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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 […][...]
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 […]
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 […]
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[...]
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 […]
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 […][...]
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 [...]
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 […][...]
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 […]
Banks see online banking outages as stimulus checks drop
Some of the top banks in Virginia in terms of 2019 deposits reported issues with customers being unable to access their online banking accounts Wednesday — the same day that millions of Americans expected to receive federal stimulus checks of at least $1,200 deposited into their accounts. “Downtime for banking systems is[...]
TowneBank moving closer to Norfolk Southern Tower purchase
Suffolk-based TowneBank is moving closer to purchasing the 22-story Norfolk Southern Tower, reaching an agreement to purchase a nearby downtown Norfolk parking garage for $8.5 million. TowneBank hopes to close on the parking garage and the Norfolk Southern building this summer, TowneBank spokesperson Joel Rubin said Thursday. T[...]
‘Talk to your banker today,’ Va. Bankers Assoc. president says
Virginia Business virtually sat down with Virginia Bankers Association President and CEO Bruce Whitehurst and Chairman Jeff Haley, who is also president and CEO of Danville-based American National Bank & Trust Co. This is part of an ongoing series of conversations with Virginians about how their work lives and businesses ha[...]
