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National Bankshares CEO to retire
Blacksburg-based National Bankshares announced that its chairman and CEO, F. Brad Denardo, will retire June 30 from his position as CEO of the community bank holding company and its banking subsidiary, The National Bank of Blacksburg, which does business as National Bank. Denardo will also retire from his position as chairman, president and CEO of […]
China raises its retaliatory tariff on the US to 84% as it vows to ‘fight to the end’
BANGKOK (AP) — China is boosting tariffs on American goods to 84% and vowed Wednesday to “fight to the end” in an escalating battle that threatens to disrupt trade between the world’s two largest economies. The new rate, which takes effect Thursday, comes in response to President Donald Trump’s move to raise the tariff on […]
Bank of Botetourt CEO retires after nearly four decades at bank
G. Lyn Hayth III will retire as CEO of the Buchanan-based Bank of Botetourt at the end of June after nearly four decades at the bank, according to a Wednesday announcement. Michelle R. Austin, the bank’s president and chief operating officer, will become CEO on July 1 and retain her role as president. After joining […]
TowneBank to acquire Old Point in $203M deal
Suffolk-based TowneBank announced plans Thursday to acquire Old Point Financial, parent company of The Old Point National Bank of Phoebus, in a deal valued at $203 million. The merger, which is expected to enhance TowneBank’s position as the bank with the most market share in Hampton Roads, follows the April 1 completion of TowneBaTowneBank’s $120 […]
TowneBank finalizes $120M acquisition of Village Bank
Suffolk-based TowneBank has completed its acquisition of Midlothian’s Village Bank and its parent company Village Bank and Trust Financial, the bank announced Tuesday. When the companies announced the merger in September, they valued the deal at about $120 million. Village Bank shareholders gave “overwhelming support” for the merger at a special meeting held in December […]
Atlantic Union completes $1.3B Sandy Spring purchase
Atlantic Union Bankshares has completed its $1.3 billion acquisition of Sandy Spring Bancorp, according to a Tuesday announcement by the parent company of Atlantic Union Bank. Each share of Sandy Spring common stock was converted into the right to receive 0.9 shares of Atlantic Union common stock, with cash paid in lieu of fractional shares. […]
IRS crime fighting arm announces modernization program as financial crimes use more tech
WASHINGTON (AP) — As the nature of financial crime changes, with technology and AI increasingly used to perpetrate illegal acts, the IRS’ crime fighting arm —IRS Criminal Investigation— is announcing a new program intended to improve how it interacts with financial institutions. Called Feedback in Response to Strategic Threat —or CI-FIRST— the program unveiled Friday is intended [...]
$120M TowneBank-Village Bank acquisition approved by state, FDIC
Suffolk-based TowneBank’s $120 million acquisition of Midlothian’s Village Bank and Trust Financial Corp. has been approved by the FDIC and the Virginia State Corporation Commission, clearing the way for a completed deal in early April, the two banks said Tuesday. Announced in September 2024, the combined bank, which will still be known as TowneBank, will […]
Trump family business sues Capital One for closing accounts in 2021
Just after Capital One escaped a federal watchdog lawsuit that was suddenly dropped last month, it’s back in legal hot water, this time courtesy of President Donald Trump’s family business. On March 7, multiple entities connected with the Trump Organization sued the McLean-based bank for terminating more than 300 Trump Organization bank accounts following the Jan. […]
Capital One, Discover shareholders approve $35.3B acquisition
The proposed $35.3 billion blockbuster acquisition of Discover Financial Services by Capital One Financial has been approved by each company’s shareholders, the credit card giants announced Tuesday. Stockholders representing 85.1% of the total number of outstanding shares of Capital One common stock were in favor of the acquisition at a Tuesday meeting held in McLean. […]
$1.6B Atlantic Union purchase of Sandy Spring Bank clears main hurdles
The parent companies of Atlantic Union Bank and Sandy Spring Bank have cleared the last major hurdles to the Richmond bank’s $1.6 billion all-stock purchase of Sandy Spring, headquartered in Maryland. The shareholders of Atlantic Union Bankshares and stockholders of Sandy Spring Bancorp approved the merger, first announced in October 2024, in their separate special […]
Banks, credit unions revisit in-person banking strategies
A former Village Bank branch in Chesterfield County is now a Dunkin’ doughnuts and coffee shop, complete with a drive-thru. Roanoke’s former First National Bank building has found new life as a 54-room boutique hotel. In Hampton, the former Bank of Hampton Roads building is a doggy day care. It’s true that bank customers do […]
