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Money

Dec 19, 2024

Capital One, Discover clear hurdles for $35.3B megadeal

Announced in February, McLean-based Capital One Financial’s proposed $35.3 billion acquisition of Discover Financial Services is moving forward, with stockholders’ votes scheduled early next year, the credit card giants announced this week. Capital One also announced Thursday it received approval from the Office of t[...]

Nov 29, 2024

A new era

The days of decades-high interest rates are over, as the Federal Reserve is ushering in a new era for financial markets — and, in turn, shaking up some of the advice money managers are offering their clients. During one of its regularly scheduled meetings in September, the central bank’s Federal Open Market Committee lowered[...]

Nov 22, 2024

VACUL to merge with regional credit union group Jan. 1

Members of the Virginia Credit Union League and the League of Southeastern Credit Unions & Affiliates voted Thursday to approve the Virginia league’s consolidation with the regional organization. The merger will be in effect Jan. 1, 2025, the two organizations announced Friday. “Thanks to the support of the membershi[...]

A closeup of a person's hand inserting a card into an ATM
Nov 7, 2024

Navy Federal ordered to refund customers $80M, pay $15M civil penalty

The Consumer Financial Protection Bureau is ordering Navy Federal Credit Union to refund more than $80 million to customers and pay a $15 million civil penalty for allegedly charging illegal overdraft fees. CFPB announced the actions against the nation’s largest credit union on Thursday. CFPB alleges that from 2017 to 2022, Vi[...]

Oct 29, 2024

John C. Asbury tapped to lead American Bankers Association

The American Bankers Association has elected John C. Asbury, president and CEO of Richmond-based Atlantic Union Bankshares, as the organization’s chair for 2024-25.  “Through his bold leadership and dedicated service to our industry, John has proven that he is just the right person to step into this critically important rol[...]

Oct 25, 2024

Fed’s Fifth District economy grows modestly

Economic activity in the Federal Reserve’s Fifth District (a multistate region including Virginia, North Carolina, South Carolina, West Virginia and Maryland) grew modestly from early September, according to the latest edition of the Fed’s Beige Book, released Wednesday. Published eight times per year, the Beige Book is base[...]

Oct 25, 2024

SEC, Hampton managing partner of BFM Fund settle charges

The Securities and Exchange Commission settled charges in early October against a Hampton-based managing partner of The BFM Fund and a limited liability company for allegedly breaching their fiduciary duties and misleading investors. Himalaya Rao-Potlapally of Hampton is a managing partner of Portland, Oregon-based BFM Fund, a s[...]

Oct 21, 2024

Atlantic Union to buy Maryland’s Sandy Spring Bank for $1.6B

Atlantic Union Bank is expanding further into Northern Virginia and Maryland with the $1.6 billion purchase of Maryland’s Sandy Spring Bank, an acquisition announced Monday. The two banks’ parent companies, Atlantic Union Bankshares and Sandy Spring Bancorp, have entered into a merger agreement that would create a co[...]

Sep 29, 2024

On the ledger

This story has been updated since publication. With its 2023 purchase of Farmers Bankshares for $53 million, Suffolk’s TowneBank secured its leadership of the Hampton Roads banking market with a nearly 28% share. Truist Bank remains in second place at 23.72%, and the rest of the top five banks in the market are Wells Fargo, [&[...]

Sep 26, 2024

Virginia ranks No. 8 in U.S. for VC investment

Virginia was ranked No. 8 in the nation for venture capital investment in 2023, marking the state’s highest rating so far and its first time back in the top 10 in the past 15 years, according to an announcement Thursday by Virginia Innovation Partnership Corp. (VIPC). Earlier this month, VIPC hosted an event at Amazon.com&[...]

Aston
Sep 24, 2024

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,” Town[...]

Chain Bridge Bancorp logo
Sep 17, 2024

Chain Bridge Bancorp plans to go public

Chain Bridge Bancorp, the McLean holding company for Chain Bridge Bank, National Association, is planning to go public. On Friday, the company filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering of Class A common stock. The number of shares and price range for the IPO[...]

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