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TowneBank to acquire Village Bank for $120M
Suffolk-based TowneBank has signed a definitive agreement to acquire Midlothian’s Village Bank and its parent company, Village Bank and Trust Financial, a deal worth approximately $120 million, the banks announced Tuesday. “Our TowneBank family is humbled and excited to partner with Village Bank and its team members,” Town[...]
Colbert leaves as CEO of Boeing’s defense, space sector
Theodore “Ted” Colbert III is no longer president and CEO of Boeing Defense, Space & Security, the Arlington County aircraft and aerospace manufacturer reported in a Securities and Exchange Commission filing Friday evening, Sept. 20. The announcement comes weeks after NASA decided it was unsafe to send two U.S. a[...]
Chain Bridge Bancorp plans to go public
Chain Bridge Bancorp, the McLean holding company for Chain Bridge Bank, National Association, is planning to go public. On Friday, the company filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering of Class A common stock. The number of shares and price range for the IPO[...]
Judge approves LL Flooring’s sale of Sandston plant, assets
A Delaware Bankruptcy Court judge on Monday approved the sale of 219 LL Flooring stores to an entity connected to F9 Group, which is owned by Lumber Liquidators founder and former CEO Thomas Sullivan. The court also OK’d the $104.75 million sale of the bankrupt flooring company’s eastern Henrico County distribution c[...]
VACU names Member One regional head for Roanoke, Lynchburg
Tim Rowe will be president of Virginia Credit Union division Member One’s markets in the Roanoke and New River valleys and Lynchburg, as the former Roanoke credit union integrates with VACU. Member One Federal Credit Union and VACU finalized their merger Aug. 1, creating a combined institution with 500,000 members and $7[...]
OpTech expanding Loudoun satellite plant
Optimum Technologies, a Sterling space flight hardware designer and manufacturer, plans to expand its Loudoun County satellite manufacturing plant, a project expected to create 40 jobs, Gov. Glenn Youngkin announced Monday. Known as OpTech, the company will invest $999,000 in the expansion, according to the governor’s offi[...]
Virginia Realtors CEO retires
Virginia Realtors CEO Terrie L. Suit is retiring after 11 years heading the state’s largest trade association, according to a Sept. 14 announcement. Glen Allen-based Virginia Realtors, which represents 36,000 Realtors, has appointed Martin K. Johnson as interim CEO. He has held varying roles with the association, including sen[...]
NoVa, Hampton Roads home sales decline in August
Home sales in Northern Virginia and Hampton Roads dropped year-over-year and month-over-month in August, although inventory and selling prices in both regions increased from the same time last year. Northern Virginia August home sales in Northern Virginia dropped 8.1% from August 2023, according to data released Sept. 12 by the [...]
Boar’s Head to indefinitely shutter Va. facility tied to fatal listeria outbreak
Deli meat company Boar’s Head Provisions Co. is indefinitely shutting down its meat production facility in Jarratt, the source of a listeria outbreak that killed at least nine people and hospitalized 57 others. The plant has not been operating since late July. The Centers for Disease Control and Prevention opened an investigat[...]
Navient faces $120M fine, ban over student loan abuse claims from consumer watchdog
The Consumer Financial Protection Bureau filed a proposed order Thursday to permanently ban Herndon-based Navient, formerly the nation’s largest student loan servicer, from servicing federal student loans and fine the company $120 million. “These bans would largely remove Navient from a market where it, among other i[...]
ATCC expanding presence in Prince William County
Gov. Glenn Youngkin announced Thursday that American Type Culture Collection (ATCC) plans to expand its bioresource center campus in Prince William County, investing $54.7 million and creating an expected 75 jobs. The project will include a new biomanufacturing facility focused on global health. “ATCC is a world-class resource for scientists performing vital research to solve […]
Va. Chamber president and CEO to retire
Virginia Chamber of Commerce President and CEO Barry DuVal plans to retire in early 2025, the chamber announced Thursday. DuVal became head of the chamber in April 2010. During his 14-year tenure, the business advocacy organization has grown from around 1,000 members to more than 32,000. “During his tenure with the Virginia Ch[...]
