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Money

Jun 23, 2020

Virginia Bankers Association elects new board officers

The Virginia Bankers Association (VBA) announced Tuesday the newly elected officers for its 2020-21 board of directors: Chairman John C. Asbury and Chairman-Elect Leton L. Harding Jr. Asbury has been the president and CEO of Richmond-based Atlantic Union Bankshares Corp. since October 2016, and has served as CEO of its holding company since January 2017. […]

Jun 17, 2020

Chicago company acquires Reston-based PagnatoKarp

Reston-based wealth management firm PagnatoKarp has been acquired by Chicago-based Cresset Asset Management, the companies announced Wednesday.  A transaction amount was not disclosed, but with the acquisition of PagnatoKarp, Cresset now has $9.5 billion in assets under management. PagnatoKarp had $2.3 billion in assets under management prior to the acquisition.  “PagnatoKarp was born during the Great […][...]

Sovan Shatpathy
Jun 10, 2020

Navy Federal Credit Union taps new CTO

Navy Federal Credit Union has hired Amtrak’s chief technology officer, Sovan Shatpathy, to serve as its new CTO, leading the credit union’s information services department. “Our ISD teams are behind nearly all of the technology our members and employees use,” said Navy Federal’s chief information officer, T[...]

Jun 3, 2020

Freddie Mac names new CFO

Tysons-based Freddie Mac announced that Christian M. Lown will become the Fortune 500 company’s executive vice president and chief financial officer, effective June 15. Previously the executive vice president and CFO for Navient Corp., Lown succeeds interim CFO Donald F. Kish, who will continue serving as Freddie Mac’s senior vice president, corporate controller and principal […][...]

May 19, 2020

Goldman Sachs to acquire McLean financial firm

McLean-based online financial services company Folio Financial Inc. announced Tuesday it will be acquired by New York City-based The Goldman Sachs Group Inc. Both companies provide investment management, asset management and brokerage services. Financial terms of the transaction were not disclosed.  Acquisition discussions began in 2019, and the transaction is expected to close by the […]

May 5, 2020

Virginia banks have processed $3.97B+ in SBA PPP loans

UPDATED MAY 7 Since the second round of funding for the Small Business Administration’s Paycheck Protection Program (PPP) launched on April 27, Virginia banks have processed more than 46,000 loan applications for the COVID-19 relief funding for small businesses, totaling more than $3.97 billion as of May 1, according to SBA data. “All Virginia banks […]

Apr 29, 2020

McLean investment bank names head of security practice

McLean-based middle-market investment bank The McLean Group LLC announced Tuesday that Marc Gruzenski has been named as the head of its security practice.  Gruzenski was most recently the director of global security technology and director of information protection for The Walt Disney Co. He has also worked as the chief of inte[...]

Apr 24, 2020

More small-business relief funds on the way

President Donald Trump on Friday signed a bill that allocates an additional $320 billion to the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) — and Virginia banks are poised to resume making loans and taking applications Monday. The SBA approved 1.7 million loans before the initial $349 billion small-business relief fund ran out after […]

Apr 17, 2020

SBA Paycheck Protection Program loaned nearly $9B to Va. businesses

Before the Small Business Administration’s (SBA) $349 billion Paycheck Protection Program (PPP) relief fund ran out Thursday morning, Virginia banks processed more than 40,000 applications totaling nearly $9 billion, the Virginia Bankers Association announced Friday evening.  Small businesses that received the forgivable loans are allowed to use the funds to meet payroll costs and pay […][...]

Apr 17, 2020

Va. Beach real estate investment company names new managing principal, CIO

Virginia Beach-based real estate investment company Croatan Investments announced Monday that Eric Smith will serve as its new managing principal and chief investment officer. Smith was most recently the chief operating officer and CIO at Armada Hoffler Properties, also in Virginia Beach.  During his career, he’s worked with [...]

Apr 16, 2020

SBA Paycheck Protection Program runs dry, as expected

The Small Business Administration’s (SBA) $349 billion Paycheck Protection Program (PPP) relief fund officially ran dry Thursday morning, as expected.  “The SBA is currently unable to accept new applications for the Paycheck Protection Program based on available appropriations funding,” according to the SBA’s PPP page. Small businesses that receive the forgivable loans are allowed to […][...]

Apr 15, 2020

SBA Paycheck Protection Program funds could run out by Thursday

The Small Business Administration’s (SBA) $349 billion Paycheck Protection Program (PPP) relief fund is expected to be exhausted by early Thursday. Since the application process for the fully forgivable loans opened on April 3, Virginia banks have been flooded with nearly 30,000 applications totaling $6.6 billion worth of requests from small businesses hurt by the […]

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