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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[...]
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[...]
Members only
Credit unions in Virginia would like to grow their membership, but a rule change relaxing the state’s policy is not in the cards this spring. This year’s short General Assembly session — in an election year with a split legislature — makes it harder to pass bills with any controversial elements, and any major expansion [[...]
State’s oldest bank to trade on Nasdaq
In 1858, the Mount Vernon Ladies’ Association bought George Washington’s former home, seeking to preserve the historic estate for a country on the brink of civil war. A key player in this transaction was Alexandria-based Burke & Herbert Bank & Trust Co., which also protected the association’s assets during the Civi[...]
Atlantic Union Bank names CIO
Matt Linderman is Atlantic Union Bank’s new chief information officer, the bank’s Richmond-based holding company, Atlantic Union Bankshares Corp., announced Friday. Linderman was previously the chief technology officer of PNC Financial Services Group Inc. Prior to that, he was PNC’s senior vice president of data center and[...]
Report: Capital One cuts 1,100 jobs
According to a report Friday in Bloomberg, McLean-based Capital One Financial Corp. eliminated more than 1,100 technology positions this week. The McLean-based Fortune 500 banking company confirmed in a statement that it has cut jobs but declined to disclose how many and where. “These associates are located throughout our [...]
TowneBank completes Farmers Bank acquisition
Suffolk-based TowneBank has completed its acquisition of Windsor-headquartered Farmers Bankshares Inc., the parent company of Farmers Bank, TowneBank announced Tuesday. The $56 million deal created a combined company worth $17.5 billion in total assets, loans of $10.9 billion and $14.5 billion. It adds Isle of Wight and Southamp[...]
Barkin: Inflation improving but not yet low enough
With inflation decreasing but still not at its 2% target, the Federal Reserve still needs “to stay on the case,” Federal Reserve Bank of Richmond President and CEO Tom Barkin said Thursday at a conference hosted in Richmond by the Virginia Bankers Association and the Virginia Chamber of Commerce. Inflation continued [...]
Atlantic Union transferring stock listing to NYSE
Atlantic Union Bankshares Corp., the Richmond-based holding company for Atlantic Union Bank, announced Friday it is transferring the listing of its common stock and depositary shares from the Nasdaq to the New York Stock Exchange. The bank’s first day of trading on the NYSE is Jan. 18. “We are excited to join the NYSE al[...]
TowneBank promotes HR chief to COO
TowneBank has promoted R. Lee Clark from chief human resources officer to chief operating officer, the Suffolk-based bank announced Thursday. In this role, Clark will continue to oversee human resources and will be responsible for bank operations. He’ll also become a member of the corporate management team. “Throughout his c[...]
Burke & Herbert Bank holding company elects new chair
Burke & Herbert Financial Services Corp. announced that President and CEO David P. Boyle will be chair of the board effective Jan. 1, 2023, the Alexandria-based holding company for Burke & Herbert Bank & Trust Co. announced Friday. Boyle joined the bank in 2019 and has been a bank director since 2020. He succeeds E. [...]
