The investment management and financial brokerage business unit of Wells Fargo & Co., Virginia’s third-largest bank by 2019 deposits, will lay off 320 employees from its Henrico County office.
The wealth and investment management jobs are moving to some of the bank’s larger locations, Wells Fargo Advisors spokesperson Shea Leordeanu said in a statement. Wells Fargo’s Henrico County office is located at 4340 Innslake Drive in the Innsbrook business complex. The bank employs approximately 2,000 additional people there.
“We are committed to retaining as many employees as possible and will assist with the transition,” Leordeanu said in a statement.
The jobs are operations roles that support Wells Fargo’s brokerage and are not client-facing positions.
“Always putting our clients first continues to be a Wells Fargo and Wealth & Investment Management (WIM) priority,” Leordeanu said in a statement. “We are simplifying the way we do business.”
The company filed a WARN Act notice on Jan. 21 to notify the 320 affected employees of the layoffs.
Charlottesville-based Blue Ridge Bankshares Inc., the parent holding company of Blue Ridge Bank, announced Monday it has completed the merger with Richmond-based Bay Banks of Virginia Inc., the parent holding company of Virginia Commonwealth Bank.
Virginia Commonwealth Bank will continue to operate under its current name until systems are converted in May. The bank will eventually operate under the Blue Ridge name and trade under BRBS on the NYSE American stock exchange. The holding company will be based in Charlottesville and the subsidiary bank will be headquartered in Richmond.
The combined bank has approximately $2.8 billion in assets, $2.1 billion in loans and $1.9 billion in deposits, based on Sept. 30, 2020 data. This ranks the bank No. 4 in the state for community bank deposit market share for institutions under $10 billion in assets, according to the bank’s August 2020 announcement.
The transaction creates a bank with a pro forma total market capitalization of nearly $230 million. On Jan. 21, Blue Ridge announced its shareholders had approved the merger.
Under the terms of the agreement, Bay Banks shareholders will receive 0.5 shares of Blue Ride common stock for each share of Bay Banks common stock they own. Bay Bank shareholders will own approximately 54% while Blue Ridge shareholders will own approximately 46% of the combined company once the transaction is complete.
Virginia hotel revenues for December 2020 were on trend for a year that saw the hospitality industry suffer from the pandemic. Compared with December 2019, hotel revenues statewide declined by 42% during December 2020, according to data released Monday from STR Inc., a CoStar Group division that provides weekly market data on the U.S. hospitality industry.
For the same period, rooms sold declined by 26%. The average daily rate (ADR) paid for hotel rooms dropped 21% to $77.13, while revenue per available room (RevPAR) fell to $27.94, a 41% decline.
“Performance of the hotels in the commonwealth during December was in general better than November 2020,” said Professor Vinod Agarwal of Old Dominion University’s Dragas Center for Economic Analysis and Policy in a statement released Monday. “Rising COVID-19 infections, hospitalizations and deaths in the recent past continued to adversely impact this industry.”
Hotel revenues and rooms sold declined in most markets in Virginia during December 2020, compared with December 2019. Revenues fell 61% in Northern Virginia, 37% in Charlottesville and 23% in Hampton Roads. During November 2020, revenues fell 66% in Northern Virginia, 41% in Charlottesville and 32% in Hampton Roads. The number of rooms sold during the month of December 2020 in Northern Virginia was down by 46% Charlottesville is down by 23% and Hampton Roads is down by 12%.
Williamsburg continues to be the hardest-hit locality in Hampton Roads, seeing a 49% decline in revenue.
Smiley’s Ice Cream will invest more than $1.15 million to build a new ice cream manufacturing facility and retail store in Rockingham County, creating eight jobs, Gov. Ralph Northam announced Friday.
The homemade-style ice cream producer will source an additional 18,000 gallons of Virginia-produced dairy and 2,500 pounds of Virginia-grown fruits during the next three years for production.
“We are delighted to support this expansion by Smiley’s Ice Cream, a business that has found its sweet spot by bringing together entrepreneurship, Virginia-grown ingredients and agri-tourism in the Shenandoah Valley,” Northam said in a statement. “The company’s commitment to investing in Virginia farmers and agricultural products will further strengthen this rural economy and create exciting new opportunities in Rockingham County for visitors and residents alike.”
Smiley’s Ice Cream was founded in 2001 and in 2017 opened its first brick-and-mortar store next to Mt. Crawford Creamery, where it still sources ingredients.
“This grant will help with the building of a truly one-of-a-kind ice cream destination for the town of Bridgewater,” founder Derek Smiley said in a statement. “We take great pride in supporting Virginia’s local farms by purchasing locally many of the fresh fruits used to make our ice cream and understand the fresh milk and cream coming from Mt. Crawford Creamery is the backbone of our great ice cream.”
The commonwealth is working with Rockingham County and the Rockingham County Economic Development Authority through the Governor’s Agriculture and Forestry Industries Development (AFID) Fund. Northam also approved a $20,000 AFID Fund grant to secure the project for Virginia.
A shopping center in York County sold for $2.9 million, Cushman & Wakefield | Thalhimer announced Tuesday.
The 39,000-square-foot Town & Country Shopping Center is located at 465-469 and 473 Merrimac Trail and is fully leased to tenants including NAPA Auto, Family Dollar, Davita Dialysis, Eastside Church, The Wash House and Sherwin Williams Paints.
Town and Country Properties purchased the shopping center from Jefferson Realty Co. as an investment. Dawn F. Griggs and Drew Haynie of Cushman & Wakefield | Thalhimer handled the sale on behalf of the seller.
A 39,000-square-foot Hana co-working space in National Landing — the stomping grounds of Amazon.com Inc.’s new East Coast headquarters, HQ2 — has opened, the CBRE Group subsidiary announced Friday.
The building, located at 2451 Crystal Drive in Arlington, includes private office suites, conference and event space and co-working space. This is Hana’s third co-working and flexible space location in the United States, including its locations in Dallas and Irvine, California.
JBG Smith, the developer behind a lion’s share of Amazon-related commercial real estate developments in National Landing, owns and operates the property.
Co-working space at Hana’s National Landing location. Photo courtesy Hana. Click to expand.
“As a co-creator of the space, JBG Smith has worked with Hana to deliver a flex solution that meets the unique needs of the building and National Landing area by providing plug-and-play workspaces, on-demand meeting rooms and overflow accommodations,” Hana CEO Andrew Kupiec said in a statement. “With three additional East Coast locations opening this year, Hana at National Landing joins our expanding network.”
Those who are interested in using the shared space have three different membership options based on need. There are options for private flexible offices for small and large teams, single-person co-working memberships and on-demand meeting space options.
“Hana’s unique approach and highly amenitized office space complements the existing offerings in the submarket while also addressing the need for flexible ‘on-demand’ office space solutions in a post COVID-19 business environment,” JBG Smith Executive Vice President David Ritchey said in a statement. “Together with Hana’s flexible space and JBG Smith’s evolving range of offerings, we give our customers the ability to grow with us as their office needs change and expand.”
Amid record-breaking unemployment claims filed during the pandemic, the Virginia Employment Commission (VEC) will relocate and expand its Buchanan County customer service call center, adding up to 110 jobs, the agency announced Friday.
The need for relocation and extra space began last year as more VEC employees responded to issues caused by the COVID-19 pandemic. The new building will be located in the Southern Gap region of the county in the former Sykes Enterprises call center building. The VEC expects to move in March.
“VEC has been a key partner in our region for many years and Buchanan County and VCEDA were involved in VEC’s initial location to the county around 20 years ago,” Jonathan Belcher, executive director and general counsel to the Virginia Coalfield Economic Development Authority, said in a statement. “When we became aware of VEC’s need for additional capacity, Buchanan County and VCEDA reached out to VEC to propose the larger facility at Southern Gap and that VEC expand its workforce in the region.”
The project received a $200,000 Cumberland Plateau Planning District Commission’s CProp program grant as well as local funds. Buchanan County’s Industrial Development Authority (IDA) purchased the property, which has been vacant since summer 2019, from Sykes. More than 100 people currently work at the existing VEC call center in Buchanan County.
“We look forward to the move to Southern Gap and growing our workforce to better serve our customers,” VEC Commissioner Ellen Marie Hess said in a statement. “We have a great team in Buchanan County and the property at Southern Gap is the perfect fit for our need to expand. This investment in our long-term partnership with Southwest Virginia will yield benefits for all Virginians for years to come.”
VEC has signed an initial 10-year lease for the building, beginning March 1. The property was most recently reported to have a value of nearly $5 million, according to Buchanan County property records. It sits on more than 11 acres.
For Ashburn-based IT company Sriven Technologies LLC, an emphasis on work-life balance and leading a healthy lifestyle, as well as a strong benefits packages creates a stress-free place for employees to focus on their careers, CEO Raj Kilaru says. And that makes it a place where people want to stay.
Founded in 2009, Sriven Technologies provides IT staffing and managed services, including application development and business intelligence to retail, financial, insurance and health care clients.
Although the company is relatively young, a majority of its 90 employees, 27 of whom are based in Virginia, have been with the company for five to 10 years, Kilaru says, thanks to competitive compensation packages and benefits, including covering 100% of employees’ medical and dental benefits and providing a free $100,000 life insurance policy. Employees can also be part of a profit-sharing plan through an employee stock option. And to help employees manage their personal finances, Sriven offers financial advising services at no cost.
Day-to-day operations changed at the company after COVID-19 hit and employees were asked to work remotely.
Meetings, biannual performance reviews and team building will continue to be conducted via Zoom through at least June 2021.
“Working in the office is always good, but our employees are working very hard to provide all the services to the clients,” Kilaru says. “We don’t have any issues working remotely. The only difference is we’re not seeing them face-to-face.”
Sriven’s Virginia operations are broken up into three, six-member teams plus management positions. Teams meet virtually for weekly check-up calls to discuss ongoing projects — including a long-term project management and cloud contract with Freddie Mac.
Pre-pandemic, Sriven employees would meet in-person for weekly lunches and golf games, as well as quarterly fitness, yoga and meditation sessions and monthly company picnics. Employees also could take paid time off each month to volunteer in the Northern Virginia community, without using their 15 paid days off per year.
“We treat our employees as family,” Kilaru says. “We always value their time and their services.”
From a corporate philanthropy standpoint, Sriven regularly donates funds to charities including St. Jude Children’s Research Hospital and Native American education.
Sriven is also growing — and growing fast. From 2014 through 2019, the company made the Inc. 5000 list of the nation’s fastest-growing, privately held companies. It reported a three-year growth rate of 65% in 2019. Aside from Freddie Mac, Sriven also provides services to the U.S. Department of Labor, the Virginia Department of Motor Vehicles and the Supreme Court of Virginia.
Despite its focus on growing its customer base, Sriven considers itself an “employee-first work environment,” Kilaru says. “If the employees are happy, then we’re happy.”
Marlana Fraser joined Warrenton-based Patriot Group International Inc. (PGI) with a special insight into the people on the ground carrying out PGI’s special operations.
Her husband had served in the Marine Corps in Afghanistan performing the “exact same work” that PGI does now, says Fraser, the company’s vice president of business operations. As a contractor offering support to intelligence, defense and private sector clients, PGI’s missions can often involve sensitive and confidential information — and high-risk work.
“I have a heartstring based off of my own experience,” Fraser says. “That’s also reversed. There’s many times when I have to be a little bit more firm in our decision making.”
Fraser attributes her success at the company to respect that is both earned and expected from PGI leadership. An open-door policy, frequent “pulse checks” on career progression and feedback from employees fuels a mission-driven and respectful culture, she says.
“One of our main focuses is respect,” Fraser says. “In terms of being a female in the leadership team, respect is earned and demanded just based off of our business as a whole.”
Not only did Fraser step into an important position with the company, but she also earned her place at the top of a male-dominated industry. The military special operations community is upward of 99% male, says PGI CEO Greg Craddock, who served as an Army ranger and special operations forces noncommissioned officer (NCO) before 9/11. He later worked in the intelligence community and was deployed to Afghanistan and Iraq to support the U.S. wars in the early 2000s.
Michelle Quinn, PGI’s senior vice president of growth, recognizes that the industry is male-dominated, with intelligence and defense contractors often seeking out personnel with military backgrounds who are accustomed to “often high-threat, high-risk” work in dangerous places.
But that doesn’t stop her from having her voice heard.
“[In meetings] I am often at a table where I am the only woman, but for our senior leaders, they wouldn’t have it any other way,” she says. “And they’re not putting us there because we’re women. They’re putting us there because they really believe in our intellect, our work ethic, our integrity.”
Christy Beach, PGI’s senior vice president of contracts and business administration, has worked in government contracting for 20 years (the past eight spent with PGI), and echoes that a respectful mentality makes PGI a unique work environment for the industry.
“I’ve been given a lot of opportunities for advancement,” Beach says, and PGI’s leaders go “out of their way to meet up with and get to know all of the employees.”
Women in leadership at PGI also help bring a focus on supporting the families of employees, Craddock says, a factor that sometimes gets overlooked in mission-oriented work.
“We’re very blessed and lucky to have the kind of staff we do from an overall perspective,” Craddock says. “But given the years of experience that each one of these seasoned professionals bring to our company, we’re extraordinarily lucky to have that. It’s something we don’t take for granted.”
As someone who believes strongly in change, Javaune Adams-Gaston assumed the presidency of Norfolk State University at a pivotal time for both the nation and historically Black colleges and universities.
“2020 really was an eye-opening experience for many in our nation — particularly with some of the disparities that existed that came to light through COVID,” says Adams-Gaston, who became NSU’s seventh president in June 2019. “The health disparities and then inequities that exist in [health] care really came to light, and that came at a time when also the social injustice issues came to light.”
Adams-Gaston’s first year as president saw not only the coronaviruspandemic but also widespread racial justice protests that sparked discussions about equality and equity that reached from protest marches to government bodies, corporate boardrooms and universities.
Established in 1935, NSU is one of several HBCUs that received increased attention and financial support following the 2020 protests.
Fortune 500 corporations such as Dominion Energy Inc., IBM, Microsoft Corp., Apple and Netflix made major gifts and grants to HBCUs in 2020 and forged new partnerships with the majority-Black educational institutions, including NSU.
In December 2020, NSU received its largest-ever donation — a $40 million gift from philanthropist MacKenzie Scott, ex-wife of Amazon.com Inc. CEO Jeff Bezos. Scott donated nearly $6 billion to various nonprofits and educational institutions, including HBCUs and community development organizations, last year. The NSU gift will support scholarships as well as workforce and economic development activities.
New partnerships and grants from companies such as Microsoft, Apple and IBM are expanding career exposure opportunities for NSU students, says Aurelia T. Williams, executive director of the university’s Cybersecurity Complex and interim vice provost for academic administration. Photo by Mark Rhodes
This year, NSU will use these partnerships and grants garnered in 2020 to enhance the university’s technological capabilities and academics — as well as place a spotlight on the school’s pipeline of students for jobs in Virginia’s in-demand sectors. “We’re excited for the respect and the understanding and the primacy of HBCUs in getting us to a place in this country where we’re able to provide access and affordability and a future for all students,” Adams-Gaston says.
Taking a byte out of tech
In 2020, one of the most consequential presidential elections in modern history bumped into an unprecedented pandemic, resulting in record early voter turnout. With an eye on the 2024 election, political scientists have questioned whether in-person early voting will continue to be a trend. NSU, however, is at the forefront of what future elections may look like.
With assistance from a $200,000 Microsoft Impact Grant awarded in fall 2020, NSU faculty and students during the next couple of years will work to develop a potential voting app for mobile phones. To get there, though, will require faculty training, development and testing.
The Microsoft Impact Grant funding will go toward training faculty on the latest software systems from Microsoft and other companies. Professors will bring that knowledge back to the classroom to share with students to have them “Day One ready” to work on the project.
“One of the challenges that our students will have is exposure,” says Aurelia T. Williams, executive director of NSU’s Cybersecurity Complex and interim vice provost for academic administration. “Now that we have all of these additional academic partnerships … our students will be exposed to many more opportunities [in tech].”
Even more opportunities will result from a partnership with tech giant IBM that also came to fruition during the fall 2020 semester. The twofold partnership (worth an estimated $6 million) includes access to IBM Global University Programs, an academic initiative for faculty and students, as well as IBM Skills Academy, which will provide training to NSU faculty on topics including artificial intelligence, blockchain, cybersecurity, data science, cloud computing and quantum computing.
“These grants don’t just come by magic,” Adams-Gaston says. “We have rock star groups of faculty and administrators who really get the job done and who really work to help ensure we have these opportunities.”
The IBM Global University Program will offer unlimited access to IBM course materials, tutorials and lectures to faculty and students from NSU and 17 other HBCUs. Another benefit of NSU’s ongoing partnership with IBM is developing a pipeline for internships and career opportunities. Michael Keeve, dean of NSU’s College of Science, Engineering and Technology, stays in touch with IBM representatives who send out communications regarding job and internship opportunities for NSU students.
“It prepares students for the workforce,” Keeve says.“And it definitely enhances our faculty training, keeping our faculty informed … in terms of what is going on in the workforce.”
A continued partnership with the Sandia National Laboratories also keeps computer science and engineering students apprised of workforce opportunities through a research consortium between the U.S. Department of Energy and HBCUs, which NSU has been involved with since 2015.
“The whole preface of that consortium was that the energy laboratories have diversity issues — and that’s not unknown,” says Williams. “This particular consortium was established to increase the cybersecurity workforce for development pipelines, particularly to the energy laboratories.”
The goal of the consortium is to align NSU’s research with Sandia National Laboratories research so that faculty and students can contribute to national research. Williams and other faculty members receive listings of available research projects from Sandia and connect students interested in participating.
“That becomes a win-win situation because students now have the opportunity to work on research that is important to the federal government [and] receive advice from professionals who are working specifically in the field,” Williams says. “It also presents the opportunity for NSU to work on intellectual property that can really change our research platform.”
For additional workforce preparation this spring semester, up to 130 NSU students and alumni are participating in three online tech boot camps hosted by media streaming giant Netflix. The courses for the 16-week program will focus on Java engineering, UX/UI design and data science. NSU alumnus Michael Chase, a Netflix software engineer, is serving as a mentor to students in the program.
“Mr. Chase’s vision is for graduates from his alma mater to be career-ready with cutting-edge knowledge and skills,” NSU Computer Science Department Chair Claude Turner said in an October 2020 announcement about the Netflix partnership.
Additionally, the university in December 2020 announced a collaboration with Apple Inc.’s Community Education Initiative and Tennessee State University’s HBCU C2 (Coding & Creativity) initiative, through which faculty will learn about coding and app development using the Swift programming language.
“These exclusive programs … will help students gain market skills to build their professional portfolio,” says Adams-Gaston.
A boost for success
While STEM (science, technology, engineering and mathematics) programs have been an educational focus in recent years due to an increasingly urgent need for tech workers in Virginia, NSU still takes pride in its STEAM approach — one that includes the arts.
“The whole notion of STEAM is that all of the disciplines that we have here are … focused on,‘How do we solve the problems of the world and how do we serve the communities that we’re a part of?’” explains Adams-Gaston.
One prime example of a STEAM-oriented donation was a $2.7 million gift from Richmond-based Dominion Energy Inc. awarded in fall 2020 that will support the university’s STEM disciplines; fund a grant for students who have exhausted their financial aid; and support research, public policy development and a lecture series through the University’s Center for African American Public Policy.
Established in 2019, the Center for African American Public Policy is the university’s in-house think tank. It conducts and disseminates research and also hosts town halls and seminars. In October 2020 it partnered with the Virginia Bar Association to host a debate between incumbent U.S. Sen. Mark Warner and his unsuccessful Republican challenger, Daniel Gade.
A $200,000 United Services Automobile Association (USAA) grant awarded in fall 2020 to NSU’s Center for African American Public Policy will help students engage in economics, housing, health, environment, criminal justice, energy and transportation research for African American communities.
In January, 20 students who applied for the USAA grant (donated in November 2020) were selected to receive scholarships and will work with a faculty mentor on a one-year research project, independent from the USAA. NSU’s grant was a part of a USAA initiative to donate $50 million to nonprofit organizations furthering social equity.
“In other words, [the grant] provides an opportunity for individuals to achieve education, thereby improving their life … [and improving] their standing in society,” says Eric W. Claville, director of the Center for African American Public Policy.
And one of the most famous people to hail from Hampton Roads, popular musician Pharrell Williams, whom Adams-Gaston refers to as a “good friend of HBCUs and NSU,” launched his nonprofit Black Ambition initiativein December 2020. Open to all Black and Hispanic HBCU students and alums, it provides students experiential learning opportunities necessary to launch their own tech, design, health care and consumer products/services startups.
Calling it a “game changer” for HBCU students, Adams-Gaston is encouraging NSU students and alumni to participate in the entrepreneurship-focused program. She touts the benefits of corporate mentorship from the program’s partners, which include Adidas, Chanel, The Rockefeller Foundation and the VISA Foundation.
“With Black Ambition, the goal is to help strengthen the pipeline of talented entrepreneurs and close the opportunity and wealth gaps derived from limited access to capital and resources,” Williams said in a December 2020 statement.
HBCU student and alumni teams, including those from NSU that will form in the coming months, have the chance at competing in July 2021 for a $250,000 prize to help launch their own company. Teams must include at least one current HBCU undergraduate or graduate student, one recent alum or one former student within two years of attending the institution.
Despite a year ripe with STEM- and entrepreneurship-focused initiatives, NSU also still has a sharp focus on its tried-and-true programs such as nursing, social work, the fine arts and the humanities.
“We’re not just focused on tech advancement … we’re really looking at this holistically,” Adams-Gaston says of 2021 plans. “We look at … the ways in which we can develop programming and opportunities. We have so many other pieces that are coming to fruition.”
Norfolk State at a glance
Founded
Norfolk State University, established in 1935, was originally the Norfolk Unit of Virginia State University and became fully independent in 1969. Ten years later, it obtained university status and today operates as a historically Black college or university (HBCU).
Campus
A 55-acre portion of NSU’s 134-acre campus was once Memorial Park Golf Course, located near downtown Norfolk. Today the campus includes the McDemmond Center for Applied Research, the three-story G.W.C. Brown Memorial Hall academic building and nearly 30 other buildings.
Enrollment
Undergraduate: 4,992
Graduate: 465
In-state: 4,092 (75%)
International: 50 (1%)
Minority: 4,792 (88%)
Employees*
1,558
Faculty*
248 full-time
Tuition and fees**
In-state tuition and fees: $5,752
Tuition and fees (out of state): $17,680
Room and board and other fees: $3,870
(education and general fees),
$10,844 (room and board)
Average financial aid awarded to full-time,
in-state freshmen seeking assistance***
$7,939
*As of fall 2019**For 2020-2021 academic year
***For 2018-2019 academic year
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