October 20, 2006
For Immediate Release

Eastern Virginia Bankshares Declares Dividend

Tappahannock, VA. - Eastern Virginia Bankshares (NASDAQ:EVBS) today announced a dividend declaration.

President and CEO Joe A. Shearin is pleased to announce that the Board of Directors declared a regular quarterly dividend of $0.16 per share of the Corporation's common stock, payable November 15, 2006 to holders of record as of November 1, 2006. This rate continues the increase approved in the second quarter of 2006. Mr. Shearin noted "With the strong earnings announcement of October 13th, this dividend offers the shareholders a growing return on their investment in a strong and expanding business."

Forward-Looking Statements
Certain information contained in this discussion may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are generally identified by phrases such as "the Company expects," "the Company believes" or words of similar import. Such forward-looking statements involve known and unknown risks including, but not limited to:

• Interest rate fluctuations and the Company's ability to successfully manage that risk
• Funding cost in an increasingly competitive environment
• Risk inherent in making loans such as repayment risks and fluctuating collateral values
• Risk inherent in the investment portfolio which comprises approximately 15.7% of the Company's total assets
• Changes in general economic and business conditions
• Competition within and from outside the banking industry
• Maintaining capital levels adequate to support our growth
• The ability to successfully manage our growth or implement our growth strategies if we are unable to identify attractive markets, locations or opportunities to expand in the future
• Reliance on our management team, including our ability to attract and retain key personnel
• New products and services in the banking industry
• Problems with technology utilized by the Company
• Changing trends in customer profiles
• Integration of newly acquired branches or businesses, including maintaining cost controls and asset quality
• Changes in laws and regulations applicable to the Company

Although the Company believes that its expectations with respect to the forward-looking statements are based upon reliable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results, performance or achievements of the Company will not differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements.