Industries

For the Record - Central Virginia

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Bank of Virginia, based in Midlothian, expects to enter an agreement with the Federal Reserve Bank to improve its capital levels. Frank Bell, the bank’s president and CEO, said the agreement would require it to implement plans for improving risk management and compliance systems, oversight functions, operating and financial management and capital gains. The bank plans to sell up to $10 million in common stock. (Richmond Times-Dispatch)

Attorneys Irvin V. Cantor, Lewis T. Stoneburner, H. Aubrey Ford III, Stephanie E. Grana and Elliott M. Buckner have formed Cantor, Stoneburner, Ford, Grana & Buckner PC with offices in downtown Richmond. Bellamy Stoneburner has joined the firm as an associate. Before the launch of the new firm, all six attorneys practiced in the litigation section of CantorArkema PC. (News release).

Chasen’s Business Interiors has been forced into bankruptcy by three of its creditors, TowneBank of Suffolk, Guardian Fund II-Twin Oaks 2 of Bethesda, Md., and Amcase Inc. of Winston-Salem, N.C. The Henrico County-based office-furniture dealer, one of the largest in the mid-Atlantic, shut down abruptly in July. (Richmond Times-Dispatch)

Liberty University announced plans to establish a campus for its engineering school on land it owns in Campbell County adjacent to Lynchburg. The facility will eventually accommodate 2,000 students and a small research park. (Media General News Service)

MeadWestvaco Corp., a Richmond-based paper products manufacturer, sold its Web-based branding and packaging solutions provider Paxonix to Persistent Systems, a global software development company. (Business Wire)


Educational Credit Management Corp. will close its Chesterfield County office with the loss of 60 jobs. The company, which insures loans under the Federal Family Education Loan Program, is consolidating its operations after the federal government began to take over insuring student loans. (Richmond Times-Dispatch)

Steadier housing markets across much of the country are leading Genworth Financial Inc. to ease some rules for writing the coverage buyers need to get into a home. In nearly 200 markets in 45 states, Henrico County-based Genworth has gone back to issuing mortgage insurance for homebuyers making 5 percent down payments, the company disclosed. (Richmond Times-Dispatch)

Hundreds of miners who lost jobs after Massey Energy bought a West Virginia mine have settled an age discrimination lawsuit against the Richmond-based coal producer. Massey says in a regulatory filing the deal covers 229 miners, including 82 the company has been ordered to rehire by the National Labor Relations Board and a federal court. (The Associated Press)

The National D-Day Memorial Foundation in Bedford laid off 11 of its 24 employees on Dec. 1.  Foundation President William McIntosh said it also was considering another cost-cutting measure — opening the memorial only by appointment during the winter. Legislation is pending in Congress that would turn the memorial over to the National Park Service. (News & Advance)


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