BOE Financial Services of Virginia, Inc. is a bank holding company that owns all of the stock of its sole subsidiary, Bank of Essex (the Bank). The Bank operates six full-service offices in Virginia, engages in a general commercial banking business and provides financial services primarily to individuals and small businesses, including individual and commercial demand and time deposit accounts, commercial and consumer loans, travelers checks, safe deposit box facilities, investment services and fixed-rate residential mortgages. On December 31, 2002, the Bank had total assets of $228.1 million, total loans of $163.8 million, total deposits of $201.3 million and total stockholders equity of $21.3 million. The Company had net income of $1.8 million in 2002. Return on average equity was at 8.87%, in 2002, while return on average assets was 0.80%. The Banks total loans grew 6.4% or $9.9 million in 2002 over 2001. Total loans were $163.8 million as of December 31, 2002.