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Lawmakers advance bills regulating consumer lending
An estimated 12 million Americans take out payday loans each year.
RICHMOND, Va. — Del. Mark Levine recalls receiving a $1,000 loan offer from a company with a 299% interest rate buried deep in the fine print. “As the company compounds daily at this interest rate, this loan would cost anyone desperate enough to accept this offer more than $20,000 in interest and fees if they
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TowneBank promotes exec to senior VP
Keith Robinson will also serve as indirect sales manager.
Portsmouth-based TowneBank promoted Keith Robinson to senior vice president and indirect sales manager, the bank announced Wednesday. Robinson has been with the bank for 18 years and previously led dealer services and indirect lending marketing and sales in the Hampton Roads, Richmond and North Carolina markets. He also previously worked for TowneBank Mortgage (a subsidiary
Financial losses
Rural communities struggle with shrinking access to banking
When one of Caroline County’s two banks, Virginia National Bank, shut its doors six years ago, Gary Wilson, the county’s director of economic development, wanted to do something about it. He launched a widespread effort to find a second banking institution to open a branch in Caroline, which is sandwiched between Fredericksburg and Richmond. “I
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2020 Virginia CFO Awards nominations open
Submissions are due April 24, 2020
NOMINATIONS ARE NOW OPEN FOR THE 2020 VIRGINIA CFO AWARDS! Each year, Virginia Business presents awards to chief financial executives in four categories: Small companies (fewer than 100 employees) Large companies (more than 100 employees) Small nonprofit/foundation (fewer than 100 employees) Large nonprofit/foundation (more than 100 employees) SUBMIT YOUR NOMINATION ONLINE NOW The deadline for submission
Richmond-based investment nonprofit to manage $33M guarantee pool
Fund is expected to catalyze more than $150 million in new community investments
Richmond-based LOCUS Impact Investing, a subsidiary of Virginia Community Capital, will manage a newly formed $33.1 million national guarantee pool to encourage community development, according to a press release Tuesday. The Community Investment Guarantee Pool has $33.1 million in unfunded guarantee commitments from the endowments of 10 philanthropic organizations, which help mitigate investment risks. The
Matrix Capital Markets Group adds two directors
The investment bank promoted William J. O'Flaherty and Stephen C. Lynch
Richmond-based independent investment bank Matrix Capital Markets Group Inc. has promoted William J. O’Flaherty and Stephen C. Lynch as directors. O’Flaherty has been a member of the investment bank’s consumer and industrial products group since 2011. He holds a bachelor’s degree in commerce with a concentration in finance from the University of Virginia’s McIntire School
Yount, Hyde and Barbour acquires Woodcock & Associates PC
Woodcock & Associates specializes in construction accounting.
Winchester-based accounting and consulting firm Yount, Hyde and Barbour (YHB) has acquired Fredericksburg-based accounting firm Woodcock & Associates PC, YHB announced late last week. Financial terms of the acquisition were not disclosed. Woodcock & Associates specializes in construction accounting and has worked with clients in the Greater Washington-Richmond corridor since 2000. The firm provides assurance,
Breakout Capital promotes McLean Wilson to CEO and president
Wilson previously was chief credit officer and was the company’s first lender in 2016.
McLean-based financial services company Breakout Capital LLC has promoted McLean Wilson from chief credit officer to chief executive officer and president, the company announced Jan. 14. Wilson joined Breakout — which provides capital loans and underwriting to small businesses —in 2016 as the company’s first lender. In his new role, he will continue to oversee
Atlantic Union Bank sells Fredericksburg building for $3.575M
The 21,594-square-foot property is located directly off U.S. Route 1.
Atlantic Union Bank sold one of its Fredericksburg office buildings for $3.575 million but will continue occupying the first floor, leasing it from the new owner, Cushman & Wakefield | Thalhimer announced this week. The 21,594-square-foot property located at 4805 Lassen Lane in Spotsylvania County is situated on approximately 2.24 acres located directly off U.S.
Truist’s new branding reflects BB&T and SunTrust merger
BB&T and SunTrust won't adopt Truist branding for another 18 to 24 months.
Truist Financial Corp. has unveiled a new logo and other branding following the completion of the December 2019 merger of Branch Banking and Trust Co. (BB&T) and SunTrust Banks Inc. “Our visual brand identity speaks to the importance of human touch and dynamic technology in delivering trusted solutions to our clients,” Dontá Wilson, chief digital