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Forvis to acquire Mazars’ U.S. operation
Top 10 U.S. accounting firm Forvis, which has about 270 employees in Virginia, announced Wednesday it will acquire Paris-based audit, tax and advisory firm Mazars’ U.S. arm, creating a new top 10 global accounting network to be known as Forvis Mazars. The merger is set to go in effect June 1, 2024, and the combined [&helli[...]
Fed’s Fifth District economy shrinks slightly
The economy in the Federal Reserve’s Fifth District (a multistate region including Virginia, North Carolina, South Carolina, West Virginia and Maryland) contracted slightly in recent weeks, according to the latest edition of the Federal Reserve’s Beige Book, released Wednesday. Published eight times per year, the Beige Book[...]
Old Point National Bank hires new CFO
Hampton-based Old Point Financial has named Paul M. Pickett senior vice president and chief financial officer of Old Point National Bank, effective Oct. 24, the bank announced Wednesday. Pickett joins Old Point National Bank from Richlands-based First Sentinel Bank, a subsidiary of First Region Bancshares, where he had also been[...]
Atlantic Union CEO tapped as American Bankers Assoc. chair-elect
Atlantic Union Bankshares CEO John C. Asbury is the 2023-2024 chair-elect for the American Bankers Association. ABA announced its new board officers and directors on Tuesday, following its annual convention in Nashville, Tennessee. Asbury was the ABA’s 2022-2023 vice chair. He’s a past chairman of the Virginia Bankers Associ[...]
Primis Bank names new president
Rick A. Fulk has been promoted to president of Glen Allen-based Primis Bank, a wholly owned subsidiary of McLean-based Primis Financial, the bank announced Wednesday. “Rick’s promotion to president of our most important division is an exciting moment for our company and demonstrates our commitment to have the bank be the primary driver of our […]
Bank of America names new Hampton Roads president
Tyrone Noel has been named president of the Hampton Roads region for Bank of America, the bank announced Thursday. As president, Noel will lead 500 employees and operations across the Hampton Roads market and be responsible for growing market share and driving integration across the bank’s eight business lines. He will als[...]
Wells Fargo to launch $87M expansion in Roanoke County
San Francisco-based Wells Fargo will spend $87 million to modernize and expand its Roanoke County customer support center, adding 1,100 jobs in a deal that will make the bank the county’s largest employer. The deal is also the largest project employment announcement in the county’s history, as well as its largest commercial office investment, Gov. […]
Chartway Credit Union names chief legal officer
Melissa Stratton Moffa is Chartway Credit Union’s new chief legal officer, the Virginia Beach-based credit union announced Tuesday. Moffa was most recently Tysons-based Pentagon Federal Credit Union’s senior director, associate general counsel and privacy officer. “We are thrilled to have Melissa on board. Her experien[...]
Fed Fifth District economy grows slightly
The economy in the Federal Reserve’s Fifth District (a multistate region including Virginia, North Carolina, South Carolina, West Virginia and Maryland) grew slightly in recent weeks, according to the latest edition of the Federal Reserve’s Beige Book, released Wednesday. Published eight times per year, the Beige Book is ba[...]
NoVa Forvis partner elected to nonprofit board
Rob Hartnett, a partner at the Tysons location of accountancy firm Forvis, has been elected to the Hedge Fund Association’s board of directors. Hartnett is a tax partner with Forvis’ asset management practice. The nonprofit Hedge Fund Association lobbies to advance transparency, development and trust in investments i[...]
8 Va. companies make 2023 Fortune Global 500
Eight Virginia-based companies made Fortune magazine’s 34th Global 500 list, released Tuesday, notably including the newly renamed RTX and Boeing Co. as Virginia’s second and third highest-ranking companies, both of which are also newcomers to the state, having moved their headquarters to Arlington County last year. Freddie[...]
Surge of credit card defaults ahead?
Americans owe an all-time high of nearly $1 trillion on their credit cards, setting the stage for a possible surge in consumer delinquencies and defaults. “There are nascent signs of trouble brewing,” investment firm Glenmede Trust Co. warned in an April research note. “An ever–larger share of credit balances have transi[...]
