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[LOGO OF VIRGINIA COMMONWEALTH FINANCIAL CORPORATION]
NEWS RELEASE
FOR IMMEDIATE RELEASE
Contact:
Jeffrey W. Farrar
Executive Vice President and CFO
(540) 825-4800
[email protected]
VIRGINIA COMMONWEALTH FINANCIAL CORPORATION
ANNOUNCES STOCK REPURCHASE PLAN
Culpeper, VA- (NASDAQ: VCFC - news) The Board of Directors of Virginia
Commonwealth Financial Corporation has authorized management to purchase up to
225,000 shares of the Company's common stock on the open market. Mr. O.R.
Barham, Jr., President of VCFC, noted that the Board believes that VCFC's stock
is undervalued and does not currently reflect the long-term value of the
Company. Management has not determined the timing of such purchases, but
anticipates any repurchased shares will be used for general corporate purposes.
At June 30, 2000, VCFC had 2,356,500 shares outstanding.
VCFC ended the second quarter with assets of $444.7 million and thirteen banking
offices in six counties in north central Virginia. Affiliates include Caroline
Savings Bank, Second Bank & Trust, Virginia Commonwealth Trust Company and
Virginia Heartland Bank. VCFC's common stock is traded on the NASDAQ Stock
Market under the trading symbol VCFC.
This press release contains forward-looking statements as defined by federal
securities laws. These statements may address issues that involve significant
risks, uncertainties, estimates and assumptions made by management. Actual
results could differ materially from current projections. Please refer to VCFC's
filings with the Securities and Exchange Commission for additional information.
For additional information about VCFC's financial performance, please visit
www.VCFC.com. For more information regarding products, services and internet
banking, visit www.secondbank.com, www.virginiaheartlandbank.com or
www.bankwithease.net.
