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Many banking customers experienced problems accessing their accounts on April 15.
Apr 15, 2020

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[...]

Apr 3, 2020

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[...]

Bruce Whitehurst, president and CEO of Virginia Bankers Association, working from home. Photo courtesy Whitehurst.
Mar 30, 2020

‘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[...]

The next generation of CPAs will need to be able to use information, not just memorize the tax code, says Richard Groover, former chairman of the Virginia Society of CPAs. Photo by Mark Rhodes
Mar 29, 2020

They say they want an evolution

Forget the CPA number nerds of the past with pencil marks on their starched white shirts. Tomorrow’s CPAs will be better versed in information technology, analysis and problem-solving techniques. An evolution is taking place in the accounting industry to enhance analytical and critical thinking skills among future certified pu[...]

Truist sign
Mar 25, 2020

Truist commits $2M to small businesses hurt by pandemic

Truist Financial Corp. is donating $2 million to community development financial institutions to support grants to small businesses impacted by the COVID-19 pandemic in states served by the bank. “Small businesses are significantly affected by the steps the nation is taking to combat COVID-19, and it’s important we s[...]

Gary Thomson, Thomson Consulting LLC managing partner, telecommuting.
Mar 24, 2020

‘We’re going to be here to help you’

Virginia Business virtually sat down with Gary Thomson, managing partner of Richmond-based Thomson Consulting LLC and chairman of the board of the Virginia Society of Certified Public Accountants, to get a feel for how the accounting industry has adapted to doing business during the coronavirus crisis. This is the first of a ser[...]

Mar 23, 2020

Va. banks stay open for business, but close lobbies

Virginia banks are open for business during the coronavirus crisis, but many are practicing social distancing by closing their lobbies to the public and only allowing in-person visits by appointment. “Providing safe and reliable service is a key priority for every one of our banks, especially in challenging times,” Virginia [...]

Mar 1, 2020

Steady as she goes

A presidential election. International trade conflicts. Fear of recession. There are plenty of circumstances that could shift the stock market and shake up investments in 2020. Yet consumers should not allow developments nationally and globally to influence their investment choices, say some Virginia wealth advisers who are list[...]

Feb 27, 2020

The Brink’s Co. acquires UK company for $860M

Henrico County-based secure transportation and logistics company The Brink’s Co. will purchase United Kingdom-based security and cash management company G4S plc for $860 million, the company announced Wednesday. This will be the company’s 14th acquisition since March 2017. Brink’s primarily offers secure cash transit via armored trucks and other cash management services to companies in […][...]

Feb 26, 2020

Alexandria venture capital firm secures $350M in funding

Alexandria-based boutique venture capital firm QED Investors secured $350 million in funding for fintech companies in North America, South America and the United Kingdom, the company announced Wednesday, making it the sixth round of funding in the firm’s 12-year history. QED was co-founded in 2007 by Frank Rotman and Capital One Financial Corp. co-founder Nigel […]

Feb 20, 2020

Morgan Stanley to acquire E-Trade for $13B

New York City-based wealth management company Morgan Stanley will acquire Arlington-based E-Trade Financial Corp. under a $13 billion definitive agreement expected to close in the fourth quarter of this year, the companies announced Thursday. E-Trade stockholders will receive 1.0432 Morgan Stanley stares for each of their E-Trad[...]

A licensed lender in Richmond which issues consumer lending, such as payday loans. Photo by Emma Gauthier, Capital News Service.
Feb 11, 2020

Lawmakers advance bills regulating consumer lending

RICHMOND, Va. — Del. Mark Levine recalls receiving a $1,000 loan offer from a company with a 299% interest rate buried deep in the fine print. “As the company compounds daily at this interest rate, this loan would cost anyone desperate enough to accept this offer more than $20,000 in interest and fees if they […]

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