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Atlantic Union Bank President and CEO John Asbury
Dec 7, 2023

CFBP fines Atlantic Union Bank for overdraft program

The Consumer Financial Protection Bureau fined Richmond-based Atlantic Union Bank on Thursday for illegally enrolling thousands of customers in checking account overdraft programs, according to a news release. The enrollments took place between 2017 and 2020, according to the bank. The bureau found that Atlantic Union, a subsidiary of Atlantic Union Bankshares, misled consumers who […]

Fifth District economy has moderate growth, Fed says
Nov 30, 2023

Fed’s Fifth District economy grows slightly

The economy in the Federal Reserve‘s Fifth District (a multistate region including Virginia, North Carolina, South Carolina, West Virginia and Maryland) grew slightly in recent weeks, 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 conditions [&hellip[...]

E. Neil Burke will become president of Benchmark Bankshares and CEO of the company and Benchmark Community Bank on Jan. 1, 2024. Photo courtesy Benchmark Bankshares.
Nov 27, 2023

Benchmark Community Bank, parent announce next CEO

Kenbridge-based holding company Benchmark Bankshares and its bank, Benchmark Community Bank, will have a new leader at the start of the new year. Jay A. Stafford, president and CEO of the holding company and CEO of Benchmark Community Bank, will retire Dec. 31. He will also retire from the bank’s and company’s boards of directors, […]

Fifth District economy has moderate growth, Fed says
Oct 19, 2023

Fed’s Fifth District economy shrinks slightly

The economy in the Federal Reserve‘s Fifth District (a multistate region including Virginia, North Carolina, South Carolina, West Virginia and Maryland) contracted slightly in recent weeks, 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 conditions g[...]

Old Point National Bank hires new CFO
Oct 18, 2023

Old Point National Bank hires new CFO

Hampton-based Old Point Financial has named Paul M. Pickett senior vice president and chief financial officer of Old Point National Bank, effective Oct. 24, the bank announced Wednesday. Pickett joins Old Point National Bank from Richlands-based First Sentinel Bank, a subsidiary of First Region Bancshares, where he had also been chief financial officer and senior […]

Atlantic Union Bankshares CEO John C. Asbury
Oct 10, 2023

Atlantic Union CEO tapped as American Bankers Assoc. chair-elect

Atlantic Union Bankshares CEO John C. Asbury is the 2023-2024 chair-elect for the American Bankers Association. ABA announced its new board officers and directors on Tuesday, following its annual convention in Nashville, Tennessee. Asbury was the ABA’s 2022-2023 vice chair. He’s a past chairman of the Virginia Bankers Association and the Mid-Size Bank Coalition of […]

Oct 5, 2023

Primis Bank names new president

Rick A. Fulk has been promoted to president of Glen Allen-based Primis Bank, a wholly owned subsidiary of McLean-based Primis Financial, the bank announced Wednesday. “Rick’s promotion to president of our most important division is an exciting moment for our company and demonstrates our commitment to have the bank be the primary driver of our […]

Sep 28, 2023

Making bank

Suffolk-based TowneBank continued to lead Hampton Roads with the largest market share in fiscal 2022, 25.67%, according to the Federal Deposit Insurance Corp.’s June 30, 2022, report. However, that figure declined from fiscal 2021, when the bank held a 27.49% market share. Meanwhile, Charlotte, North Carolina-based Truist Bank is threatening to close in on that […]

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Sep 28, 2023

Bank of America names new Hampton Roads president

Tyrone Noel has been named president of the Hampton Roads region for Bank of America, the bank announced Thursday. As president, Noel will lead 500 employees and operations across the Hampton Roads market and be responsible for growing market share and driving integration across the bank’s eight business lines. He will also lead the bank’s […]

Sep 26, 2023

Wells Fargo to launch $87M expansion in Roanoke County

San Francisco-based Wells Fargo will spend $87 million to modernize and expand its Roanoke County customer support center, adding 1,100 jobs in a deal that will make the bank the county’s largest employer. The deal is also the largest project employment announcement in the county’s history, as well as its largest commercial office investment, Gov. […]

This November 2022 commercial for Capital One’s Venture X card starred Taylor Swift, showcasing the pop star’s past iconic looks ahead of her 2023-24 Eras tour. Photo courtesy Capital One Financial Corp.
Jul 30, 2023

Surge of credit card defaults ahead?

Americans owe an all-time high of nearly $1 trillion on their credit cards, setting the stage for a possible surge in consumer delinquencies and defaults. “There are nascent signs of trouble brewing,” investment firm Glenmede Trust Co. warned in an April research note. “An ever–larger share of credit balances have transitioned to early stages of […]

“If you haven’t been ... in a room where you’re the only one that looks like yourself, it can be a challenge,” says Thomas Ransom, Virginia regional president for Truist Financial Corp. Photo by Shandell Taylor
Jul 30, 2023

Building equity

When BB&T recruited Thomas Ransom, a Black economics student at Hampden-Sydney College, to join its management development program in the late 1990s, he quickly had to pick up the world of banking and its culture.  The Urbanna native says he’d never met a banker before starting at BB&T and certainly didn’t know what moves to […]

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