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Blue Ridge Bank, FVCbank merger called off
Merger was delayed in November 2021
The merger of the parent companies of Charlottesville-based Blue Ridge Bank and Fairfax-based FVCbank has been called off, the companies announced late Thursday. Blue Ridge Bankshares Inc. and FVC Bankcorp Inc. mutually agreed to terminate the agreement, which was first announced in July 2021. The companies delayed the merger, which would have created a $5
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Atlantic Union Bank names Maria Tedesco COO
She will continue to serve as president
Published
Richmond-based Atlantic Union Bank has named Maria Tedesco its chief operating officer, effective immediately. It’s a new position for the bank. Tedesco will continue in her role as president as well. She joined the bank in 2018 and previously was chief operating officer for BMO Harris Bank’s U.S. retail and business banking lines, as well
Roaring ’20s repeat possible, Richmond Fed president says
Barkin predicts goods inflation will ease as supply issues lessen
Published
Federal Reserve Bank of Richmond President and CEO Thomas Barkin said he could visualize another round of the “roaring ’20s,” he said Thursday during the Virginia Bankers Association/Virginia Chamber 2022 Financial Forecast event. Driven by investment and real estate appreciation, the nation has seen a 28% boost in household net worth over the past two
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Fifth District economy has moderate growth, Fed says
Shortages in labor and supply continue to hamper growth
Published
The Federal Reserve’s Fifth District (including Virginia, North Carolina, South Carolina, West Virginia and Maryland) saw modest growth but was constrained by supply issues and labor shortages, according to the latest edition of the Federal Reserve’s Beige Book, released Wednesday. The Beige Book is published eight times per year and is based on anecdotal information gathered
Deloitte names first female Central Va. marketplace leader
Alison Rogish has been with the firm since 1998
Published
Deloitte named Alison Rogish its new Central Virginia marketplace leader Wednesday, the first woman to hold the role. “It’s an honor to have been asked to serve as marketplace leader for Deloitte’s Central Virginia practice,” Rogish said in a statement. “I look forward to using my knowledge and experience to build on our marketplace excellence
Former MUFG Americas head tapped as next Va. finance sec
Stephen Emery Cummings named by Youngkin
Published
Stephen Emery Cummings, who retired in March as the president and CEO of Mitsubishi UFJ Financial Group (MUFG) in the Americas, has been chosen as Virginia’s next secretary of finance, Gov.-elect Glenn Youngkin announced Wednesday. “Lowering taxes and restoring fiscal responsibility in Richmond is a primary focus of our Day One Game Plan, and Steve’s
MicroStrategy buys $414M more bitcoin in Q4
Tysons software company holds about $69B in the cryptocurrency
Published
MicroStrategy Inc. bought $414.4 million worth of bitcoin — about 7,002 units — from Oct. 1 to Nov. 29, the Tysons-based business software company reported to the U.S. Securities and Exchange Commission on Monday. The company now holds about 121,044 bitcoins, for which it paid $3.57 billion total. The average purchase price of each bitcoin
![“Congress is looking at ways to raise additional revenue and taxes and ultimately [may] discourage people from investing in IRAs,” says Jeff Grinspoon, managing director and partner of VWG Wealth Management at Hightower Advisors in Vienna. Photo by Will Schermerhorn](https://www.virginiabusiness.com/wp-content/uploads/2021/11/Va-Biz-Grinspoon-Mega-IRAs-2142-112x75.png)
Supersize means
Mega retirement accounts draw congressional scrutiny
Published
Watch your nest egg, particularly if it is extra-large. As Congress scrambles to hike taxes on the wealthy and fund trillions of dollars in social spending, legislators see a potential goldmine in so-called mega individual retirement accounts. Mega IRAs, defined as individual retirement accounts containing at least $5 million, are being touted as a hot
The Motley Fool hires chief diversity and inclusion officer
Rachel Williams has worked for Yelp, StubHub, Alphabet
Published
Alexandria-based financial services company The Motley Fool Holdings Inc. has hired its first chief diversity and inclusion officer, the company announced Wednesday. Rachel Williams joined the company on Nov. 12. She will work on recruiting, leadership development, employee engagement and retention. Her focus will also include advising The Motley Fool’s product and marketing teams. Williams
Brown Edwards acquires Mitchell Wiggins
Roanoke accounting firm now has more than 400 workers
Published
Roanoke-based accounting firm Brown Edwards LLP acquired tax, audit and business consulting firm Mitchell Wiggins on Nov. 1. With offices in metro Richmond and the Petersburg/Tri-Cities areas, Mitchell Wiggins will bring six partners and 47 team members to Brown Edwards. Brown Edwards will have an office in the former Mitchell Wiggins space in Richmond, with