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Business bank opens in Virginia Beach

Integrity Bank for Business opened for business May 3 in Virginia Beach, led by former Heritage Bank President and CEO Michael S. Ives.

The first new community bank established in Hampton Roads since 1998, it received regulatory approval last month. In January it announced that it raised more than $20 million in stock purchase commitments.

The bank plans to focus on serving business customers in Virginia Beach, Norfolk and Chesapeake.

Integrity also announced three advisory boards, and cited its senior management, which include veteran alumni of Heritage Bank, which merged with Southern Bank in 2016.

Ives serves as Integrity Bank’s president and CEO. Its chief development officer is Neal Crawford, who was president of Monarch Bank for seven years. Former Heritage board chairman Peter M. Meredith Jr., chairman and CEO of Norfolk-based Meredith Construction Co., will serve as chairman of Integrity’s board.

The bank will be based in Virginia Beach’s Lynnhaven area, where its first branch is located.

Bettors waged $304M+ in March, Virginia Lottery reports

Betting on the NCAA Division I men’s basketball tournament accounted for more than $83.5 million of the $304 million in sports wagering that took place in Virginia during March 2021, according to a report released Friday by the Virginia Lottery.

In all, Virginians bet $304.06 million and won $277.49 million in the second full month of legal sports betting in the commonwealth. That was an increase from the $265 million in bets placed in February, a month that included $19.5 million in bets on Super Bowl LV.

“We expected Virginia to do well when sports betting launched in January, but the market is surpassing expectations,” said Dustin Gouker, analyst for PlayVirginia.com. “With the Super Bowl and the NCAA Tournament soon after the market launched, timing has been key. And bettor enthusiasm has been strong. About the only way Virginia could have had a better start is if the state hadn’t barred betting on in-state college teams, which would have boosted interest in March Madness.”

The six licensed operators included in the March numbers were Betfair Interactive US LLC (FanDuel) in partnership with the Washington Football Team; Crown Virginia Gaming LLC (Draft Kings); BetMGM LLC; Portsmouth Gaming Holdings LLC (Rivers Casino Portsmouth); Caesars Virginia LLC (William Hill); and WSI US LLC (Wynn).

Virginia places a 15% tax on sports betting activity based on the permit holder’s adjusted gross revenue. With three operators reporting positive adjusted gross revenue, the total take for the state government was $1.18 million.

Valve manufacturer announces $1.9M expansion in Norfolk

Norfolk-based Dante Valve Co. will expand its operations with a $1.9 million investment, Virginia Gov. Ralph Northam announced today.

The family-owned business, which marked its 60th anniversary last year, is an international manufacturer and distributor of pressure-relief valves and related products — primarily for submarines, aircraft carriers and other naval vessels. The U.S. Navy is a customer.

It plans to increase its Ballentine Boulevard facility by 10,000 square feet and add 40 jobs, according to the announcement.

“A Mid-Atlantic location with close proximity to the world’s largest naval base in Norfolk positions the company to reach target markets and better fulfill the needs of its customers,” Gov. Northam said in a statement.

Virginia won the project in competition with Arizona, Nevada and Texas, according to the announcement. The city of Norfolk and the  Virginia Economic Development Partnership’s Virginia Jobs Investment Program provided support for the project.

The company also may receive state benefits from the Virginia Enterprise Zone Program, administered by the Virginia Department of Housing and Community Development.

Two Virginia companies make 2021 LinkedIn Top Companies list

Virginia-based Fortune 500 companies Northrop Grumman Corp. and Capital One Financial Corp. are among the 50 best workplaces to grow your career, according to LinkedIn’s Top Companies List, released this week.

Falls Church-based Northrop Grumman, which ranks No. 32 on the LinkedIn Top Companies list, was cited for a variety of mentorship programs for women. The aerospace and defense contractor’s in-demand jobs include supply chain associate, materials and process engineer, and manufacturing engineer.

Capital One Financial Corp., based in McLean, comes in at No. 39 on the list, with funding analyst, business analysis manager and auditor named as in-demand jobs. LinkedIn made note of the company’s Invest in Yourself Day, which allows employees to take one day a month for personal and professional development.

Amazon.com Inc., which is developing its HQ2 East Coast headquarters in Arlington, ranks No. 1 on the list, which spotlights companies that attract and invest in talent.

LinkedIn used its own data to build the list, considering issues such as “ability to advance, skills growth, company stability, external opportunity, company affinity, gender diversity and educational background.”

Fairfax County tech company adding 162 jobs

A fast-growing technology solutions company will invest $1.75 million to expand in Fairfax County, creating 162 jobs, Virginia Gov. Ralph Northam announced today.

The company, Ridgeline International Inc., offers technology solutions for the federal government, commercial and nonprofit sectors. It said the expansion aims to increase its ability to provide security solutions.

Founded in 2015, Ridgeline has more than 200 employees. It was one of 15 Virginia tech companies to land on Deloitte’s 26th annual North America Technology Fast 500 Rankings in November. The company posted 588% fiscal year revenue growth from 2016 to 2019.

“Being headquartered in Virginia allows Ridgeline to tap a rich pipeline of highly qualified job applicants and gives us direct access to our target markets,” Ridgeline CEO Erik Wittreich said in a statement.

The expansion received an assist from the Virginia Economic Development Partnership’s Virginia Jobs Investment Program, in cooperation with the Fairfax County Economic Development Authority.

“The company is a perfect fit for the mission-oriented IT ecosystem that thrives here and will benefit from the workforce that makes Northern Virginia and the Washington, D.C., area one of the largest hubs for tech talent,” Fairfax County Economic Development Authority President and CEO Victor Hoskins said in a statement.

Realtors society elects Dawn Griggs as mid-Atlantic regional director

Dawn Griggs, a first vice president with Cushman & Wakefield | Thalhimer, has been elected as a regional director for the Society of Industrial and Office Realtors (SIOR), the commercial real estate company announced today.

Griggs will oversee the Mid-Atlantic Region of the 3,460-member brokerage association in a two-year term that begins with SIOR’s October conference, according to the announcement.

Griggs has more than 30 years of commercial real estate experience. She works as a sales and leasing specialist from the Newport News offices of Cushman & Wakefield | Thalhimer, which she joined in 1995.

A William & Mary graduate, Griggs is a past president of the Virginia Chapter of the Society of Industrial and Office Realtors. She received the Industrial Lease Top Deals of the Year award twice from the Hampton Roads Association for Commercial Real Estate.

Regional leaders wish upon Starlink

After a pilot program successfully connected 45 Wise County households with SpaceX’s Starlink high-speed satellite internet, regional efforts are underway to broaden access to the service spearheaded by billionaire Elon Musk.

Scott Kiser, director of technology for Wise County Public Schools, helped shepherd the pilot for families of students early this year. SpaceX’s Starlink constellation of 1,300 low-orbiting satellites delivers 80 to 150 Mpbs download speeds via a 23-inch diameter dish. Pilot users “couldn’t be happier,” Kiser says.

Though families in the yearlong pilot program receive the service free, it has an upfront cost of $499, plus a monthly $99 fee.

Starlink’s retail cost could be a barrier in economically disadvantaged areas, but alternatives can be prohibitively expensive. Kiser cites the $25,000 estimate a cable/DSL broadband provider gave one family to extend service by a quarter mile to their home.

“We have a lot of mountains in the area, a lot of valleys and hollows,” which makes it extremely costly and difficult to offer high-speed services like cable or fiber requiring buried cables, says Jonathan Belcher, executive director of the Virginia Coalfield Economic Development Authority.

Satellite internet overcomes topography and last-mile issues, but the major providers have higher orbit satellites that are much slower than Starlink, which began beta testing in August 2020.

As many as 60% of households in Southern Virginia, Southwest Virginia and the Shenandoah Valley have no internet subscription, according to 2019 data from the Federal Reserve Bank of Richmond.

“Southwest Virginia has long been affected by the digital divide,” says Kristie Proctor, executive director of the Center for Rural Virginia. But the pandemic made it “the priority.”

This year the Virginia Telecommunications Initiative awarded $28.77 million in grants to help increase broadband access in Southwest Virginia, Proctor says, though Starlink isn’t included in the state’s definition of high-speed internet.

Belcher’s EDA, which serves a 200-mile area from Bluefield to the Cumberland Gap, has received a $500,000 state grant to provide Starlink service to about 300 households. Broadband improves education, telehealth and work opportunities, he says, and his team is working to expand access: “We would want it to benefit everybody in the region.”

U.S. Rep. Morgan Griffith, R-Salem, visited Wise in April to learn about the Starlink pilot, and state and local officials are watching too.

“New space-based satellite internet programs like this can provide a viable and more cost-efficient alternative to expanding internet to rural and underserved areas,” says state Sen. Todd Pillion, R-Abingdon.

Old Point Trust begins search for new chief

Old Point Trust & Financial Services President, Chairman and CEO Eugene M. Jordan II will become general counsel and corporate secretary for the Hampton-based wealth management services provider’s parent company, Old Point Financial Corp.

Jordan, who has been Old Point Trust’s president and CEO for 19 years, will remain in his position as he aids in the executive search for his successor. With more than 30 years of legal experience, Jordan became chairman of Old Point Trust’s board of directors two-and-a-half years ago, according to the announcement.

Jordan’s transition to a new corporate position reflects the company’s need for internal general counsel as it grows, said Robert F. Shuford Jr., Old Point Financial Corp.’s chairman, president and CEO, in a statement.

Old Point Financial Corp. is the parent company of Old Point National Bank and Old Point Trust & Financial Services. In addition to serving the Hampton Roads and Richmond regions, it operates a Charlotte-based mortgage loan production office.

Jordan holds a bachelor’s degree from North Carolina Wesleyan College and a law degree from Campbell University

Hollins University appoints new provost

Hollins University has named Laura A. McLary as its new provost effective July 1, the Roanoke-based university announced this week.

McLary arrives from the University of Portland in Oregon, where she served on the faculty teaching German starting in 1999 and became academic associate dean for the university’s College of Arts and Sciences in 2016.

Since July, McLary has served as interim dean for the college, overseeing 15 departments, 250 full- and part-time faculty and more than 1,300 student majors.

The president of Hollins, Mary Dana Hinton, called McLary a “creative and proactive problem-solver who leads with compassion and courage,” in a statement.

Hollins was founded in 1842 as Virginia’s first chartered women’s college. The independent, liberal arts university offers 29 undergraduate majors and eight coeducational graduate programs.

Navy Federal Credit Union names new executive

Retired U.S. Navy Capt. Keith Hoskins was named executive vice president of branch operations for Vienna-based Navy Federal Credit Union in February, the member-owned nonprofit announced this week.

Hoskins, a former Blue Angels pilot who served 27 years in the Navy, had served as lead executive for Greater Pensacola Operations since April 2019.

Hoskins succeeds Dietrich Kuhlmann, a retired rear admiral in the Navy, who was named chief real estate lending officer.

Before joining Navy Federal, Hoskins was the western district manager for Gulf Power Company.

With more than 10 million members and $810 million in net income for 2020, Navy Federal is the world’s largest credit union.