MCLEAN, Va., Oct. 31, 2014 (GLOBE NEWSWIRE) -- Southern National Bancorp of Virginia Inc. (Nasdaq:SONA), the holding company for Sonabank, announced the planned consolidation of its Germantown branch on March 1st, 2015.
All branch staff will keep their jobs with Sonabank, and will be moved to other branches close by. Once the Germantown branch is closed, Sonabank will experience significant cost savings, and the total financial impact of the branch closing will be overwhelmingly positive.
Over the next month, customers will be notified of the closest branches and given a phone number to call with questions.
Southern National Bancorp of Virginia, Inc. is a bank holding company with total assets of $883 million as of September 30th, 2014. Sonabank provides a range of financial services to individuals and small and medium sized businesses. Sonabank has a total of twenty four branches, with fifteen of those branches in Virginia, located in Fairfax County (Reston, McLean and Fairfax), in Charlottesville, Warrenton (2), Middleburg, Leesburg (2), South Riding, Front Royal, New Market, Haymarket, Richmond and Clifton Forge. Sonabank's other nine branches are in Maryland, in Rockville, Shady Grove, Germantown, Upper Marlboro, Owings, Huntingtown, Brandywine, Frederick and Bethesda.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that relate to future events or the future performance of Southern National Bancorp of Virginia, Inc. Forward-looking statements are not guarantees of performance or results. These forward-looking statements are based on the current beliefs and expectations of the respective management of Southern National Bancorp of Virginia, Inc. and Sonabank and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond their respective control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the anticipated results discussed or implied in these forward-looking statements because of numerous possible uncertainties. Words like "may," "plan," "contemplate," "anticipate," "believe," "intend," "continue," "expect," "project," "predict," "estimate," "could," "should," "would," "will," and similar expressions, should be considered as identifying forward-looking statements, although other phrasing may be used. Such forward-looking statements involve risks and uncertainties and may not be realized due to a variety of factors. Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q) filed by Southern National Bancorp of Virginia, Inc. You should consider such factors and not place undue reliance on such forward-looking statements. No obligation is undertaken by Southern National Bancorp of Virginia, Inc. to update such forward-looking statements to reflect events or circumstances occurring after the issuance of this press release.
CONTACT: Devon Porter, Senior Vice President Phone: 540-428-3435 Email: firstname.lastname@example.org Southern National Bancorp of Virginia Inc. NASDAQ Symbol SONA Website: www.sonabank.comSource:Southern National Bancorp of Virginia, Inc.