Aug 10 (Reuters) - Hampton Roads Bankshares Inc:
* To establish valuation allowance against deferred tax asset
* Says recapitalization plan remains on track and is not expected to be
affected by the restatements
* Allowance will result in the restatement of its financial statements for the
fiscal year ended December 31, 2009
* Allowance will also result in restatement of its financial statements for
fiscal quarter ended March 31, 2010
* Allowance to result in increase in its losses by about $56.0 million for the
year ended December 31, 2009
* Allowance to result in increase in its losses by $14.3 million for the
quarter ended March 31, 2010
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* To establish valuation allowance against deferred tax asset
* Says recapitalization plan remains on track and is not expected to be
affected by the restatements
* Allowance will result in the restatement of its financial statements for the
fiscal year ended December 31, 2009
* Allowance will also result in restatement of its financial statements for
fiscal quarter ended March 31, 2010
* Allowance to result in increase in its losses by about $56.0 million for the
year ended December 31, 2009
* Allowance to result in increase in its losses by $14.3 million for the
quarter ended March 31, 2010
((Bangalore Equities Newsroom; +91 80 4135 5800; within U.S. +1 646 223 8780))
(For more news, please click here) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.