Southern National Bancorp of Virginia Inc. (NASDAQ:SONA) announced today that its banking subsidiary, Sonabank N.A., has received approval from the U.S. Small Business Administration (SBA) to participate in the new loan pilot program - Patriot Express. This new delegated authority expands the Preferred Lender and SBAExpress Lender authority already held by Sonabank, N.A.
The Patriot Express Pilot Loan Initiative is a streamlined loan product based on the SBA's highly successful SBAExpress Loan Program, but with enhanced guaranty and interest rate characteristics. The program is specifically directed to the military community entrepreneurs, including Service Members, Veterans and Spouses.
Sonabank is excited about this opportunity to increase its ability to provide capital to small and medium sized businesses in the local communities. With a strategic plan that is targeted to these clients, Sonabank actively participates in all State and Federal Loan Programs to be able to provide the best financing options available.
Sonabank received delegated authority from the SBA through its Preferred Lender Program during its first year of operations based on the extensive experience of its banking team. While only two years old, Sonabank has become the leading Community Bank SBA Lender in the combined Washington DC and Richmond District Offices for the nine months ended June 30, 2007 in volume with 16 loan approvals. Sonabank is ranked third based on total dollars with over $4.0 million dollars behind Eagle Bank in the Washington Area with $4.2 million dollars and Community South Bank in the Richmond area with $4.1 million dollars approved.
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 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. You should consider such factors and not place undue reliance on such forward-looking statements. No obligation is undertaken by Southern National Bancorp to update such forward-looking statements to reflect events or circumstances occurring after the issuance of this press release.
Source: Sonabank N.A.