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$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 […]
VACU appoints risk management, internal audit officers
Virginia Credit Union and its Member One division announced last week that it has named two executives to oversee risk management and the Chesterfield County-based credit union’s internal audit function. Mike Brunson has assumed the newly created role of executive vice president and chief risk officer. Meanwhile, VACU promoted Kenya Maddox to senior vice president […]
Timmons Group opens Roanoke office
Timmons Group has opened an office on Norfolk Avenue in Roanoke, according to a Thursday announcement by the engineering, design and technology services firm, which has headquarters in Chesterfield County. Timmons has 20 offices, including the new Roanoke office and its headquarters, located across Virginia, North Carolina, Maryland, South Carolina, Texas and Washington, D.C. Located […]
Chesterfield’s Springline development moves forward
Timmons Group expects to move its headquarters from a Chesterfield County office park into the county’s new Springline at District 60 mixed-use project in the first quarter of 2025. The five-story, 150,000-square-foot building is one of three buildings in the first phase of the development near the Chippenham Parkway and Midlothian Turnpike intersection that should […]
World’s first commercial fusion power plant planned for Chesterfield
Commonwealth Fusion Systems, a Massachusetts-based fusion energy company, plans to build the world’s first grid-scale commercial fusion power plant in Chesterfield County, Gov. Glenn Youngkin announced Tuesday. “It’s a nearly $3 billion capital investment, paying taxes, and it’s a bunch of really high-tech jobs,” Garrett Hart, Chesterfield’s director of economi[...]
Aiming for the fences
When renters tour the new Novel apartment building in Richmond’s Scott’s Addition neighborhood, one fifth-floor vantage point has particular appeal. The windows on the building’s east side look across Arthur Ashe Boulevard onto the site where the Richmond Flying Squirrels’ new baseball stadium, CarMax Park, is expected to open in time for the 2026 season. […]
Specialty coils manufacturer to expand in Chesterfield
Super Radiator Coils, an engineering and manufacturing company based in Minnesota, will invest $22 million to expand in Chesterfield County, creating an estimated 160 jobs, Gov. Glenn Youngkin’s office announced Friday. The company will upgrade machinery and add about 80,000 square feet to its existing approximately 160,000-square-foot facility at 451 Southlake Blvd. The plant has […]
Siemens Energy agrees to pay $104M over Dominion bidding scheme
Siemens Energy pleaded guilty and agreed to pay $104 million this week to settle a federal criminal investigation into stealing trade secrets in order to undercut competitors’ bids in 2019 to build a Dominion Energy gas turbine “peaker” power plant in the Richmond metropolitan area. The settlement comes after three former Siemens employees and a […]
TowneBank to acquire Village Bank for $120M
Suffolk-based TowneBank has signed a definitive agreement to acquire Midlothian’s Village Bank and its parent company, Village Bank and Trust Financial, a deal worth approximately $120 million, the banks announced Tuesday. “Our TowneBank family is humbled and excited to partner with Village Bank and its team members,” TowneBank Executive Chairman G. Robert Aston Jr. said […]
Topsoe buys land for $400M plant in Chesterfield County
Topsoe, a Danish electrolyzer manufacturer, paid $4.95 million for about 57 acres in Meadowville Technology Park in Chesterfield County this summer, where the company plans to build a $400 million manufacturing plant. In April, Topsoe announced the investment, which is expected to create 150 jobs. The company will manufacture Solid Oxide Electrolyzer Cell stacks, which […]
ACI doubles its Chesterfield HQ
Commercial and industrial contractor Atlantic Constructors Inc. (ACI) is doubling its headquarters in Chesterfield County, a roughly $25 million project. The contractor, which provides mechanical, electrical, plumbing and fire protection products and services, plans to open a second 170,000-square-foot building on 18 acres beside its existing building, which sits on 25 acres, in early November. [&[...]
Big deals
These economic development announcements were some of the largest in Virginia for 2023 and the first half of 2024: CENTRAL VIRGINIA Chesterfield County: In April, the offices of U.S. Sens. Tim Kaine and Mark Warner and U.S. Rep. Jennifer McClellan announced that Danish electrolyzer manufacturer Topsoe plans to build a $400 million manufacturing facility with […]
