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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 [...]
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[...]
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 […][...]
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 […]
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[...]
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 […]
TowneBank promotes exec to senior VP
Portsmouth-based TowneBank promoted Keith Robinson to senior vice president and indirect sales manager, the bank announced Wednesday. Robinson has been with the bank for 18 years and previously led dealer services and indirect lending marketing and sales in the Hampton Roads, Richmond and North Carolina markets. He also previous[...]
Financial losses
When one of Caroline County’s two banks, Virginia National Bank, shut its doors six years ago, Gary Wilson, the county’s director of economic development, wanted to do something about it. He launched a widespread effort to find a second banking institution to open a branch in Caroline, which is sandwiched between Fre[...]
Richmond-based investment nonprofit to manage $33M guarantee pool
Richmond-based LOCUS Impact Investing, a subsidiary of Virginia Community Capital, will manage a newly formed $33.1 million national guarantee pool to encourage community development, according to a press release Tuesday. The Community Investment Guarantee Pool has $33.1 million in unfunded guarantee commitments from the endowments of 10 philanthropic organizations, which help mitigate investment risks. The […][...]
Matrix Capital Markets Group adds two directors
Richmond-based independent investment bank Matrix Capital Markets Group Inc. has promoted William J. O’Flaherty and Stephen C. Lynch as directors. O’Flaherty has been a member of the investment bank’s consumer and industrial products group since 2011. He holds a bachelor’s degree in commerce with a concen[...]
Yount, Hyde and Barbour acquires Woodcock & Associates PC
Winchester-based accounting and consulting firm Yount, Hyde and Barbour (YHB) has acquired Fredericksburg-based accounting firm Woodcock & Associates PC, YHB announced late last week. Financial terms of the acquisition were not disclosed. Woodcock & Associates specializes in construction accounting and has worked with cl[...]
Breakout Capital promotes McLean Wilson to CEO and president
McLean-based financial services company Breakout Capital LLC has promoted McLean Wilson from chief credit officer to chief executive officer and president, the company announced Jan. 14. Wilson joined Breakout — which provides capital loans and underwriting to small businesses —in 2016 as the company’s first lender. [...]
