MONARCH FINANCIAL REPORTS RECORD FIRST QUARTER PROFITABILITY, ANNUAL LOAN, DEPOSIT AND ASSET GROWTH
Monarch Bank announces
“Top Flight” Award
$40,000 prize winner
Congratulations to Valkyrie Enterprises LLC
T H E C O M M U N I T Y V O T E S H AV E campaign asking the local
... thank you for
B E E N TA B U L AT E D community to vote for their
voting for your favorite “Top Flight” favorite business. Valkyrie
Award semifinalist. Valkyrie Enterprises Enterprises of Virginia Beach
LLC was selected as the winner of the received the most votes after the
Monarch Bank 2011 $40,000 April 30 online and text-to-vote
“Top Flight” Award prize package. polls were tabulated.
As the top business bank in “Thank you to all the
Hampton Roads, Monarch put our “Top Flight” entrants for
money where our mouth is: $10,000 supporting our inaugural year,”
worth, in fact. The cash amount said Brad Schwartz, CEO of
included in our $40,000 “Top Flight” Monarch Bank. “Collectively
Award prize package, along with a the candidates redefined a down
professional business service package economy, growing operating
valued at $10,000 from accounting, Picture above (left to right): revenue $100 million and adding
tax and advisory firm Cherry, Bekaert Brad Schwartz, Joanne Brooks, Jeff Benson and Neal Crawford 467 new jobs to southside
& Holland, L.L.P.; a professional Hampton Roads since 2007.”
business communications package valued at $10,000 from Cox Busi-
Valkyrie Enterprises is a defense contractor that services the
ness; and an advertising package, including the creation of a 30-second
Department of the Navy and other Department of Defense clients.
commercial and cable airtime, valued at $10,000 from Cox Cable Media.
Founded in 2007, Valkyrie has received the title of “Best Places to Work
Norfolk-based law firm Vandeventer Black also sponsored the award.
in Virginia” and was ranked No. 1 in the mid-sized category. Valkyrie has
An independent panel of judges reviewed 95 entries and selected grown from 36 employees at the end of 2007 to over 130 today. Valkyrie
three semifinalists: Mymic, Osage of Virginia and Valkyrie Enterprises. plans for more growth – by implementing a campaign to fill 20 job
The three semifinalists were chosen based upon a formula that took into openings and enhance its technological capabilities and productivity.
account: growth in both revenue and full-time staff employed over the Most recently, Gary Lisota, president and CEO of Valkyrie Enterprises
company’s three most recent completed fiscal years; descriptive narrative was also awarded The Hampton Roads Chamber of Commerce 2011
on how the prize package will be implemented; and community service. Leadership Award given to an individual who demonstrates outstanding
The semifinalists appeared in a month-long newspaper, TV and online leadership within the Hampton Roads small business community. ◆
F I N A N C I A L U P D AT E
Monarch showcases four homes
Record 2011 First Quarter
• Net income of $1,373,257,
up 22.6% from 2010
• Diluted earnings per share of $0.16, Space Exploration House, Robert M. Letchworth The Celebration House, J.F.Schoch
up from $0.13 one year prior
• Improved deposit mix with growth
in checking and money market accounts
• Closed $300 million in mortgage loans
• Non-performing assets of 1.26%
remain low and better than most
AWARDS & HONORS
The Cecilia, Ore Builders The Cameron Lea, TCI Inc.
Monarch Named to the M ONARCH IS A PROUD SUPPORTER of the Tidewater Builders Association’s Spring Homearama
2011 in Virginia Beach’s Eagle’s Nest community. Monarch Bank’s Real Estate Construction Group
KBW Bank Honor Roll and Monarch Mortgage assisted with the construction financing and residential mortgage financing
Monarch is one of only 40 banks named of four of the nine homes featured. The show runs May 28 - June 12, noon until 9:00 p.m. daily.
to the KBW Bank Honor Roll out of nearly 400 For more information visit www.homearama.tv ◆
banks screened. KBW, Inc. is a full-service
investment bank that specializes in the financial
services sector. Monarch is one of only four
Virginia-based banks and the only Hampton
Roads-based bank to make the list.
new Ghent office with
In its news release, KBW said that the 40
banking companies on this year’s list,
on average, outperformed both the banking
industry and the overall stock market in terms
of stock price performance during the five-year
period between 2005 and 2010.
M ONARCH WAS PARTICULARLY PLEASED TO
SHAREHOLDERS HAVE N ORFOLK Mayor Paul D. Fraim on hand to help
with the ribbon cutting to celebrate the opening of
its new bank and mortgage office in Norfolk’s historic
Ghent section, on 21st Street. Our three-story, 18,000
square-foot building replaces our previous location at
the Palace Shops. Monarch’s new banking office has two
drive-through lanes as well as an ATM.
“We understand the Norfolk market from years of
Monarch Increases experience, and now we are ready to put that experience
to work with our new full-service location in the heart of
Cash Dividend on Ghent,” said Neal Crawford, president of Monarch Bank,
Common Stock “With the continued pullback in lending by banks both
Shareholders of record on June 1, 2011 large and small, we have been successful at building new
will receive a semi-annual cash client relationships that should result in increasing
dividend of $0.08 per share.
Pictured above (from left to right): Paul Fraim
loans and deposits in Norfolk during the year.” ◆
The dividend is payable on June 22. and Ben Miles; Don Price, Barclay Winn,
Jeff Benson, Neal Crawford, Paul Fraim,
Brad Schwartz, Ben Miles and Barbara Lane
Meet Monarch Bank’s New Commercial Real Estate Finance Group
M ONARCH ’ S C OMMERCIAL R EAL E STATE Finance Group (CREF), has announced a collaboration on commercial real
estate financing transactions with Walker & Dunlop, LLC (NYSE: WD), one of the oldest and largest commercial mortgage
banking companies in the United States. Formerly known as Monarch Capital, the CREF Group will focus on the loan and
deposit needs of professional commercial real estate owners and developers. Through its relationship with Bethesda, Md.-based
Walker & Dunlop, the CREF group will also provide enhanced commercial mortgage banking services to its clients.
The CREF Group of experienced bankers will offer the benefit of local competitive commercial real estate financing solutions
– including construction, mini-permanent, and permanent loans across all commercial real estate property types. The Monarch
CREF Group will be able to leverage the long-standing relationships Walker & Dunlop has developed with lenders, including
Jeremy Starkey Fannie Mae, Freddie Mac, HUD, life insurance companies, CBMS lenders, banks, REITS and pension funds.
“We’re excited about the new capabilities of this relationship,” said Jeremy Starkey, Senior Vice President, Monarch Bank
Commercial Real Estate Finance. “Walker & Dunlop is among the most respected commercial mortgage banking firms in the
country, and we’re honored to align ourselves with a company that will enable us to continue to offer our clients unmatched
Added Ted Patch, Senior Vice President, Chief Production Officer at Walker & Dunlop LLC: “We see this as a golden
opportunity to work with an institution that shares our values and we are encouraged by the growth this collaboration will bring.”
The Monarch Bank Commercial Real Estate Finance Group will be co-managed by Senior Vice Presidents Jeremy Starkey
and Chas Wright and Mike Hull will serve as the Portfolio Manager. The CREF Group will be located in downtown Norfolk. ◆
N E W B OA R D M E M B E R S
Joining the board:
Ron Costella Ben Davenport Monarch’s 10th Annual
Charity Golf Tournament
Capstone Corporation Davenport Management
Chesapeake City Board Leadership Board
Save the date Wednesday, September 14, 2011
J OIN US for a day filled with fun and fellowship to benefit local children’s charities in our
community. Established ten years ago by Monarch Bank’s founder, William F. “Tree” Rountree, Jr.
Charlie Church Bill Greene
Getem Services Atlantic Environmental the annual tournament has raised over $1 million dollars to date.
Norfolk City Board Virginia Beach City Board Tournament players play 18 holes of golf on Aeropines Golf Club’s two 18 hole Championship
Courses, the Tomcat and the Hornet Course. Registration and lunch begin at 11:00 a.m.,
with a shotgun start at 12:00 p.m. Dinner, awards and raffle will follow at 5:00 p.m.
Hurry! Reserve your sponsorship today! To confirm availability contact Allie Cheatham
(757) 389-5112 or firstname.lastname@example.org ◆
Pictured above (from left to right): Dwight Schaubach, Brian Clements, Will Morrison, Barry Mathias, Debbie Mast,
Pam Ellyson, Brad Schwartz, Tree Rountree and Neal Crawford
Victor Lewis, MD Ramsay Smith
Radiologist Pembroke Enterprises
Virginia Beach City Board Virginia Beach City Board
It’s not too late
to take advantage of low
1435 Crossways Blvd......................... (757) 389-5159
mortgage interest rates
Monarch Bank / Chesapeake
Chesapeake / HQ
1435 Crossways Blvd., Ste. 200 ...... (757) 955-8624
1034 S. Battlefield Blvd. ................... (757) 482-2727
750 Volvo Parkway............................. (757) 222-2100 Don’t miss this opportunity to reduce monthly
Monarch Bank / Norfolk payments or buy the home of your dreams.
Norfolk / HQ
150 Boush Street, Ste. 201............... (757) 644-6860 HETHER YOU ARE TRYING TO ESCAPE high payments due to your current interest rate or
Boush Street you are considering purchasing a new home, ultimately making a savvy long-term financial decision,
150 Boush Street ................................ (757) 228-7576 Monarch Mortgage has the right tools to make your financial dreams a reality. As rates continue to
500 W. 21st Street .............................. (757) 623-0055 linger at all-time lows, now is the perfect opportunity to purchase the home of your dreams at a low
monthly payment or reduce your current payment by refinancing to a lower interest rate.
Monarch Bank / Virginia Beach
Virginia Beach / HQ When deciding to refinance, it’s important to review your mortgage and the big picture of your
222 Central Park Ave., Ste. 1560 ... (757) 309-4575 financial goals. Monarch’s mortgage professionals take the time to get to know their clients and piece
Hilltop together the right loan program and interest rate to meet each individual financial objective. Meeting
1635 Laskin Road ............................... (757) 309-4809
with a trained loan officer to discuss the reasons why you are refinancing and the benefits that could
5225 Providence Road ..................... (757) 769-7500 be associated with the refinance will help arm you with the knowledge to go forward; educated and
Lynnhaven comfortable with your decision.
100 Lynnhaven Parkway.................. (757) 463-4100
Oceanfront As we embrace the summer season, take advantage of the low rates; “Rates have dropped back
3701 Pacific Avenue .......................... (757) 491-2000 to the lowest rates of 2011 and now may be a great time to look at refinancing or purchasing a
Town Center new home,” says Jack Lane, executive vice president and production manager of Monarch Mortgage.
4216 Virginia Beach .......................... (757) 416-7300
As you consider refinancing or purchasing a new home look to mortgage professionals who have
Monarch Mortgage your best interest in mind. ◆
Virginia Beach / HQ
Mymic & Osage of Virginia
2809 S. Lynnhaven Rd., Ste. 200 .... (757) 390-2200
750 Volvo Parkway............................. (757) 222-2149
320 W. 21st Street .............................. (757) 623-0055
Congratulations “Top Flight” Award semifinalists
4629 N. Croatan Highway
M ONARCH KNOWS that small businesses are the backbone
PO Box 629 ........................................... (252) 261-9494 of America, and that’s no different here in Hampton Roads.
“Monarch Bank started the award to help area businesses attain
their goals,” said Neal Crawford, president of Monarch Bank.
2525 S. Croatan Highway
PO Box 1118 ......................................... (252) 449-1300 “The ‘Top Flight’ Award gives us the opportunity to recognize
businesses that are making impressive strides. It is a distinguished
OBX Bank Mortgage ......................... (252) 261-9467
honor to recognize our ‘Top Flight’ semifinalists Mymic and
Osage of Virginia for their outstanding contribution of growth
and job creation for our community.” Picture above (left to right):
Bill Younger, Jay Bhatt and Neal Crawford
MYMIC, a technology firm and defense contractor based
in Portsmouth, is among the Roaring 20 fastest-growing firms
in Hampton Roads, according to Inside Business. Founded in
2000 by Tom Mastaglio and Bill Younger, the firm has doubled
revenues each year from 2008-10, and it expects to grow revenue
by 40 percent and manpower by about 20 percent in 2011.
While many of its clients are defense-related, MYMIC plans
expanding into health care and law enforcement.
Osage of Virginia, a Native American owned, Woman-Owned
Small Disadvantaged Business (WOSDB), provides management, Picture above (left to right):
Michael Cree, Farley Peel and Brad Schwartz
environmental consulting and planning services. Founded in
1 3 Cro ssways Blvd. 2004, clients call on the firm to attain and sustain regulatory compliance, identify and restore
Ch e sap eake , VA 2 3
contaminated sites, prevent or reduce pollution and conserve natural and cultural resources.
Led by Farley Peel and Michael Cree, Osage prides itself on mixing pragmatic solutions with
a responsibility to give back to the Hampton Roads community. ◆