April 13, 2010 (FinancialWire) — Hampton Roads Bankshares, Inc. (NASDAQ: HMPR), the holding company for Bank of Hampton Roads and Shore Bank, said it received a non-compliance notice from the NASDAQ Stock Market stating that the company was not in compliance with the rules for continued listing, because it has not timely filed its Annual Report on form 10-K for the year ended December 31, 2009.

Issuance of such a notice is standard NASDAQ procedure when a listed company fails to timely file its form 10-K. The NASDAQ letter indicated that the company has until June 1, 2010 to submit a plan to regain compliance. If such a plan is timely submitted by the company, the NASDAQ staff can grant the company up to 180 calendar days from the due date of the form 10-K (or until September 13, 2010) to regain compliance.

The company currently plans to file the form 10-K in April 2010 and to thereby regain compliance with the rules for continued listing. If, for any reason it is unable to file the form 10-K prior to June 1, 2010, the company intends to submit a plan to regain compliance to the NASDAQ Listing Qualifications Department no later than June 1, 2010. No assurance can be given that NASDAQ will grant an exception for the full 180-day period contemplated in the NASDAQ Marketplace Rules, if at all. Under NASDAQ's rules, the company's common stock would continue to be listed on NASDAQ until June 1, 2010, and for any exception period that may be granted to the company by the NASDAQ Listing Qualifications Department. However, until the company regains compliance, quotation information for the company's common stock will include an indicator of the company's non-compliance and the company will be included in a list of non-compliant companies on the NASDAQ website.

Hampton Roads Bankshares, Inc. is a bank holding company that was formed in 2001 and is headquartered in Norfolk, Virginia. The company's primary subsidiaries are Bank of Hampton Roads, which opened for business in 1987, and Shore Bank, which opened in 1961.

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