Heritage Bankshares, Inc. Announces Retirement of Chief Financial Officer

NORFOLK, Va., Sept. 13, 2013 /PRNewswire/ -- Heritage Bankshares, Inc. ("Heritage"; the "Company") (OTCQB: HBKS), the parent of Heritage Bank (the "Bank"), today announced that its Executive Vice President and Chief Financial Officer, John O. Guthrie, is retiring from the Company and the Bank, effective March 31, 2014.  Anne F. Vanderberry, currently Senior Vice President and Controller of the Bank, will become Chief Financial Officer of the Company and the Bank, effective April 1, 2014.

Michael S. Ives, President and CEO of the Company and the Bank, commented: "Obviously, we will miss John greatly, but we wish him well in his retirement.  John arrived at the Company as Chief Financial Officer in early 2005 shortly after my arrival.  In 2005 and 2006, John tirelessly guided the Company through very difficult and stressful situations involving the reconciliation of various Company records and accounts and the resulting restatement of the Company's financial statements.  His work is part of the strong foundation for the outstanding Company that we are today.

"Throughout his time with the Company, John has been responsible for all aspects of our finance functions including investments, budgeting, regulatory financial compliance, and financial reporting.  All of these functions have been handled in an exemplary manner.

"For the future, we are pleased that Anne will be succeeding John as Chief Financial Officer.  Anne, too, worked diligently on our records reconciliations and financial statement restatement. In her capacity as controller, Anne has streamlined all reporting functions, including regulatory and statutory obligations, taxation, and general ledger processing.  John and Anne have worked closely together over the years on all aspects of our financial reporting and regulatory compliance and I have the utmost confidence that Anne will do an outstanding job.  I expect a very seamless transition between John and Anne."

About Heritage

Heritage is the parent company of Heritage Bank (www.heritagebankva.com).  Heritage Bank has two full-service branches in the City of Norfolk, two full-service branches in the city of Virginia Beach, and one full service branch in the City of Chesapeake. 

Forward Looking Statements

The press release contains statements that constitute "forward-looking statements".  Forward-looking statements address future events, developments or results and typically use words such as believe, anticipate, expect, intend, plan, forecast, outlook, or estimate.  Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Heritage's actual results, performance, achievements, and business strategy to differ materially from the anticipated results, performance, achievements or business strategy expressed or implied by such forward-looking statements.  Heritage disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE Heritage Bankshares, Inc.

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