Castle Creek, GCP Capital Infusing $45M into Eastern Virginia
March 28, 2013
Castle Creek Capital Partners and GCP Capital Partners have agreed to invest approximately $45 million in Eastern Virginia Bankshares (NASDAQ: EVBS). EVB is a bank holding company based in Tappahannock, VA, that operates 23 full-service branches in eastern Virginia. Founded in 1910, the community bank targets small to medium-sized businesses and consumers. This capital raise will help strengthen Eastern's balance sheet and provide the bank with financial and strategic flexibility. Castle Creek, based in Rancho Santa Fe, CA, focuses on recapitalization, growth equity and buyout investments in U.S.-based community banks; GCP is a New York-based firm that invests in the business services, education, energy, financial services, insurance and telecommunications industries.