Eastern Virginia Bankshares, Inc. and First Capital Bancorp, Inc. Mutually Agree to Terminate Merger Agreement

TAPPAHANNOCK, Va.--(Business Wire)--
Eastern Virginia Bankshares, Inc. (the "Company") (Nasdaq symbol: EVBS, the bank
holding company for EVB), announced today the Company and First Capital Bancorp,
Inc., mutually agreed to terminate the definitive merger agreement signed on
April 3, 2009, due to the current regulatory environment. Shareholders from both
companies had previously approved the transaction.

In a joint statement, Joe Shearin, President and CEO of EVBS, and John Presley,
Managing Director and CEO of FCVA, stated, "We believed on April 3rd of this
year that the combination of these two good banks to make a great bank was in
the best interest of our customers, shareholders, employees, and our
communities. We still believe that today. However, the current economic and
regulatory environment is such that obtaining regulatory approval has taken much
longer than we ever anticipated and has reached a point, we believe, that
continuing to wait for this approval is not in the best interest of either
company."

"Our Board of Directors and employees have the utmost respect for First Capital
and hold the company and their management team in high esteem. While a great
deal of time and energy have been directed towards the integration of these two
companies, EVB has remained steadfast in focusing on critical areas relevant to
the health and vitality of our company. Our core deposits are trending upward,
we continue to lower and effectively manage our costs of funds, and the balance
sheet is poised for future long-term success," stated Shearin.

"These are, undoubtedly, challenging times for all banks. However, the board and
management team of Eastern Virginia Bankshares are dedicated to and optimistic
about moving our company forward," said Randy Cook, Chairman of the Board.

Eastern Virginia Bankshares, the parent company for EVB, operates 25 retail
branches located in the counties of Caroline, Essex, Gloucester, Hanover,
Henrico, King William, Lancaster, Middlesex, New Kent, Northumberland,
Southampton, Surry and Sussex and the City of Colonial Heights. The Company`s
stock trades on the NASDAQ Global Market System under the symbol EVBS.

Forward-Looking Statements

Certain information contained in this discussion may include "forward-looking
statements" within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
These forward-looking statements are generally identified by phrases such as
"the Company expects," "the Company believes" or words of similar import. Such
forward-looking statements involve known and unknown risks including, but not
limited to:

* changes in the quality or composition of our loan or investment portfolios,
including adverse developments in borrower industries, decline in real estate
values in our markets, or in the repayment ability of individual borrowers or
issuers;
* the strength of the economy in our target market area, as well as general
economic, market, or business conditions;
* changes in the interest rates affecting our deposits and our loans;
* an insufficient allowance for loan losses as a result of inaccurate
assumptions;
* the loss of any of our key employees;
* changes in our competitive position, competitive actions by other financial
institutions and the competitive nature of the financial services industry and
our ability to compete effectively against other financial institutions in our
banking markets;
* our ability to manage growth;
* our potential growth, including our entrance or expansion into new markets,
the opportunities that may be presented to and pursued by us and the need for
sufficient capital to support that growth;
* our ability to assess and manage our asset quality;
* changes in government monetary policy, interest rates, deposit flow, the cost
of funds, and demand for loan products and financial services;
* our ability to maintain internal control over financial reporting;
* our ability to raise capital as needed by our business;
* our reliance on secondary sources, such as Federal Home Loan Bank advances,
sales of securities and loans, federal funds lines of credit from correspondent
banks and out-of-market time deposits, to meet our liquidity needs;
* changes in laws, regulations and the policies of federal or state regulators
and agencies; and
* other circumstances, many of which are beyond our control.

Although the Company believes that its expectations with respect to the
forward-looking statements are based upon reliable assumptions within the bounds
of its knowledge of its business and operations, there can be no assurance that
actual results, performance or achievements of the Company will not differ
materially from any future results, performance or achievements expressed or
implied by such forward-looking statements.

Eastern Virginia Bankshares, Inc.
Joe A. Shearin
President and CEO
(804) 443-8450
Joe.shearin@bankevb.com
or
Ron Blevins
Chief Financial Officer
(804) 443-8423
Ron.blevins@bankevb.com

Copyright Business Wire 2009