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Carrie Hunt, president and CEO of the Virginia Credit Union League, says that many Virginians live in banking deserts. Photo by Caroline Martin
Jan 30, 2023

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 [[...]

Jan 30, 2023

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[...]

Matt Linderman. Photo courtesy Atlantic Union Bank
Jan 27, 2023

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[...]

McLean-based banking and credit card company Capital One expects to bring employees back on a hybrid basis starting Sept. 6. Photo courtesy Capital One Financial Corp.
Jan 20, 2023

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 [...]

Jan 17, 2023

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[...]

Jan 12, 2023

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 [...]

Jan 6, 2023

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[...]

Jan 5, 2023

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[...]

David Boyle. Photo courtesy Burke & Herbert Bank & Trust Co.
Dec 19, 2022

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. [...]

Dec 5, 2022

U.Va. credit union names new COO

The University of Virginia Community Credit Union in Charlottesville has named Belinda Tucker as chief operating officer, the institution announced Monday. Tucker will report directly to Susan Gruber, the credit union’s president and CEO. In her new role, Tucker will support the credit union’s marketing, retail deliv[...]

“Market declines do not destroy wealth; how we behave when markets decline is what destroys wealth,” says Stephan Q. Cassaday of McLean-based Cassaday & Co. Photo by Will Schermerhorn
Nov 29, 2022

Staying the course

A tanking economy. Rampant inflation. Whiplash in the stock market. What’s an investor to do? Look for opportunities to rebalance portfolios but, in general, hang tight, wealth management professionals say. Or, as one adviser says, buckle up for a roller coaster ride. The economy is likely to worsen, experts say, and despite d[...]

Nov 29, 2022

Navigating metaverse investments

Investors itching to get in on the latest tech trend are zooming in on the metaverse — a presumed future virtual or mixed reality iteration of the internet in which users would navigate 3D environments for working, shopping, socializing and entertainment. By some estimates, the metaverse market could balloon to $5 trillion in [...]

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