EVB/Sonabank Merger FAQs
The legal merger between EVB and Sonabank was finalized on June 23, 2017. EVB is now part of Sonabank.
The operations merger will occur during the weekend of September 15-17, 2017.
At the conversion stage, our two bank’s operating systems will combine, signifying that the merger is complete. At this point, all customers of both banks will officially be welcomed as members of the new Sonabank family.
What can customers expect?
We anticipate very few changes that will affect your day-to-day banking, and nothing will change for EVB customers until September 2017. In fact, all of our existing products and programs like Kasasa®, Community Believers and P.O.W.E.R. ® will remain and we will be bringing over some great new products for our business banking customers to include access to leading commercial, real estate and Small Business Administration Lenders. Until the system conversion occurs in September, EVB customers will continue to use their usual bank branches, and Sonabank customers will do the same. Currently EVB customer transactions can only be processed at EVB branches and not Sonabank branches. Once the conversion occurs, customers can use any Sonabank branch for their transactions.
Above all, we value our customers, our shareholders and our communities and will continue to provide you with the same exceptional service you have always received. You chose a community bank for a reason, and we are committed to providing you with the highest quality products and services.
Frequently Asked Questions
What will happen to EVB’s branches?
All EVB’s branches will remain open to continue providing customers with the same quality service they expect and deserve. The EVB branches will become Sonabank branches on September 18, 2017.
Will the merger affect the office hours of the EVB branch locations?
The office hours of EVB will remain the same and are not expected to change at this time.
How will the merger affect the community?
Combining both banks ensures we will continue to focus on supporting our communities and the financial needs of our markets for generations to come.
Where should an EVB customer bank for now?
Customers should continue to bank as usual at their regular EVB branch locations. Currently EVB customer transactions can only be processed at EVB branches and not Sonabank branches. Once conversion occurs, customers can use the new Sonabank branch for their transactions.
Do EVB customers need to change or close their account?
No, there is no need for customers to make any changes at this time to their accounts. Customers will be notified in advance of any changes that may affect their accounts, but there are minimal changes expected.
Will EVB’s customers’ account numbers, debit cards and checks change?
We are committed to making the merger as convenient as possible for our customers and will notify you in advance of any changes to your accounts. Your account number will not change and you will be able to continue to use your current checks and will not need to reorder new checks.
Debit cards will be re-issued for EVB customers, so you can continue to use your debit card until you receive a new one.
What will happen to EVB customers’ online/mobile banking and bill payments?
EVB customers can continue to use your online banking as normal. You will be notified well in advance of any changes that are required by the account conversion.
What will happen to FDIC insurance if customers have accounts at both EVB and Sonabank?
Accounts at each bank are insured to a maximum of $250,000 per account owner. Commencing on June 23, 2017 FDIC insurance will continue separately for the next 6 months. This allows our customers time to decide how they want their accounts titled. If a customer owns CDs, the separate insurance continues until each CD matures.
If an EVB customer has direct deposit for their paycheck will they need to contact their payroll department or government agency to make a change?
No. It will automatically continue with direct deposit with EVB.
Will the merger affect an existing EVB loan? Where should customers send/make their loan payments?
The merger will not affect existing loan rates, terms and conditions. Customers can also continue to make payments via the branch or through online banking.
Will EVB’s monthly bank statements change?
EVB customers will begin receiving a statement from Sonabank following the system conversion in September 2017.