Southern National Bancorp of Virginia, Inc. announces management changes

Rhea-AI Summary

Southern National Bancorp of Virginia (NASDAQ: SONA) announced the appointment of Matthew A. Switzer as Executive Vice President and Chief Financial Officer, succeeding Jeff Karafa, who will continue as Chief Accounting Officer. Switzer brings over 15 years of investment banking experience, focusing on community banks in mergers, acquisitions, and capital strategy. Southern National reported assets of $3.15 billion, loans of $2.52 billion, and deposits of $2.22 billion as of September 30, 2020.

Positive

• Appointment of Matthew A. Switzer brings extensive investment banking experience to lead financial strategy.
• Switzer's industry experience expected to strengthen leadership and enhance business value.

Negative

• Transition to a new CFO may lead to initial disruptions in financial strategy execution.
• Potential continuity concerns as a new executive takes charge of financial operations.

MCLEAN, Va., Jan. 11, 2021 /PRNewswire/ -- Southern National Bancorp of Virginia, Inc. (NASDAQ: SONA) ("Southern National" or the "Company"), and its wholly-owned subsidiary Sonabank (the "Bank"), today announced that Matthew A. Switzer has joined the Company as Executive Vice President and Chief Financial Officer.  Jeff Karafa has assumed the title of Chief Accounting Officer and will continue to be responsible for the accounting and financial reporting functions of the Company.

Mr. Switzer brings a wealth of financial services experience to Southern National.  He has spent the last fifteen years as an investment banker advising community banks on mergers and acquisitions, capital raising and strategy.  Mr. Switzer comes to the Company from Stephens Inc. where he was a managing director and prior to that was a managing director with Keefe, Bruyette & Woods, a Stifel Company.  A Richmond, Virginia native, Mr. Switzer has an MBA with a concentration in Finance from the University of North Carolina's Kenan-Flagler Business School and a Bachelor of Science with High Distinction in Chemical Engineering from the University of Virginia.

"Our Company is very excited to have Matt join our team," stated Dennis Zember, President and CEO of Southern National.  "I have worked with him in his previous roles for over ten years, and relied heavily on him for his advice and opinions on the ideas and strategies to build value and be distinct.  His experience in our industry, and his enthusiasm for our strategy will pay decades of dividends for our employees and our shareholders."

About Southern National Bancorp of Virginia, Inc. 
As of September 30, 2020, Southern National had $3.15 billion in total assets, $2.52 billion in total loans and $2.22 billion in total deposits. Sonabank, the Company's banking subsidiary provides a range of financial services to individuals and small and medium sized businesses through forty-two full-service branches in Virginia and Maryland and through certain internet and mobile applications.

Contact:
Dennis J. Zember, Jr., President and CEO 
Phone: 804-997-2406   
Southern National Bancorp of Virginia, Inc., NASDAQ Symbol SONA
Website: www.sonabank.com

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SOURCE Southern National Bancorp of Virginia, Inc.

FAQ

Who is the new CFO of Southern National Bancorp of Virginia?

Matthew A. Switzer has been appointed as the new Executive Vice President and Chief Financial Officer.

What experience does Matthew A. Switzer bring to Southern National?

He has over 15 years of investment banking experience, advising community banks on mergers, acquisitions, and strategy.

What was Southern National's total assets as of September 30, 2020?

As of September 30, 2020, Southern National had $3.15 billion in total assets.

What other role does Jeff Karafa hold at Southern National?

Jeff Karafa continues as Chief Accounting Officer, responsible for accounting and financial reporting.

How might Matthew A. Switzer's appointment impact Southern National?

His expertise is expected to enhance financial strategy and create long-term value for shareholders.