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Community bank consolidations gather steam
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
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Old Point National Bank appoints VP operations
Christopher Hobbs comes from U.Va. Community Credit Union
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Hampton-based Old Point National Bank has appointed Christopher Hobbs as its vice president of operations, the bank announced Wednesday. “We are so pleased to have Chris Hobbs join the Old Point family,” said Susan R. Ralston, executive vice president and chief operating officer for Old Point, in a statement. “His expertise will be instrumental as
TowneBank acquires Tennessee cabin rental company
Venture Resorts manages 400 vacation rental properties in Smoky Mountains
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Suffolk-based TowneBank acquired Tennessee-based vacation property rental company Venture Resorts Inc. on July 1, the bank announced Monday. Financial details of the transaction were not disclosed. “This is an exciting development for Towne Vacations,” Brian Skinner, president and CEO of Towne Financial Services Group, the division that oversees the bank’s vacation property management activities, said
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Congratulations to the 2021 Virginia CFO Awards winners!
Watch our video presentation for this year's nominees, finalists and winners
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Congratulations to the winners of the 2021 Virginia CFO Awards, honoring the commonwealth’s top nonprofit and companies’ chief financial executives, announced Friday by Virginia Business Editor and Chief Content Officer Richard Foster. Watch the video below for this year’s nominees, finalists and winners in four categories: Small companies (fewer than 100 employees) Large companies (more
BDO USA names Hampton Roads market leader
Ed Amorosso has been with accounting firm since 2016
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Accounting firm BDO USA LLP announced Thursday that Edward Amorosso has been named market leader for the company’s Hampton Roads market, a promotion from his previous position as the Norfolk office’s managing partner and national co-industry leader in government contracting. Before joining BDO, Amorosso served as CEO of McPhillips, Roberts & Deans, which was acquired
W.Va.-based United Bankshares to acquire Essex Bank for $303M
Deal would create 38th largest bank in U.S.
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Henrico County-based Community Bankers Trust Corp., the parent company of Essex Bank, has entered into a $303.3 million deal to be acquired by Charleston, West Virginia-based United Bankshares Inc., United Bank’s parent. After the companies announced the agreement Thursday, Community Bankers Trust’s stock rose 29.78% as of mid-afternoon to $11.94 per share and United Bankshares’
Harbor Group International closes $558M loan obligation
Norfolk firm plans to manage CLOs, make bridge loans
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Norfolk-based real estate investment and management firm Harbor Group International LLC has closed a $558 million commercial real estate collateralized loan obligation (CRE CLO), the company announced Wednesday. The deal, HGI 2021-FL1, is the firm’s first CRE CLO, which is a security backed by commercial real estate loans. HGI’s CRE CLO consists exclusively of bridge
Virginia Credit Union League names new president
Carrie Hunt joins league from National Association of Federally-Insured Credit Unions
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The Virginia Credit Union League has named Carrie Hunt as its next president, effective June 1 , the state trade association for not-for-profit, member-owned credit unions announced Thursday. Hunt replaces the league’s longtime leader, Richard Pillow, who will retire in June after 40 years with the association. Currently, Hunt serves as the executive vice president
Reston-based Bowman Consulting Group raises $51.7M in IPO
Stock fluctuated between $12 and $15 Tuesday
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Reston-based civil engineering company Bowman Consulting Group Ltd. has raised $51.73 million in its initial public offering that closed Tuesday, selling 3.69 million shares at $14 a share since Friday. Sold under the symbol BWMN on the Nasdaq Global Market, shares traded between $12.60 and $14.90 as of Tuesday afternoon. After closing its sale of
Business bank opens in Virginia Beach
Integrity Bank for Business is Hampton Roads' first new community bank since 1998
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Integrity Bank for Business opened for business May 3 in Virginia Beach, led by former Heritage Bank President and CEO Michael S. Ives. The first new community bank established in Hampton Roads since 1998, it received regulatory approval last month. In January it announced that it raised more than $20 million in stock purchase commitments.