In a continuing effort to provide a variety of personalized service options to its diverse customer base, EVB has launched a new private banking division in its Tidewater region, which includes Williamsburg, Gloucester, Gloucester Point, Hampton and Newport News. Private banking offers sophisticated, strategic and comprehensive banking and wealth-management solutions for high net-worth clients. Services include investment advice, portfolio management, wealth structuring and estate planning.
“EVB is always implementing new ways to be more meaningful to our customers, and helping customers manage their assets through private banking takes client service to a new level,” said Mark Hanna, EVB regional president.
Williamsburg resident Bonnie Selwaeh is leading the division. She is an EVB senior vice president and has more than 20 years of banking experience, particularly with high net worth client relationships. She previously served as a premier client manager at Bank of America and a private advisor in the wealth division of BB&T, often managing as many as 500 clients.
“EVB private banking offers a new banking approach for clients in the Tidewater area who maintain substantial assets,” Selwaeh said. “We pride ourselves on the many benefits we offer as a community bank, including thoughtful personal attention to our customers’ unique needs and expectations,” she added. “It’s about building a level of trust. Our clients know they can call to ask any question and we’ll give them the answer that’s in their best interests. Participation has been very enthusiastic,” she said.
“I’m thrilled to lead EVB private banking at a great time for strong community banks,” she said. “As a community bank, we are passionate about excellent customer service, giving back to the community, and working together with our clients to build trusted, lasting relationships.”
Private banking addresses a client’s entire financial situation. The focus is on protecting and growing assets in the present, providing specialized financing solutions, planning retirement and passing on wealth to future generations, EVB experts explained.
Months of intense planning and research went into the formation of the bank’s new division. Not only did bank leaders consider what types of products would be in demand, but also how the program would work, and what would be the framework of the new endeavor. “EVB decided to concentrate on what we can do differently from our competitors and that is to focus on the relationship with the client,” said Michele Hastings Simon, senior vice president and marketing director. “It’s important to us to give them what they need and what they want, not just what we think they should have,” she said. “It’s a concierge approach to banking. With so much emphasis on technology these days, personal service tends to get lost.”
Personal service and a local focus are the hallmarks of the private banking program, according to Virginia Digges Payne, senior property manager/associate broker with Long & Foster Property Management in Williamsburg. Ms. Payne, a long-time Williamsburg resident, is an EVB private banking client and has worked with Ms. Selwaeh for many years previously. “Bonnie is phenomenal,” she said. “Dealing with someone on a local level provides you with a different set of opportunities and programs that just aren’t available with national banks,” Ms. Payne added. EVB’s private banking professionals “live and work in your own community and support the local economy,” she said. “It’s that personal interaction, the face-to-face, that makes all the difference.”
Dr. Hugh McCormick, a Hampton Roads cardiologist, has years of experience with a number of large national banks and their wealth management programs. “I got tired of receiving bank correspondence from a person I didn’t know, from a post office box outside of Virginia,” he said. Dr. McCormick switched his accounts to EVB about four months ago. “I realized what EVB has right here. They truly are a community bank,” he said. “They’re very in tune with their clients. I’m not a banker, but I do appreciate a working relationship with my bank, in an atmosphere that I enjoy,” he said.
Other products in the private banking package include customized checking, free ATM transactions, a private banking money market account, customized credit and debit cards, mortgages, personal loans, flexible lines of credit and 24/7 account access, among others.
Clients can personally request private banking services or can be referred to the new division through the bank’s branch offices, existing clients or commercial lenders. High net-worth individuals are typically described as those with at least $250,000 in liquid assets. EVB, an independent, full-service community bank serving eastern and central Virginia, has plans to introduce private banking to its Richmond market later this year. For more information, visit the website www.evbprivatebanking.com.
Eastern Virginia Bankshares, Inc., is a bank holding company headquartered in Tappahannock. Through its wholly-owned bank subsidiary, EVB, founded in 1910, the company operates 24 full-service branches in eastern Virginia located in the counties of Essex, Gloucester, James City, Hanover, Henrico, King William, Lancaster, Middlesex, New Kent, Northumberland, Southampton, Surry, Sussex and Warwick, and the City of Colonial Heights. EVB traces its history to the formation of its predecessors Southside Bank and Bank of Northumberland, Inc., in 1910, Hanover Bank in 2000 and Virginia Company Bank in 2014. EVB is a community bank targeting small to medium-sized businesses and consumers. For more information, please visit www.bankevb.com.
The company also offers other financial services to include investments, mortgage services and insurance. Its stock trades on the NASDAQ Global Market System under the symbol EVBS. It is a member of the FDIC and an Equal Housing Lender. The company has assets of $1.3 billion.