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Shore Premier Finance Announces New Partnership With YachtCloser

BALTIMORE, June 25, 2014 (GLOBE NEWSWIRE) -- Shore Premier Finance (SPF), a direct marine lending division of Shore Bank, announced today a new partnership with YachtCloser, a web-based contract management system to make the process of buying and selling a yacht easier and more efficient for brokers and their clients.

"At SPF, it's in our DNA to think outside of the box. Improving the broker-client experience is one of our top priorities, and this new partnership with YachtCloser offers greater convenience and functionality for our users and enhances what we have already started with VesselVanguard," said Hervé Bonnet, President of Shore Premier Finance.

YachtCloser will use their new integration tool, FinanceCloser, to streamline the finance application process for boat buyers. Once information is entered - from any device with internet access - all contracts or forms requiring that information can be populated instantly. With this new partnership, brokers receive a one-stop administrative solution in which they can instantly refer their customers to SPF, eliminate duplicate data entry, and avoid printing and faxing with secure electronic signatures. With its team of seasoned marine lending professionals, SPF is always looking for ways to improve the customer experience. Partnering with YachtCloser, the yacht brokerage industry's leading web-based contract management solution is the next step in achieving that goal.

"We are very excited about this new partnership with Shore Premier Finance and the opportunity to simplify the financing application process and bring all parties in a deal together on the same virtual page," said Brad Parker, President of YachtCloser. "Hervé and I have known each other for some time now and believe this partnership is a perfect fit. We share a strong belief in the product and in utilizing the latest technologies to give users a fast and secure platform with greater flexibility and control over their network."

For more information on Shore Premier Finance please visit www.shorepremierfinance.com.

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.

About YachtCloser:

YachtCloser is the yacht brokerage industry's leading web-based, contract management solution. YachtCloser provides a simple, seamless connection between buyers, sellers, brokers and yacht services through a sophisticated, yet easy-to-use online application. YachtCloser provides the most accessible and robust transaction and administrative tools available – managing more than $5 billion in active boat and yacht contracts nationwide.

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 JenniferRogers@shorepremierfinance.comSource:Hampton Roads Bankshares, Inc.