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Money

Apr 27, 2023

CarLotz, Need Supply founders launch schools startup

For about a decade after meeting at a business function, Michael Bor and Chris Bossola met for lunch periodically, swapping stories about their shared experiences in launching and scaling companies. Their conversations eventually landed on what they say could transform funding for public schools nationwide. The two have plenty o[...]

Apr 19, 2023

Fed 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) has contracted slightly since March, according to the latest edition of the Federal Reserve’s Beige Book, released Wednesday. Published eight times per year, the Beige Book[...]

Apr 12, 2023

Paymerang acquires Aussie AI data platform

Chesterfield County-based payment and invoice automation company Paymerang LLC has acquired Australian-based artificial intelligence data extraction and analysis platform Sypht and the assets of KwikTag, an invoice automation company, Paymerang announced Tuesday. Paymerang acquired both from Tempe, Arizona-based tech firm enChoice Inc. Terms of the deals were not disclosed and the acquisitions were completed April […][...]

“It’s a war. Everyone is fighting for the same talent,” says Fran Randall, Richmond market leader for Forvis. About 300,000 U.S. auditors and accountants left the workforce since 2020. There were about 1.5 million auditors and accountants working nationally last year. Photo by Caroline Martin
Mar 30, 2023

Falling short

In the accounting field, the books are out of balance. Demand for the profession’s services is rising, which is one for the assets column, but on the debit side of the ledger, the number of people willing and able to provide those services is dropping so alarmingly that some firms are being forced to turn […]

Mar 30, 2023

Barkin: Raising interest rates is correct course

As inflation remains high and the fallout from recent bank failures seems contained, the Federal Reserve Bank has good reason to continue raising interest rates, Federal Reserve Bank of Richmond President and CEO Tom Barkin said Thursday in a speech to the Virginia Council of CEOs at the University of Richmond. “It is worth [...]

Mar 14, 2023

Layne, Perry named to TowneBank corporate board

Suffolk-based TowneBank has named Aubrey L. Layne Jr., executive vice president of governance and external affairs for Sentara Healthcare, and Suburban Capital founder and CEO Christopher Perry to its corporate board of directors, the bank announced Tuesday. Layne, who chairs the Virginia Port Authority’s board of commissioner[...]

Mar 13, 2023

Va. bankers say they’re not worried by SVB collapse

Last weekend was pretty tense for bankers, even for those leading institutions quite distant and different from Silicon Valley Bank, which Friday became the second largest bank to fail in U.S. history. Federal regulators shut down SVB after a run on the bank. By Sunday, regulators also shut down New York’s Signature Bank, [...]

Robin Cooke. Photo courtesy TowneBank
Mar 2, 2023

TowneBank announces three promotions

TowneBank has promoted two presidents to new roles and appointed a president for its new region, the Suffolk-based bank announced Monday. Robin Cooke now serves as the president of retail banking. She was formerly president of the bank’s Portsmouth/Suffolk region, a role that C. Ross Morgan will fill in addition to maintaining[...]

Liberty University Freedom Tower
Mar 1, 2023

Liberty to pay off $189M in bonds early

Liberty University plans to pay off more than $189 million in taxable bonds next month, according to paperwork filed Wednesday by the Bank of New York Mellon Trust Co. NA. The prices will be set March 31, which will include accrued interest. Liberty issued a $100 million bond in 2012 with a 5.1% interest rate, […]

Feb 27, 2023

Crying wolf?

It’s “the most predicted potential recession in memory,” Federal Reserve Bank of Richmond President and CEO Tom Barkin quipped in January, but it hasn’t happened yet. Maybe. During the first half of 2022, surveys of consumers and CEOs showed they were worried about a recession coming on the heels of a 40-year peak in inf[...]

Feb 27, 2023

The Big Book: Accounting Firms

To purchase the complete list, click here.   

Tom Milburn (R) will assume the role of CEO after Scott Moulden's term ends in fall 2022. Photo courtesy YHB
Feb 7, 2023

YHB chooses next CEO

Winchester-based accounting and consulting firm Yount, Hyde & Barbour Principal Tom Milburn will become the firm’s CEO on Oct. 1, succeeding CEO Scott Moulden. YHB announced Milburn’s election by its board on Tuesday. “As part of our new strategic plan, the YHB board recognized that there is value to identifying the n[...]

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