Tappahannock, Virginia - December 6, 2006 - Eastern Virginia Bankshares, Inc. ("the Company") (NASDAQ: EVBS) today announced that on December 5, 2006, it entered into an underwriting agreement for the sale of 1,000,000 shares of its common stock (excluding the underwriter's over allotment option) at a public offering price of $22.00 per share, yielding gross proceeds to the Company of approximately $22 million. The underwriter of the offering will have the option to purchase an additional 150,000 shares to cover over-allotments, if any.

Eastern Virginia Bankshares, Inc. will use the proceeds from the offering primarily to support continued growth in the Company's loans and deposits.

Keefe, Bruyette & Woods served as the sole underwriter and book-running manager for the offering.

A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, prior to registration or qualification under the securities laws of any such jurisdiction.

Copies of a written prospectus for the offering may be obtained from the equity syndicate desk of Keefe, Bruyette & Woods, Inc., by contacting them at the following address and telephone number: 787 Seventh Avenue, 4th Floor, New York, New York 10019; (212) 887-8968.

About Eastern Virginia Bankshares, Inc.:

Eastern Virginia Bankshares, Inc. is a bank holding company headquartered in Tappahannock, Virginia. Through its wholly-owned bank subsidiary, EVB, the Company operates 22 full service branches in eastern Virginia. EVB traces its history to the formation of its predecessors Southside Bank and Bank of Northumberland, Inc. in 1910 and Hanover Bank in 2000. EVB is a community bank targeting small to medium-sized businesses and consumers in its traditional markets in the Northern Neck, Middle Peninsula, Central and Southern regions of Virginia. EVB provides a broad range of personal and commercial banking services including commercial, consumer and real estate loans. The bank complements its lending operations with a full array of retail and commercial deposit products and fee-based services.

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 our ability to successfully manage that risk
• Risk inherent in making loans such as repayment risks and fluctuating collateral values
• Funding cost in an increasingly competitive environment
• Risk inherent in the investment portfolio which comprises approximately 15.6% 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 the Company's growth
• The ability to successfully manage the Company's growth or implement its growth strategies if the Company is unable to identify attractive markets, locations or opportunities to expand in the future
• Reliance on the Company's management team, including its 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.

Source: Eastern Virginia Bankshares, Inc.