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TowneBank to acquire Village Bank for $120M
Suffolk-based TowneBank has signed a definitive agreement to acquire Midlothian’s Village Bank and its parent company, Village Bank and Trust Financial, a deal worth approximately $120 million, the banks announced Tuesday. “Our TowneBank family is humbled and excited to partner with Village Bank and its team members,” [...]
Chain Bridge Bancorp plans to go public
Chain Bridge Bancorp, the McLean holding company for Chain Bridge Bank, National Association, is planning to go public. On Friday, the company filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering of Class A common stock. The number of shares and price range for the IPO[...]
VACU names Member One regional head for Roanoke, Lynchburg
Tim Rowe will be president of Virginia Credit Union division Member One’s markets in the Roanoke and New River valleys and Lynchburg, as the former Roanoke credit union integrates with VACU. Member One Federal Credit Union and VACU finalized their merger Aug. 1, creating a combined institution with 500,000 members and $7[...]
Navient faces $120M fine, ban over student loan abuse claims from consumer watchdog
The Consumer Financial Protection Bureau filed a proposed order Thursday to permanently ban Herndon-based Navient, formerly the nation’s largest student loan servicer, from servicing federal student loans and fine the company $120 million. “These bans would largely remove Navient from a market where it, among other i[...]
VACUL announces intent to merge with regional group
The Virginia Credit Union League has signed a letter of intent to consolidate with the League of Southeastern Credit Unions & Affiliates, the trade organization representing credit unions in Alabama, Florida and Georgia. Virginia credit unions will decide this fall whether to merge VACUL’s associations, foundations and[...]
Community banking association head Yeakel to retire; successor named
Steve Yeakel, president and CEO of the Henrico County-based Virginia Association of Community Banks, announced Tuesday he will retire at the end of the year, and will be succeeded by Corey Connors, executive director of the Virginia Forestry Association. Connors will join the professional organization in September and assume dut[...]
Va. job creation up in July, but filling jobs remains challenge
Total payroll employment in Virginia grew by 4,800 jobs in July, the Federal Reserve Bank of Richmond reported in its regional economic snapshot Friday, but some employers are having difficulty filling jobs. A U.S. Bureau of Labor Statistics survey released Tuesday said that the number of hires in Virginia in June dropped by 33,[...]
Appalachian Community Capital to launch Green Bank
Appalachian Community Capital, the Christiansburg-based community development financial institution for the Appalachian Valley, plans to launch the Green Bank for Rural America with a $500 million award from the Environmental Protection Agency, it announced Friday. Focused on financing up to 2,000 new energy projects that could [...]
Glen Allen’s Dynex Capital names co-CEO
Glen Allen’s Dynex Capital has named Smriti Laxman Popenoe its co-CEO, the real estate investment trust announced in July. With more than three decades of experience in capital markets and investing, Popenoe will lead with Byron Boston, who remains chairman and co-CEO. Popenoe also will remain president and chief investm[...]
Virginia Credit Union-Member One merger approved
Virginia Credit Union’s merger with Roanoke-based Member One Federal Credit Union was finalized Thursday, following a vote by Member One’s customers to approve the deal announced in January. Effective Thursday, Member One becomes a division of VACU “as the organization works toward full integration of its syste[...]
Merger mania
Banking mergers and acquisitions are picking back up again after the slowest year in recent history, and Virginia is no exception. Last year marked a modern low in merger and acquisition activity, with only 98 deals completed nationwide. That’s not just the lowest level of activity since the pandemic — it’s the slo[...]
Grant Thornton taps new D.C. market managing principal
William “Bill” Marx Jr. is Grant Thornton’s new market managing principal for the Washington, D.C., area, the Chicago-based U.S. arm of the global accounting firm network announced Wednesday. Marx succeeds Greg Wallig, who was the company’s metro D.C.-Arlington County market managing principal and added the role [...]
