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Fifth District economy little changed since August, Fed says
The economy in the Federal Reserve’s Fifth District (a multistate region including Virginia, North Carolina, South Carolina, West Virginia and Maryland) has been largely unchanged since August, according to the latest edition of the Federal Reserve’s Beige Book, released Wednesday. Published eight times per year, the Beige Book is based on anecdotal information about economic […[...]
TowneBank names president, regional banking director
TowneBank has promoted Brian Skinner to the newly created role of president and regional banking director for all of its markets in Virginia and northeastern North Carolina, the Suffolk-based bank announced this week. “Brian is a dedicated member of the Towne family with a proven track record of leading both emerging and seasoned financial professionals […]
Keeping watch
The question of the quarter: Are we entering a recession? One key indicator of a future recession can be inflation, which hit a 40-year high this year. Between June 2021 and June 2022, the consumer price index increased by 9.1%, according to the U.S. Bureau of Labor Statistics. One of the first tangible signs for […]
TowneBank names new CEO
Suffolk-based TowneBank announced Friday that William “Billy” I. Foster III will become CEO, succeeding J. Morgan Davis, who is retiring. Foster, the bank‘s market president for Central Virginia and the Carolinas, joined TowneBank as a regional president in 2004, leading the bank’s expansion into the Norfolk area. Before that, he was eastern region president for […]
Va. Credit Union loses bid to expand membership
The Virginia State Corporation Commission ruled Wednesday that the Chesterfield County-based Virginia Credit Union cannot expand its membership to the Medical Society of Virginia, possibly resolving a three-year battle between the credit union, the Virginia Bankers Association and several community banks in the state. The credit union issued a brief statement Wednesday: “We are disappointed [...]
First National Bank to expand in NoVa, Richmond
FNB Corp., parent company of First National Bank, announced Wednesday it will expand its presence in Virginia, particularly in the Northern Virginia area. According to a news release, FNB expects to add four branches in Reston and Arlington by 2024, in addition to seven currently operating in the greater Washington, D.C., area. Also, FNB plans […]
Reston’s Trucker Tools names COO
Reston-based Trucker Tools, a software company that provides a digital freight management platform for the transportation industry, announced last week it had appointed Rohit Bezewada as chief operating officer. Bezewada succeeds Kary Jablonski, who became CEO of Trucker Tools earlier this year. “Rohit is an accomplished executive who brings over 10 years of cross-functional experience […[...]
Capital One to reopen offices in September
McLean-based Capital One Financial Corp. will return to U.S. offices in a hybrid model on Sept. 6, CEO Richard Fairbank announced Wednesday. Capital One has delayed planned hybrid reopenings twice, from September 2021 to November 2021, and then indefinitely when the company announced its decision to postpone again in October 2021. “As we get closer […]
UVA Community Credit Union has new president, CEO
UVA Community Credit Union has named Susan M. Gruber as its next president and CEO. Gruber previously served as executive vice president and chief financial officer of Dublin, California-based Patelco Credit Union since 2014, according to a news release. She has also worked as CFO and senior vice president at Jeanne D’Arc Credit Union in Lowell, […]
Judge dismisses Trigiani lawsuit against New Peoples Bank
A federal judge issued a summary judgment last week, dismissing all claims in former executive Mary Y. Trigiani’s lawsuit against Russell County-based New Peoples Bank for discrimination and wrongful termination. Trigiani’s complaints of a “cultlike office culture” did not hold up to judicial scrutiny, U.S. District Judge James P. Jones ruled. A Big Stone Gap […]
Ridge View banks on Roanoke region
Drawn by the Blue Ridge’s “blue-collar atmosphere,” a new bank has set up shop in the Roanoke region. Ridge View Bank, a division of Pennsylvania-based CNB Bank, opened for business in October 2021 and plans to be headquartered in the city of Roanoke next year. “We’re not ready to disclose the exact location yet,” says […]
Capital One inks $125M MLB sponsorship deal
Tysons-based Capital One Financial Corp. has signed a deal reportedly worth $125 million to become the official bank and credit card partner of Major League Baseball and the presenting sponsor of the World Series, Capital One and Major League Baseball announced Monday. CNBC reported the deal is worth $125 million over five years. The Fortune […]
