TAPPAHANNOCK, Va. (AP) - The parent company of Eastern Virginia Bank says it's received preliminary approval to receive $24 million as part of the federal government's bank investment program.
Eastern Virginia Bankshares said Tuesday shareholders must approve the company's participation before it gets any government investment.
The federal program administered by the U.S. Treasury Department requires preferred stock and warrants to purchase common stock in return for the investment.
Eastern Virginia Bankshares said it currently isn't authorized to issue preferred stock. It has scheduled a shareholder vote on issuing preferred stock for Dec. 29.
The company has 25 branches in Virginia.
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