of Virginia Commonwealth Financial and Virginia Financial Corporation. He had previously served on the Board of Directors of Virginia Commonwealth Financial from 1998 to 2002. Mr. Parrish was elected to the Board of Virginia Heartland Bank of Fredericksburg, VA in 1988. In addition, Mr. Parrish has served on the Board of Directors of Virginia Commonwealth Trust Company, a subsidiary of Virginia Financial Group, Inc. Mr. Parrish is the owner of Parrish Appraisal Service located in Fredericksburg, VA. He previously served in the capacity of Senior Vice President at Union Bank & Trust Company in Bowling Green, VA and Dominion Bank of Richmond in Fredericksburg, VA. The Board of Directors of Virginia Financial Group, Inc. also declared a quarterly cash dividend of $.19 per share, payable on May 20, 2004 to shareholders of record on April 30, 2004. The annual dividend rate of $.76 per share represents a yield of 2.3% on the most recent closing price. VFG is the holding company for Planters Bank & Trust Company of Virginia -- in Staunton; Second Bank & Trust -- in Culpeper; Virginia Heartland Bank -- in Fredericksburg and Virginia Commonwealth Trust Company -- in Culpeper. The organization maintains a network of thirty-seven branches serving Central and Southwest Virginia. It also has loan production offices located in Charlottesville and Lynchburg. 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. 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. Such factors include but are not limited to: general economic conditions, significant fluctuations in interest rates that could reduce net interest margin; difficulties in executing integration plans: reduction of fee income from existing products due to market conditions; and the amount of growth in the company's general and administrative expenses. Consequently, these cautionary statements qualify all forward-looking statements made herein. Please refer to VFG's filings with the Securities and Exchange Commission for additional information, which 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, Web site: http://www.vfgi.net/

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