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Building momentum
From olive oil to space rockets, 2022 saw a variety of companies seeking to invest — or reinvest — in the Hampton Roads region and Eastern Virginia. That kind of diversity of industries augurs well for the region’s economy, says Vinod Agarwal, professor of economics at Old Dominion University’s Strome College of Business. “In the […]
TowneBank completes Farmers Bank acquisition
Suffolk-based TowneBank has completed its acquisition of Windsor-headquartered Farmers Bankshares Inc., the parent company of Farmers Bank, TowneBank announced Tuesday. The $56 million deal created a combined company worth $17.5 billion in total assets, loans of $10.9 billion and $14.5 billion. It adds Isle of Wight and Southampton counties to TowneBank’s service area, as well […]
TowneBank promotes HR chief to COO
TowneBank has promoted R. Lee Clark from chief human resources officer to chief operating officer, the Suffolk-based bank announced Thursday. In this role, Clark will continue to oversee human resources and will be responsible for bank operations. He’ll also become a member of the corporate management team. “Throughout his career at TowneBank, Lee has led […]
Suffolk logistics center moves ahead
Despite lingering community opposition, Suffolk officials remain committed to the Port 460 Logistics Center, a warehouse complex on Pruden Boulevard at the U.S. Route 58 interchange, a major freight corridor to the Port of Virginia. In September 2022, Suffolk City Council approved rezoning 540 acres from general commercial and agricultural to heavy industrial use, paving […]
M S International to open $61.6M Suffolk distribution center
M S International Inc. (MSI), a California-based flooring, countertop, wall tile and hardscaping products supplier, will invest $61.6 million to establish its East Coast distribution facility in Suffolk, a project expected to create 80 jobs, Gov. Glenn Youngkin announced Thursday. McDonald Development Co. will construct the 548,000-square-foot facility, which will be located at 2821 Holland [&hell[...]
December 2022 Top Five
The top five most-read daily news stories on VirginiaBusiness.com from Oct. 14 to Nov. 14 included an announcement of the acquisition of Charlottesville-based WillowTree Inc., which was founded in 2008 as a mobile app developer. 1 | Something in the Water will return to Va. Beach in 2023 Music superstar Pharrell Williams announced his […]
TowneBank president and COO retiring
TowneBank President and Chief Operating Officer Brad E. Schwartz will retire on Dec. 31, the Suffolk-based bank announced Wednesday. Schwartz will also step down as a director when his current term expires at the 2023 annual shareholder meeting. He will serve as a senior adviser through 2025 to assist with the transition. “Our Towne family […]
Bon Secours breaks ground on Suffolk hospital
Bon Secours broke ground Tuesday on its $80 million Bon Secours Harbour View Hospital, which is expected to be completed in 2025. The hospital will be 98,000 square feet and have a surgical focus, with 18 medical/surgical beds and up to four operating rooms. It will serve as an extension of other services on the […]
Youngkin tours Amazon’s new robotics fulfillment center in Suffolk
Amazon.com Inc.’s 3.8-million-square-foot robotics fulfillment center in Suffolk opened in September, but the global retail colossus held an official grand opening at the facility Thursday, allowing Amazon officials to show off the center to Gov. Glenn Youngkin, who attended the opening event and took a tour. The $230 million, four-and-a-half-story building in Northgate Commerce Park [&helli[...]
TowneBank names president, regional banking director
TowneBank has promoted Brian Skinner to the newly created role of president and regional banking director for all of its markets in Virginia and northeastern North Carolina, the Suffolk-based bank announced this week. “Brian is a dedicated member of the Towne family with a proven track record of leading both emerging and seasoned financial professionals […]
Lowe’s to open distribution facility in Suffolk
North Carolina-based home improvement retailer Lowe’s Cos Inc. will establish a coastal holding facility in the city of Suffolk, adding 100 jobs, Gov. Glenn Youngkin announced Thursday. Lowe’s had more than $96 billion in sales in fiscal 2021 and it operates or services nearly 2,200 home improvement and hardware stores, employing more than 300,000 associates. […]
TowneBank names new CEO
Suffolk-based TowneBank announced Friday that William “Billy” I. Foster III will become CEO, succeeding J. Morgan Davis, who is retiring. Foster, the bank‘s market president for Central Virginia and the Carolinas, joined TowneBank as a regional president in 2004, leading the bank’s expansion into the Norfolk area. Before that, he was eastern region president for […]
