Carol Hazard

“It’s very difficult to find a $1 billion bank” in the Richmond region, says Rex L. Smith III, president and CEO of Henrico County-based Community Bankers Trust Corp., which is being acquired by West Virginia-based United Bankshares Inc. “They’ve either been gobbled up or they don’t exist.” Photo by Shandell Taylor

Come together

Community bank consolidations gather steam

Published by

Virginia is seeing a wave of bank mergers and acquisitions, a trend that could intensify, banking experts say. “We could potentially see a record-setting year for bank mergers and acquisitions,” says John Asbury, president and CEO of Richmond-based Atlantic Union Bankshares Corp. and chairman of the Virginia Bankers Association. Banks are reaching for scale, meaning…

Construction on George Mason University’s Institute for Digital InnovAtion is slated to begin in spring 2022. Concept rendering by Mason Innovation Partners / EYP

Work to begin next year on GMU’s $168M Arlington campus expansion

Published by

Move over, Silicon Valley. Northern Virginia is poised to become the next super hub for tech talent. The charge is being led in part by George Mason University, which is bringing together a diverse community of digital innovators at its growing Arlington campus. The university is tearing down an old building and replacing it with…

Blacksburg-based Daimier AG subsidiary Torc Robotics is developing autonomous systems for vehicles like this semi truck. Photo courtesy Torc Robotics

A diversified portfolio

Region brings in companies of different stripes

Published by

From tea to trucks to technology, an eclectic blend of industries settled into the Roanoke/New River Valley region in 2020. Some companies brought new operations to the region, while others expanded existing facilities. Traditional Medicinals kicked off 2020 with its January announcement of a new facility in Franklin County, manufacturing herbal teas and supplements —…

Mack Trucks invested $13 million to start production on a new line of medium-duty trucks in Roanoke County last year, hiring 250 workers. Photo courtesy Mack Trucks Inc.

Rolling forward

Mack Trucks gets new medium-duty trucks out fast

Published by

Once a big economic development is announced, it can be years before it comes to fruition. But that wasn’t the case with Mack Trucks Inc., one of North America’s largest producers of heavy-duty trucks, which took only nine months from announcement to starting full production of medium-duty trucks in the Roanoke Valley. In January 2020,…

Amid shrinking demand for office space, Northern Virginia leasing companies are striking deals with tenants.

Commercial leases take a more generous turn 

Published by

As Northern Virginia has been hit hard by rising office vacancies during the pandemic, companies there are increasingly seeking more generous lease terms and benefits. “There has been a shift toward short-term renewals of existing leases,” says David Ritchey, executive vice president of JBG Smith Properties, a real estate investment trust based in Bethesda, Maryland,…

Arlington Court Suites Hotel, which saw occupancy drop to 20% in 2020, is being converted into residential property.

Hotel owners switch focus to residential

Published by

Hit hard by the economic effects of the coronavirus, the hotel industry isn’t expected to fully recover until 2023 or 2024. Meanwhile, several hotel properties, including two in Northern Virginia, are being redeveloped into more profitable residential units. Sunburst Hospitality won approval in October 2020 to convert the 187-unit Arlington Court Suites Hotel into one-…

Buena Vista buildings bought by Roanoke developer Ed Walker went to auction in late October.

Downtown Buena Vista buildings go to auction

Published by

Updated Oct. 29 Some things just don’t work out as planned, but that doesn’t mean it’s the end. Roanoke developer Ed Walker purchased 16 properties in downtown Buena Vista for $1.3 million during 2017 and 2018, with a plan to revitalize the small city nestled in the Blue Ridge Mountains just southeast of Lexington. Walker…

Photo by Ingram Images

Nothing to complain about

Average Va. CEO pay fell in 2019, but the top earner still made $21.37 million

Published by

Virginia’s top-paid CEOs brought home an average total compensation of $6.68 million each in 2019. That’s not too shabby, considering their average annual base salary was $900,218. Conducted by Redwood City, California-based executive compensation firm Equilar, Virginia Business’ most recent top executive pay report examined the earnings of 50 CEOs from 49 public companies with…

Virginia Credit Union’s attempt to add the Medical Society of Virginia’s 10,000 members is being disputed by the Virginia Bankers Association and seven community banks. Photo by Rick DeBerry

Blurred lines?

Banks accuse credit unions of unfairly encroaching on their territory

Published by

The battle between banks and credit unions is flaring up again and it could wind up before the Supreme Court of Virginia. Bankers say nonprofit credit unions are morphing into roles that look like traditional banks, becoming larger than many community banks while facing lighter tax and regulatory burdens, giving the credit unions an unfair…

The next generation of CPAs will need to be able to use information, not just memorize the tax code, says Richard Groover, former chairman of the Virginia Society of CPAs. Photo by Mark Rhodes

They say they want an evolution

CPA exam is changing to adapt to digital era

Published by

Forget the CPA number nerds of the past with pencil marks on their starched white shirts. Tomorrow’s CPAs will be better versed in information technology, analysis and problem-solving techniques. An evolution is taking place in the accounting industry to enhance analytical and critical thinking skills among future certified public accountants. The shift focuses on putting…