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Economy healthy but more work is needed, Barkin says
The U.S. economy is showing signs of health, but bringing down inflation remains necessary, Federal Reserve Bank of Richmond President and CEO Tom Barkin said Thursday during the 2024 Financial Forecast event co-hosted in Richmond by the Virginia Bankers Association and the Virginia Chamber of Commerce. Economic conditions have[...]
Virginia Credit Union, Member One announce merger
Chesterfield County-based Virginia Credit Union and Roanoke-based Member One Federal Credit Union announced plans to merge Thursday, a deal that would create the state’s third largest credit union, with a combined $6.7 billion in assets and 500,000 members. VACU is currently the fourth largest Virginia-based credit union, [...]
Jim Price Auto Group sells last dealership
Charlottesville-based Jim Price Auto Group has sold its Chevrolet dealership — its final franchise — to Malloy Auto Group. Financial terms of the transaction were not disclosed. Price Chevrolet is located on more than 10 acres on Seminole Trail in Charlottesville, according to a Tuesday news release from auto dealer sell-side adviser Kerrigan Advisors, which […]
Bon Secours VP named American Diabetes Association board chair
Rhodes B. Ritenour, Bon Secours’ Richmond market vice president for external and regulatory affairs, is the 2024 board chair of the American Diabetes Association, the Arlington County-based nonprofit announced Thursday. A former deputy state attorney general, Ritenour has lived with type 1 diabetes since age 5 and served a[...]
ODEC names two C-suite execs
Glen Allen-based Old Dominion Electric Cooperative has named Jack Robb as its chief legal officer and senior vice president, and Chris Cosby as chief operations officer, the not-for-profit cooperative announced Monday. Robb joined ODEC as deputy chief legal officer last year, but before that, spent a decade serving as outside co[...]
Northwestern Mutual names Richmond managing partner
Northwestern Mutual named Heather Zepeda as managing partner of its network office in Richmond on Monday. She will oversee the offices in Richmond, Charlottesville, the Shenandoah Valley, Virginia Beach and Williamsburg. Zepeda joined the financial security company in 2010 after a legal career. She worked as managing director of[...]
Marwaha adds Petersburg apartments to portfolio
Henrico County-based real estate investment and management company Marwaha Investments purchased a 34-unit apartment building across the street from its other properties in Petersburg and intends to rebrand it as part of Dunlop Street Lofts. The nearly 35,000-square-foot building, located at 310 N. Dunlop St., has apartments bet[...]
U.Va. receives $5M donation for business ethics professorship
The former president and CEO of Canadian Tire Corp. and his wife have committed $5 million to establish a University of Virginia Darden School of Business professorship focused on business ethics. U.Va. President Jim Ryan announced the donation by Stephen and Phyllis Bachand to the Darden School Foundation on Dec. 19, 2023. The [...]
Richmond biotech company to buy contraceptive biz for $100M
Aditxt, a biotech company based in Richmond, expects to purchase California-based contraceptive maker Evofem Biosciences for $100 million, taking on the business’s debt of up to $18 million, according to Aditxt’s announcement. Both companies’ boards have unanimously approved the acquisition, which is expected to close in the first half of the year. Evofem produces Phexxi, […][...]
Blackstone vertiport receives landmark approval
Move over, North Carolina. The Tar Heel State may have been first in flight, but Virginia landed a first for the advanced air mobility industry in September 2023 when the U.S. Federal Aviation Administration granted conditional approval for the nation’s first public-use vertiport, a landing and launch site for electric ver[...]
Meat processor to build $1.7M Prince Edward facility
A halal meat business, 5 Pillar Meats, will invest more than $1.7 million to build an abattoir and red meat processing facility in Prince Edward County, a project expected to create 12 jobs, Gov. Glenn Youngkin announced Thursday. The new building, which will be located on a 3-acre site in the Prince Edward County Business […]
Wholesale electrical distributor plans Va. expansion
Cooperative Electric Energy Utility Supply (CEEUS), a South Carolina-based electrical distributor that serves cooperatives, municipals and investor-owned utilities, plans to invest $37 million into a new 187,000-square-foot warehouse and distribution facility in Hanover County, creating 30 jobs, Gov. Glenn Youngkin announced Thu[...]
