For the Record:  Hampton Roads - May 2010

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Amerigroup Corp. has broken into the Fortune 500. The Virginia Beach-based health insurer was No. 404 on Fortune’s latest list, which ranks U.S. companies by annual revenue. (The Virginian-Pilot)

The College of William and Mary was one of 10 colleges in the nation chosen by the Department of Education for a new program to develop and expand educational partnerships in India. The college already has a South Asia focus in many fields of study, both on-campus and study abroad. (News release)

Medici 8888, a Virginia Beach designer and importer of floor mats and other decorative items, bought a warehouse in the Norfolk Industrial Park for $2 million. Medici will use 70,000 of the 101,000-square-foot facility for a headquarters and distribution center while leasing the remaining space. (The Virginian-Pilot)

Norfolk Southern Railway Co. agreed to pay $4 million in penalties to settle allegations it violated federal environmental laws in a 2005 derailment, which resulted in a chlorine spill that killed nine people in South Carolina. In agreeing to the settlement the company did not admit any liability. (The Virginian-Pilot)

Riverside Regional Medical Center ended its relationship with Virginia Anesthesia and Perioperative Care Specialists in favor of a contract with SOMA Health Partners, an affiliate of Compass Healthcare of Texas. The local anesthesiologists will be asked to join the SOMA practice. (The Daily Press)

TowneBank, a Portsmouth-based bank, launched Towne New Markets CDE Inc., with the aim of providing tax credit financing for enterprises in low-income communities. TowneBank has applied for CDE status from the Treasury Department, but the process could take several months. (The Virginian-Pilot)

Waterside Capital Corp., which defaulted in the fall on $16.1 million of debt guaranteed by the Small Business Administration, said that the company and its investment portfolio probably will be liquidated. (The Virginian-Pilot)


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