Kasasa Cap Increases
Good News for
We are so proud to announce that the U.S. Small Business Administration has
recognized Sonabank as the top SBA lender for intermediate banks in the
SBA’s Richmond district for 2017.
This is the third consecutive year that we have won
the top intermediate award for the Richmond district.
Sonabank’s results for the quarter ended September 30, 2018, benefited by $736 thousand of other income from the recovery of loans previously charged off by Eastern Virginia Bankshares, Inc. (EVBS). The 2018 year-to-date net income is at $26 million.
Shareholders received a dividend of $0.08 per share payable on November 12, 2018.
This is Sonabank’s 28th consecutive quarterly dividend.
Thank you to all who joined Sonabank for our annual Summer Party at Marblehead Farm
on July 13th. Employees and their families enjoyed pony rides, great food, fishing,
a dip in the pool, cotton candy and much more!
Year Ended December 31, 2017
Net Income of $2.4 million
Earnings Per Share $0.13
Quarter Ended September 30, 2018
Net Income of $8.9 million
Earnings Per Share $0.37
The Board of Directors is saddened to report the passing of former board member Neil Call. Neil served as a founding director of Southern National for 18 years and as a founding director of Sonabank for 13 years. He served in the U.S. Army and had an extensive career, including as Chief Financial Officer of Paramount Pictures Corporation, and later worked for Gulf+Western Industries. He then cofounded MacKenzie Partners. Neil was a substantial contributor of both banks and a dear friend to all who knew him.
April 7, 1946 – August 17, 2018
Sonabank lost a great member of our bank family this past August. Tom Baker and his wife of more than 50 years, Susie, tragically passed away in a boating accident.
Tom received his degree in accounting from East Carolina University and served
as a sergeant in the U.S. Army Reserve. Tom started the process of founding Sonabank until he had a massive heart attack and had to take a step back.
Tom was a great presence at Sonabank, and he will be missed dearly. Chairman of the Board, Georgia S. Derrico, commented, “Even though he played a major role
at Sonabank, he never displayed an ego and always made time for employees and customers alike. He never raised his voice and was a great mentor to our loan officers. He was a true gentleman and treated each person he met with respect
and fairness and was greatly respected by his colleagues.”
We’d like to take this opportunity to remember and honor Tom for his years
of service to the bank. His leadership and personality will be greatly missed.
with a Kasasa Saver® account
on balances up to $50,000
when qualifications are met,
0.05% APY* if not met.
with a Kasasa Cash® account
on balances up to $25,000
when qualifications are met,
0.05% APY* if not met.
*$25 minimum deposit is required to open. APY=
Annual Percentage Yield. Kasasa Cash rate tiers are as follows: 2.25% APY applies to balances of $0-$25,000 and 0.25% APY applies to balances over $25,000 if qualifications are met during the monthly qualification cycle. Kasasa Saver rate tiers are as follows: 1.00% APY applies to balances of $0-$50,000 and 0.25% APY applies to balances over $50,000 if qualifications are met during the monthly qualification cycle. Rates may change after the account is opened. Fees may reduce earnings. ATM transactions do not count as qualifying transactions. A linked Kasasa Saver account is required for automatic savings. ATM fee reimbursements provided only if qualifications are met within the monthly qualification cycle. Kasasa, Kasasa Cash, Kasasa Cash Back, and Kasasa Tunes are trademarks
of BancVue, Ltd., registered in the U.S.A.
Southern Trust Mortgage NMLS #2921 (www.nmlsconsumeraccess.org).
Southern Trust Mortgage, LLC lending in the following states: DC (Lic. #MLB-2921),
DE, FL, GA (Lic. #16579), MD, NC, NJ, OH, PA, SC (Lic. #LB-2921), TN, WV, VA. Southern
Trust Mortgage is proud to be an Equal Housing Lender and Equal Opportunity Lender. Sonabank is an affiliate of Southern Trust Mortgage. Offer subject to credit approval.
You’ve heard the good news – now make the move
to homeownership today. To learn more and discuss
your options, visit a Sonabank branch today, visit
Sonabank.com/mortgage or call 1.800.356.3936.
Nothing means more than owning your own front door. But, sometimes it can feel like
a daunting step to take – can you afford a mortgage payment? What about a down payment? Is now the best time to purchase? Luckily, we have some good news for you.
First-time homebuyers with Sonabank can enjoy incredible advantages through our home loan partner, Southern Trust Mortgage. Homeownership is possible – sooner
than you think – with our special programs designed for you:
• Low down payment requirements, including 100% financing options
• First-time homebuyer programs, offering lower rates and monthly payments
• Down payment assistance/grants for community partners
(firefighters, police, teachers, EMTs, nurses)
• Low down payments for doctors, with no
Private Mortgage Insurance (PMI)
• Priority approval in as little as one day
Starting a custom home building firm shortly after the 2008 recession would be, for many, a risky move. But Pat LeGault, owner of LeGault Homes, knew he had something others don’t – a passion for custom home building and a hands-on approach to the complete design-build process.
“We really pride ourselves on truly customizing our homes exactly how the customer wants,” says Pat. “I’m very involved in the design side, and we spend
a lot of time upfront to ensure it’s everything they envision.”
Pat knew he had the expertise and passion to build a great company – now considered the largest true custom builder in the area – but he needed a financial partner who believed in him, too. That’s where Sonabank came in.
“At a time when financing was difficult because the home industry just went through a bad recession, Rick Fulk at Sonabank really stepped up,” says Pat.
“I’m very much a relationship type of person and they are critical in how
I do business. Rick took the time to forge a really strong relationship with me,
and today the bank is always looking for ways to help me and adjust as we grow.”
LeGault Homes is also involved in building a stronger community through a variety of charitable efforts. As a member of the Homebuilders’ Association of Richmond, LeGault Homes supports the ASK Childhood Cancer Foundation, including providing dream bedroom makeovers for children. LeGault Homes
also held a benefit collecting donated prom dresses for area teenagers.
As a local business with a focus on giving back, LeGault Homes
is a true community believer.