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Monarch Bank Promotes Small Business Growth with ‘Top Flight’ Award

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One Growing Business in Southside Hampton Roads Will Receive Prize Package worth $40,000

CHESAPEAKE, Va., Jan. 24, 2011 /PRNewswire/ — Monarch Bank wants to see your business take off.

Monarch Bank, a subsidiary of Monarch Financial Holdings, Inc. (Nasdaq: MNRK), today announces the kickoff of its “Top Flight” Award, a contest that will reward one growing business in Southside Hampton Roads with a prize package valued at $40,000.

“As the top business bank in Hampton Roads, Monarch Bank prides itself on helping area businesses attain their goals,” said Brad E. Schwartz, CEO of Monarch Bank. “The ‘Top Flight’ Award gives us the opportunity to recognize businesses that are making impressive strides and reward one business with a prize package we think will stimulate further growth and job creation for our community.”

One winner will be selected to receive: $10,000 cash from Monarch Bank; a professional business service package valued at $10,000 from accounting, tax and advisory firm Cherry, Bekaert & Holland, L.L.P.; a professional business package valued at $10,000 from Cox Business Communications; and an advertising package, including the creation of a 30-second commercial and cable airtime, valued at $10,000 from Cox Cable Media. Norfolk-based law firm Vandeventer Black is also sponsoring the award.

“The foundation of our growth has been establishing strong relationships with area businesses,” said Neal Crawford, president of Monarch Bank. “We’re excited to be able to offer a package of services that encourages collaboration and teamwork for one small business to take its company to the next level.”

Companies interested in applying for the “Top Flight” Award must:

  • be headquartered in Southside Hampton Roads
  • have reported gross revenue of at least $1 million in 2009
  • have been founded prior to fiscal year 2008
  • list the number of full-time staff employed over each of the past three years and are in good standing with the Virginia State Corporation Commission and properly licensed to do business in Virginia and Southside Hampton Roads

Completed entries should be submitted via fax (757.389.5100) or e-mail TopFlight@monarchbank.com by noon on Friday, March 25, 2011. Three semifinalists will be chosen on or around March 31, then community members can vote for their favorite semifinalist between April 1-30 through a text-to-vote and online poll survey. The “Top Flight” Award winner will be announced on or around May 17. Official rules can be found at MonarchBank.com. http://www.monarchbank.com

About Monarch Bank

Monarch Financial Holdings, Inc. is the one-bank holding company for Monarch Bank. Monarch Bank is a community bank with nine banking offices in Chesapeake, Virginia Beach, and Norfolk, Virginia. OBX Bank, a division of Monarch Bank, operates offices in Kitty Hawk and Nags Head, North Carolina. Services are also provided through over fifty ATMs located in the South Hampton Roads area and the Outer Banks of North Carolina, and “Monarch Online” consumer and business internet banking (monarchbank.com). Monarch Mortgage and our affiliated mortgage companies have over twenty offices with locations in Virginia, North Carolina, Maryland, and South Carolina. Our subsidiaries/ divisions include Monarch Bank, OBX Bank, Monarch Mortgage (secondary mortgage origination), Coastal Home Mortgage, LLC (secondary mortgage origination), Regional Home Mortgage, LLC (secondary mortgage origination), Monarch Home Funding, LLC (secondary mortgage origination), Monarch Investments (investment and insurance solutions), Real Estate Security Agency, LLC (title agency) and Monarch Capital, LLC (commercial mortgage brokerage). The shares of common stock of Monarch Financial Holdings, Inc. are publicly traded on the NASDAQ Capital Market under the symbol “MNRK,” and shares of our convertible preferred stock are publicly traded on the NASDAQ Capital Market under the symbol “MNRKP.”

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