Industries

For the Record: Central Virginia

December 2010

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Central Virginia Bankshares Inc., of Powhatan, cancelled a stock offering it hoped would raise $15 million in capital. The company made the move on the advice of investment bankers who believed the timing was not right because of market conditions. (Richmond Times Dispatch)

John W. Forbes II, a former Virginia secretary of finance, has pleaded guilty of defrauding the Virginia Tobacco Indemnification and Community Revitalization Commission of $4 million. In 2001, a foundation set up by Forbes received a $5 million grant from the commission to promote education programs in Southern and Southwest Virginia. According to court documents, only about $1 million of the money was used for its intended purpose. (Richmond Times Dispatch)

Lenders are preparing to foreclose on the Kluge Estate Winery and Vineyards and sell pieces of the business at auction. Kluge Estate, owned by Albemarle County residents Patricia Kluge and William Moses, owes an estimated $34.8 million to Farm Credit Bank for a loan made in April 2007 when Kluge and Moses decided to expand the winery from a regional concern to a national wine producer. (The Daily Progress)

Octagon Partners, a Charlottesville development firm, will manage redevelopment of the Martha Jefferson Hospital facility, which was bought by local investors for $6.5 million. The hospital plans to move its operations to a new facility in Albemarle County by August 2011. (The Daily Progress)

SnagAJob.com Inc., an Henrico County-based online job search company, plans to hire about 150 people by the end of 2011, doubling its current employment.  (Richmond Times Dispatch)

The University of Virginia has begun rolling out its new $122 million electronic records system, replacing existing electronic and paper-based systems. The system is in use at its clinic operations, will be installed in the cancer center by the end of the year and in the main hospital in March. (The Daily Progress)

Virginia Business Bank, of Richmond withdrew its public stock offering after failing to raise $20 million. The bank has also scrapped plans to rename itself The Corner Bank and move to the Eastern Shore. (Richmond Times Dispatch)

Rappahannock National Bank and Northern Neck State Bank completed their merger into Union First Market Bank. The integration of the financial services businesses creates the state’s largest community bank with 92 branches and more than 170 ATMs. (Richmond Times Dispatch)

Virginia Commonwealth University received a gift of 150 acres in Chesterfield County along the James River from the Meadowville Trust. The land, a mixture of swamp and forest terrain valued at $500,000, will become part of VCU’s Rice Center, a research and living laboratory operation. (Richmond Times Dispatch)


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