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banking

Nov 5, 2020

Trustar Bank announces first acquisition

Great Falls-based Trustar Bank announced its first-ever acquisition Wednesday, taking control of Fairfax-based Granite Mortgage LLC.  The acquisition will add Granite Mortgage’s full-service mortgage business line to Trustar’s (founded in 2019) banking services. Granite Mortgage will become a wholly owned subsidiary of Trustar, the first bank to be chartered and opened in Virginia in [...]

Oct 1, 2020

Morgan Stanley expected to complete $13B E-Trade acquisition Friday

Morgan Stanley announced Thursday it has won regulatory approval and expects to complete its $13 billion acquisition of Arlington-based online brokerage E-Trade Financial Corp. on Friday.  In late July, E-Trade announced that more than 99% of its stockholders had approved the acquisition, which will be one of the largest acquisitions of a local company in […]

Oct 1, 2020

Virginia National, Fauquier banks to merge

The parent holding companies of Virginia National Bank and The Fauquier Bank will merge under the Virginia National brand into a combined bank with $1.6 billion in total assets. Charlottesville-based Virginia National Bankshares Corp. and Warrenton-based Fauquier Bankshares Inc. have signed a definitive merger agreement, the banks announced Thursday. The combined company will have approximately $[...]

Samuel A. Schreiber. Photo courtesy Trustar Bank
Sep 17, 2020

Trustar Bank names senior adviser

Great Falls-based Trustar Bank announced Tuesday it has hired Samuel A. Schreiber as senior adviser. Schreiber was most recently president of Chain Bridge Bank, but spent 25 years of his career with Wachovia as well as Wells Fargo after their 2008 merger. He was Washington, D.C., president and mid-Atlantic regional president with Wachovia and became […]

Vasanta B. Pundarika (L) and Amanda Verner Thompson. Photos courtesy Matrix Capital Markets Group Inc.
Sep 9, 2020

Richmond investment bank launches health care group

Richmond-based investment bank Matrix Capital Markets Group Inc. announced Wednesday it has established the Matrix Healthcare Banking Group, which will focus on health care subsectors. The industry group will be led by Amanda Verner Thompson and Vasanta B. Pundarika, who joined the firm as managing directors and co-heads of the new group. Their focus will […]

Richard D. “Rick” Pillow. Photo courtesy Virginia Credit Union League
Sep 2, 2020

Va. Credit Union League president to retire next June

The Virginia Credit Union League (VCUL) announced Wednesday that its longtime president, Richard D. “Rick” Pillow, will retire on June 30, 2021, after dedicating 40 years to the credit union system. “Anyone who has worked with Rick knows his passion for credit unions,” VCUL Board Chairman Patsy Stuard, CEO of Fort Lee Federal Credit Union, […]

Aug 29, 2020

Finance | Insurance

JOHN ASBURY PRESIDENT AND CEO, ATLANTIC UNION BANKSHARES, RICHMOND A Radford native, Asbury transitioned from a career with large financial institutions to help build a regional bank. After successful mergers in 2018 and 2019, Atlantic Union expanded its footprint in Northern Virginia, Maryland and North Carolina, making it the largest regional bank headquartered in Virginia. […]

Aug 25, 2020

Navy Federal hires new CFO

Vienna-based Navy Federal Credit Union has hired John Collins, a 20-year veteran of Capital One Financial Corp, as its new chief financial officer. “John brings with him a wealth of experience that will serve Navy Federal well,” said Navy Federal President and CEO Mary McDuffie. “I know with his proven track record, John will hit […]

Aug 13, 2020

Blue Ridge, Bay Banks announce merger

Charlottesville-based Blue Ridge Bankshares Inc., the parent holding company of Blue Ridge Bank, announced Thursday it will merge with Richmond-based Bay Banks of Virginia Inc., parent holding company of Virginia Commonwealth Bank, in an all-stock transaction to create a bank with pro forma total market capitalization of nearly $200 million. Under the terms of the […]

Aug 6, 2020

Capital One fined $80M for 2019 data breach

Federal bank regulator the Office of the Comptroller of the Currency announced Thursday it has fined McLean-based Capital One Financial Corp $80 million for what it calls unsafe and unsound information technology practices tied to computing operations in its cloud environment. Capital One is the largest bank in Virginia, according to 2019 deposits. In 2019, […]

Thomas Cary. Photo courtesy MainStreet Bancshares Inc.
Jul 22, 2020

MainStreet Bancshares names business banking division head

Fairfax-based MainStreet Bancshares Inc. (parent company of MainStreet Bank) announced Wednesday that Thomas Cary has been promoted to lead MainStreet Bank’s business banking division. Cary has been with MainStreet Bank as a business banker for 10 years. While earning his bachelor’s degree in finance from George Mason University, he started his banking career as a […]

Jul 20, 2020

E-Trade stockholders approve $13B acquisition by Morgan Stanley

Arlington-based online brokerage E-Trade Financial Corp. announced that on Monday more than 99% of its stockholders approved its $13 billion acquisition by Morgan Stanley, which was first announced in February.  E-Trade stockholders will receive 1.0432 Morgan Stanley shares for each of their E-Trade shares as a result of the acquisition.  The deal is expected to […]

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