Sign In
Free Newsletter
First Bank to acquire The Bank of Fincastle
Strasburg-based First National Corp. (the bank holding company of First Bank) announced Thursday it will acquire The Bank of Fincastle. Financial terms of the transaction were not released, but the combined bank is expected to have approximately $1.2 billion in assets, $868 million in loans, $1 billion in deposits and 20 branch offices across Virginia. […]
PenFed expands partnership with The Washington Justice
Tysons-based PenFed Credit Union announced Tuesday it is expanding its partnership with The Washington Justice, the professional esports Overwatch League for the Virginia, Maryland and Washington, D.C., area, into a three-year sponsorship. PenFed, which is one of the nation’s largest federal credit unions, will be featured as [...]
Va. bank is first to allow customers to buy, redeem bitcoin at ATMs
With cryptocurrency use on the rise, customers of Charlottesville-based Blue Ridge Bankshares Inc., the parent holding company of Blue Ridge Bank, will now be able to purchase and redeem bitcoin at its ATMs, making them the nation’s first commercial bank to do so, the company announced Wednesday. Blue Ridge Bank cardholde[...]
Four community banks launch $1M minority business fund
The Bank of Clarke County announced Tuesday the launch of the Banking on Diversity initiative, a minority business funding program backed by Bank of Clarke County, BCT-Bank of Charles Town, The Fauquier Bank and First Bank. The four community banks have collectively committed up to $1 million in interest-free loans to help start[...]
Wells Fargo makes $1.5M donation for small business loans
Wells Fargo & Co., Virginia’s third-largest bank by 2019 deposits, announced Thursday it has donated $1.5 million to Richmond-based nonprofit Virginia Community Capital (VCC) to help local minority and/or woman-owned small businesses stay open and save jobs amid the pandemic. During the next two years, the VCC will disburse $1 million of the funding in […]
Why the Richmond Fed has zero Black Ph.D. economists
The Federal Reserve Bank of Richmond is one of only five Fed banks that employs zero Black Ph.D. economists, according to a New York Times report this week. Of the 12 Federal Reserve banks, seven employ only one or two Black Ph.D. economists, which Fed officials blame on lack of Black talent in the economics […]
Wells Fargo to lay off 320 Henrico County employees
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 […]
Blue Ridge Bank, Bay Banks complete merger
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 […]
A taxing year
After a turbulent business year, accountants are bracing for a tax season filled with increased uncertainty, complexity and the looming reality that, eventually, 2020 taxes will be due and books must be reconciled. Businesses navigating the pandemic — from entrepreneurs launching their first ventures to corporations with expe[...]
Va. Community Capital president, CEO to retire this year
Richmond-based nonprofit Virginia Community Capital (VCC) announced last week that President and CEO Jane Henderson will retire this year after four decades in the banking industry. Henderson has led VCC, a community development financial institution, since its 2006 inception. She has spent 29 years in community development fi[...]
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 […]
New Hampton Roads bank raises $20M
Integrity Bank for Business, a new bank forming in Virginia Beach, has received signed subscription agreements for stock purchases totaling $20.285 million, it announced Tuesday. By Jan. 15, Integrity had received subscription agreements of $19.935 million by the closing date of the first phase of its stock offering; additional agreements of $350,000 were pending on […]
