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Stronger together
Bank acquisitions and mergers, particularly among Virginia’s community banks, continued apace in 2021. Banks sought scale for efficiency and flexibility, as well as to acquire resources in anticipation of potential new government regulation. “The recurring theme in bank mergers is scale,” Bruce Whitehurst, president and CEO of the Virginia Bankers Association, told Virginia Business in [[...]
Taking shape
Stu Shea, chairman, president and CEO of Herndon-based national security contractor Peraton Inc., is overseeing the integration of two recently acquired businesses that marked some of Virginia’s most significant business deals in 2021. Shea has been included in both editions of Virginia Business’ annual Virginia 500 issue, a compilation of the state’s 500 most powerful […]
Come together
Virginia is seeing a wave of bank mergers and acquisitions, a trend that could intensify, banking experts say. “We could potentially see a record-setting year for bank mergers and acquisitions,” says John Asbury, president and CEO of Richmond-based Atlantic Union Bankshares Corp. and chairman of the Virginia Bankers Association. Banks are reaching for scale, meaning […]
Virginia National Bank finalizes merger with Fauquier Bank
The parent company of Virginia National Bank announced the completion of its merger with Fauquier Bankshares Inc. today, creating a combined bank with $1.7 billion in assets and $1.5 billion in deposits as of Dec. 31, 2020. The merger, announced in October, brings together Charlottesville-based Virginia National Bankshares Corp. and the Warrenton-based parent company of […]
Shareholders approve Blue Ridge, Bay Banks merger
Charlottesville-based Blue Ridge Bankshares Inc., the parent holding company of Blue Ridge Bank, announced Thursday its shareholders approved the proposed merger with Richmond-based Bay Banks of Virginia Inc., the parent holding company of Virginia Commonwealth Bank. The transaction would create a bank with a pro forma total market capitalization of nearly $200 million, according to […]
Stockholders approve CarLotz merger
CarLotz Inc., the Chesterfield County-based consignment dealer of used cars, announced Friday that stockholders had given it the requisite approval to complete a proposed merger with Miami-based special purpose acquisition company Acamar Partners Acquisition Corp. that is expected to close on Jan. 22. The merger is still subject to satisfaction of other conditions, including approval […]
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 […]
Morgan Stanley to acquire E-Trade for $13B
New York City-based wealth management company Morgan Stanley will acquire Arlington-based E-Trade Financial Corp. under a $13 billion definitive agreement expected to close in the fourth quarter of this year, the companies announced Thursday. E-Trade stockholders will receive 1.0432 Morgan Stanley stares for each of their E-Trade shares as a result of the acquisition, which […]
Richmond and Seattle moving companies merge
Richmond-based WayForth, a home moving management service, has merged with Seattle’s Livible, which provides on-demand moving and storage services. The merger of equals was announced Tuesday, and the combined companies will be known as WayForth Inc. and will have more than 400 employees. WayForth co-founder Craig Shealy remains CEO of the new business, and Livible […]
The Hilb Group acquires Maryland insurance agency
Henrico County-based insurance company The Hilb Group LLC (THG) announced Wednesday the acquisition of Maryland-based Martens Johnson Insurance Agency Inc. The transaction that took effect Jan.1. Financial terms of the acquisition were not disclosed. Martens Johnson is a full-service insurance agency specializing in serving the commercial transportation industry. THG —a portfolio company of Wash[...]
Whitney, Bradley & Brown acquires Decisive Analytics Corp.
Reston-based program management and consulting provider Whitney, Bradley & Brown Inc. (WBB) has acquired Arlington-based defense analytics provider Decisive Analytics Corp. (DAC), according to WBB’s parent company, H.I.G. Capital (H.I.G). Financial terms of the deal were not disclosed, but H.I.G is a global private equity investment firm with more than $35 billion of equity capital [&hel[...]
