Monarch Bank CEO Brad Schwartz Elected to the Federal Reserve Bank of Richmond Board of DirectorsGlobeNewswire
CHESAPEAKE, Va., Nov. 26, 2012 (GLOBE NEWSWIRE) -- Monarch Financial Holdings, Inc. (Nasdaq:MNRK) (Nasdaq:MNRKP), the parent company of Monarch Bank and Monarch Mortgage, today announced that Brad E. Schwartz, Chief Executive Officer of Monarch Bank and Monarch Financial Holdings, Inc., has been elected to serve on the Board of Directors of the Federal Reserve Bank of Richmond. He will serve a three-year term beginning in January of 2013. He was elected as a Class A director representing bankers from the Fifth Federal Reserve District which comprises Maryland, the District of Columbia, Virginia, North Carolina, South Carolina, and most of West Virginia.
The Federal Reserve Bank of Richmond has a nine-member board of directors. Three Class A and three Class B directors are elected to three-year terms by the member banks, and three Class C directors are appointed to three-year terms by the Board of Governors of the Federal Reserve System. Class A directors represent the member banks in each Federal Reserve District. Class B and Class C directors represent the public and are chosen with due consideration to the interests of agriculture, commerce, industry, services, labor and consumers.
Monarch Financial Holdings, Inc. is the one-bank holding company for Monarch Bank. Monarch Bank is a community bank with eleven banking offices in Chesapeake, Norfolk, Suffolk, Virginia Beach, and Williamsburg, Virginia. OBX Bank, a division of Monarch Bank, operates offices in Kitty Hawk and Nags Head, North Carolina. Monarch Mortgage and our affiliated mortgage companies have thirty offices with locations in Virginia, North Carolina, Maryland, and South Carolina. Our subsidiaries/ divisions include Monarch Bank, Monarch Bank Private Wealth (Private banking, trust and investments), OBX Bank, Monarch Mortgage (secondary mortgage origination), Coastal Home Mortgage, LLC (secondary mortgage origination), Regional Home Mortgage, LLC (secondary mortgage origination), Monarch Home Funding, LLC (secondary mortgage origination), Monarch Investments (investment and insurance solutions), Real Estate Security Agency, LLC (title agency) and Monarch Capital, LLC (commercial mortgage brokerage). The shares of common stock of Monarch Financial Holdings, Inc. are publicly traded on the NASDAQ Capital Market under the symbol "MNRK," and shares of our convertible preferred stock are publicly traded on the NASDAQ Capital Market under the symbol "MNRKP."CONTACT: For Media Inquiries: Nancy Porter, Senior Vice President Monarch Bank (757) 389-5107Source: Monarch Financial Holdings, Inc.