Shore Premier Finance Announces Partnership With VesselVanguard

BALTIMORE, June 23, 2014 (GLOBE NEWSWIRE) -- Shore Premier Finance (SPF), a direct marine lending division of Shore Bank, announced today a new partnership with VesselVanguard, a leading marine maintenance management solution. Effective immediately, all new SPF consumer loans on pre-owned boats will include VesselVanguard provisioning and a 2-year subscription to the award winning service.

SPF was launched in May 2014 as a specialty consumer finance unit of Shore Bank, with a focus on marine financing for US Coast Guard documented vessels.

VesselVanguard, headquartered in Annapolis, is a cloud-based service that provides marine maintenance management solutions through a powerful set of features and capabilities. With services such as Maintenance Dashboard and Task Alerts, users are able to customize their boat profile and preferences to their specific equipment and service needs. Also, through features such as Digital Service Records and the Digital Ship's Log, customers can upload and store various files related to the maintenance and repair of their boat, and access them conveniently to maximize resale or trade-in value. In addition, VesselVanguard is fully accessible at any time by computer, tablet, or smartphone, through a robust and secure system built to US Department of Defense compliance standards.

Hervé Bonnet, President of SPF, said, "At SPF we are committed to providing an exceptional customer experience for our boat loan customers. We know that maintenance is an essential component of boat ownership and we are very pleased to partner with VesselVanguard to provide a state-of-the-art maintenance management solution."

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About Shore Premier Finance

Shore Premier Finance (SPF) is a direct marine lending division of Shore Bank, subsidiary of Hampton Roads Bankshares, Inc. Headquartered in Baltimore, MD, SPF began with a team of seasoned lending professionals who joined Shore Bank from a large European bank. SPF specializes in marine financing for US Coast Guard documented vessels to customers throughout the nation.

Caution About Forward-Looking Statements

Certain statements made in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that include projections, predictions, expectations, or beliefs about events or results or otherwise are not statements of historical facts, including statements about future products, trends and strategies. Although the Company believes that its expectations with respect to such forward-looking statements are based upon reasonable assumptions within the bounds of its existing 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 those expressed or implied by such forward-looking statements. Factors that could cause actual events or results to differ significantly from those described in the forward-looking statements include, but are not limited to those described in the cautionary language included under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2013, Quarterly Report on Form 10-Q for the quarter ended March 31, 2014, and other filings made with the SEC.

CONTACT: Jennifer Rogers Marketing Manager Jennifer.Rogers@shorepremierfinance.comSource:Hampton Roads Bankshares, Inc.