Sign In
Free Newsletter
Richmond investment bank launches health care group
Richmond-based investment bank Matrix Capital Markets Group Inc. announced Wednesday it has established the Matrix Healthcare Banking Group, which will focus on health care subsectors. The industry group will be led by Amanda Verner Thompson and Vasanta B. Pundarika, who joined the firm as managing directors and co-heads of the [...]
Fed says Fifth District economy continues to improve, but activity remains low
The economy of the Fifth District of the Federal Reserve (which includes Virginia, North Carolina, South Carolina, West Virginia and Maryland) has continued to improve in recent weeks, but activity has remained below pre-pandemic levels in most industries, according to the latest edition of the Federal Reserve’s Beige Book, released Wednesday. The Beige Book is published […]
Va. Credit Union League president to retire next June
The Virginia Credit Union League (VCUL) announced Wednesday that its longtime president, Richard D. “Rick” Pillow, will retire on June 30, 2021, after dedicating 40 years to the credit union system. “Anyone who has worked with Rick knows his passion for credit unions,” VCUL Board Chairman Patsy Stuard, CEO of Fort Lee Fe[...]
MainStreet Bank names chief operating officer
Lisa Kilgour has been promoted to executive vice president and chief operating officer of Fairfax-based MainStreet Bank, its parent company, MainStreet Bancshares Inc., announced Friday. A Virginia Tech graduate, Kilgour joined the bank in 2017 as senior vice president and chief information officer, and before that, served as se[...]
Finance | Insurance
JOHN ASBURY PRESIDENT AND CEO, ATLANTIC UNION BANKSHARES, RICHMOND A Radford native, Asbury transitioned from a career with large financial institutions to help build a regional bank. After successful mergers in 2018 and 2019, Atlantic Union expanded its footprint in Northern Virginia, Maryland and North Carolina, making it the largest regional bank headquartered in Virginia. […]
Navy Federal hires new CFO
Vienna-based Navy Federal Credit Union has hired John Collins, a 20-year veteran of Capital One Financial Corp, as its new chief financial officer. “John brings with him a wealth of experience that will serve Navy Federal well,” said Navy Federal President and CEO Mary McDuffie. “I know with his proven track record, John will hit […]
Skience names new president and COO
Marc Butler, who has held executive roles at Bank of New York Mellon Corp., will join Skience as the Herndon-based wealth management firm’s president and chief operating officer, the company announced Monday. Butler was most recently COO and managing director of BNY Mellon/Albridge and held other leadership roles at BNY Mellon/Pershing. At Skience, which was […]
Blue Ridge, Bay Banks announce merger
Charlottesville-based Blue Ridge Bankshares Inc., the parent holding company of Blue Ridge Bank, announced Thursday it will merge with Richmond-based Bay Banks of Virginia Inc., parent holding company of Virginia Commonwealth Bank, in an all-stock transaction to create a bank with pro forma total market capitalization of nearly $200 million. Under the terms of the […]
UR hires president, CIO of endowment management company
William H. McLean has been named president and chief investment officer of Spider Management Co., which oversees the University of Richmond’s approximately $2.5 billion endowment, the university announced Tuesday. He will start his five-year appointment Jan. 1, 2021. Rob Blandford, the current president and CIO, will serve[...]
Capital One fined $80M for 2019 data breach
Federal bank regulator the Office of the Comptroller of the Currency announced Thursday it has fined McLean-based Capital One Financial Corp $80 million for what it calls unsafe and unsound information technology practices tied to computing operations in its cloud environment. Capital One is the largest bank in Virginia, according to 2019 deposits. In 2019, […]
California PPE supplier sues Chain Bridge Bank
A California medical supply company is suing McLean-based Chain Bridge Bank, alleging the bank was responsible for destroying the company’s reputation and making it lose a $600 million state contract for personal protective equipment. In the lawsuit, Blue Flame Medical claims that Chain Bridge Bank told California officials th[...]
Blurred lines?
The battle between banks and credit unions is flaring up again and it could wind up before the Supreme Court of Virginia. Bankers say nonprofit credit unions are morphing into roles that look like traditional banks, becoming larger than many community banks while facing lighter tax and regulatory burdens, giving the credit union[...]
