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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. […]
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 […]
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 […]
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, […]
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 […]
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 […]
Navy Federal ranked No. 4 U.S. brand for customer experience
Big Four accounting firm KPMG announced Monday it has named the Vienna-based Navy Federal Credit Union No. 4 on its annual list of top 10 U.S. brands for customer experience excellence. The KPMG U.S. Customer Experience Excellence report identifies top-performing brands and industries in terms of customer experience based on a survey of approximately 11,000 […]
Virginia Bankers Association elects new board officers
The Virginia Bankers Association (VBA) announced Tuesday the newly elected officers for its 2020-21 board of directors: Chairman John C. Asbury and Chairman-Elect Leton L. Harding Jr. Asbury has been the president and CEO of Richmond-based Atlantic Union Bankshares Corp. since October 2016, and has served as CEO of its holding company since January 2017. […]
Navy Federal Credit Union taps new CTO
Navy Federal Credit Union has hired Amtrak’s chief technology officer, Sovan Shatpathy, to serve as its new CTO, leading the credit union’s information services department. “Our ISD teams are behind nearly all of the technology our members and employees use,” said Navy Federal’s chief information officer, Tony Gallardy, in a statement. “Sovan’s experience will lend [&[...]
Virginia banks have processed $3.97B+ in SBA PPP loans
UPDATED MAY 7 Since the second round of funding for the Small Business Administration’s Paycheck Protection Program (PPP) launched on April 27, Virginia banks have processed more than 46,000 loan applications for the COVID-19 relief funding for small businesses, totaling more than $3.97 billion as of May 1, according to SBA data. “All Virginia banks […]
McLean investment bank names head of security practice
McLean-based middle-market investment bank The McLean Group LLC announced Tuesday that Marc Gruzenski has been named as the head of its security practice. Gruzenski was most recently the director of global security technology and director of information protection for The Walt Disney Co. He has also worked as the chief of intelligence and analysis and […]
More small-business relief funds on the way
President Donald Trump on Friday signed a bill that allocates an additional $320 billion to the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) — and Virginia banks are poised to resume making loans and taking applications Monday. The SBA approved 1.7 million loans before the initial $349 billion small-business relief fund ran out after […]
