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$120M TowneBank-Village Bank acquisition approved by state, FDIC

Suffolk-based ‘s $120 million acquisition of ‘s Village and Trust Financial Corp. has been approved by the FDIC and the , clearing the way for a completed in early April, the two banks said Tuesday.

Announced in September 2024, the combined bank, which will still be known as TowneBank, will have total assets of approximately $17.8 billion, $14.9 billion in deposits and $12.1 billion in loans, based on financial information reported as of June 30, 2024.

Founded in 1999, TowneBank has more than 50 locations across Central and Eastern Virginia and North Carolina, and it will add ‘s nine branch offices serving the greater Richmond area and Williamsburg. Following the , those locations will operate as “Village Bank, a Division of TowneBank,” until mid-June, when the core systems and operations will be folded into those of TowneBank.

As of Dec. 31, 2024, TowneBank had total assets of $17.25 billion, and it is the second largest bank headquartered in Virginia, with $10.68 billion in deposits as of June 30, 2024.

Randolph-Macon College names next president

Ashland’s has chosen Michael E. Hill as its 16th president, effective Aug. 1, the college announced Tuesday.

Hill is currently president of Chautauqua Institution, a western New York nonprofit educational institution for children and adults that runs extensive theater, music and other arts programming during its nine-week summer season.

He will succeed Randolph-Macon President Robert R. Lindgren, who is retiring in July after nearly 20 years.

Hill previously led the nonprofit Youth for Understanding USA and served in senior roles at United Cerebral Palsy, Washington National Cathedral and The Washington Ballet. He was also a founding faculty member at George Mason University’s master of arts management program, where he taught in an adjunct role for more than a decade and was named faculty member of the year in 2011, according to RMC’s news release.

He is an alumnus of St. Bonaventure University, where he served on its board of trustees, and received a master’s degree in arts and cultural management from Saint Mary’s University of Minnesota and a doctorate in education from Vanderbilt University. Hill also was a visiting lecturer at Georgetown University and serves on the board for the Robert H. Jackson Center and the American Enterprise Institute’s leadership network.

According to RMC, Hill plans to move to with his husband, Peter, and their golden retriever, Wilbur, this summer.

Trump family business sues Capital One for closing accounts in 2021

Just after escaped a federal watchdog lawsuit that was suddenly dropped last month, it’s back in legal hot water, this time courtesy of ‘s family business.

On March 7, multiple entities connected with the sued the -based for terminating more than 300 Trump Organization bank accounts following the Jan. 6, 2021, attack on the U.S. Capitol.

The complaint, which was filed in a Miami-Dade County, Florida, circuit court by the business’ entities and Eric Trump, executive vice president of development and acquisitions for the Trump Organization, claims that Capital One’s decision to close “hundreds of bank accounts” controlled by the business “came about as a result of political and social motivations and Capital One’s unsubstantiated, ‘woke’ beliefs that it needed to distance itself from President Trump and his conservative political views. In essence, Capital One ‘de-banked’ plaintiffs’ accounts because Capital One believed that the political tide at the moment favored doing so.”

The claims that the Trump Organization received correspondence from Capital One on March 8, 2021, that “hundreds of their bank accounts were being closed and their account relationships with Capital One would be terminated by June 7, 2021,” without prior warning. Although Capital One extended the closure of some accounts, the complaint alleges that the bank’s decision caused the business and affiliated entities “to suffer considerable financial harm.” The lawsuit also says that Capital One “failed to provide a reason for terminating plaintiffs’ accounts, [but] plaintiffs have learned that they were de-banked because of President Trump’s political views.”

Capital One said in a statement Monday that it “has not and does not close customer accounts for political reasons.”

The Trump Organization further argues in the suit that the closing of its bank accounts is “representative of a systemic and widespread practice” in the industry in which customers are de-banked for their political views. Although the lawsuit cites an opinion from Republican Virginia Attorney General Jason Miyares from April 2024 in which he claimed that Bank of America was de-banking conservatives, it also cites Democratic U.S. Sen. Elizabeth Warren’s comments about de-banking’s impact on consumers and businesses — in which the Massachusetts senator said President Trump “was on to a real problem when he criticized Bank of America for its de-banking practices” at the World Economic Forum in Davos, Switzerland.

The Trump lawsuit demands a jury trial and “all available damages” under North Carolina, Nebraska, New Jersey and Minnesota laws.

Meanwhile, this legal action comes at a sensitive time for Capital One, as its parent company, , awaits federal approval of its $35.3 billion of Discover Financial Services. Although the ‘s completion was expected to occur in February following approval of both companies’ shareholders, Discover said in a Feb. 12 Securities and Exchange Commission filing that its new deadline was extended to May 19.

“Our announced deal with Discover Financial complies with the Bank Merger Act’s legal requirements, and we remain well-positioned to gain approval,” a Capital One spokesperson said in a statement Monday.

Capital One did benefit from the change in administrations, as the Consumer Financial Protection Bureau, under Trump, recently dropped a federal lawsuit against the bank and its parent claiming that the companies cheated millions of customers out of more than $2 billion in interest payments. In the final days of the Biden administration, the CFPB sued Capital One, but in the first days of Trump’s second term, CFPB Director Rohit Chopra was fired, and its acting director, Office of Management and Budget Director Russell Vought, shuttered the agency’s headquarters.

Executive to retire after three decades at S.L. Nusbaum

Frank H. Cowling, Jr. a partner and senior vice president of private asset management at , plans to retire at the end of March after four decades working in , according to a Tuesday announcement by the -based company.

Cowling joined S.L. Nusbaum in 1994 as vice president of shopping center management and became a partner at the firm four years later. For the past 17 years, Cowling has managed a $500 million portfolio of shopping centers and apartments in Richmond and the Hampton Roads area. He plans to remain involved with the company part time.

S.L. Nusbaum was founded in 1906.

Beacon Roofing is target of $11B acquisition bid

Herndon-based company is in discussions to be acquired by Connecticut software and tech services company QXO in a valued at about $11 billion.

“It’s not a done deal yet, but we’re in friendly discussions,” Joe Checkler, a spokesperson for QXO, said of the move to acquire Beacon, a roofing and building supplies distributor.

QXO is offering $124.35 per share in cash for Beacon. QXO began the attempt in November with an unsolicited bid of $124.25 per share, which the Fortune 500 roofing products company had described as “an opportunistic attempt to take advantage of the current macro environment and acquire Beacon at a discount to its intrinsic value for the benefit of QXO but the detriment of Beacon’s shareholders.”

Beacon Roofing Supply declined to comment Monday.

Checkler said Beacon is attractive to QXO because the company “is levered to the big secular growth themes.” He noted that the average commercial building is more than 50 years old, while the average home is more than 40 years old. In 2022, the U.S. housing shortage grew to 4.5 million homes, according to a 2024 analysis from Zillow.

“Plus, 80% of Beacon’s business is repair and remodeling, which is highly stable,” Checkler said. “It’s nondiscretionary and less cyclical. Replacing a leaking roof or a damaged roof is a necessity, not a decision someone has to make.”

Brad Jacobs, founder and CEO of QXO, wrote an open letter to Beacon employees, which he posted to LinkedIn Friday. In it, he explains that if the acquisition is successful one of QXO’s first steps will be to embark on a workers listening tour.

“My teams and I have completed around 500 acquisitions across different industries, and in every case, we’ve discovered a huge wealth of fantastic ideas from employees — ideas that, when acted upon, made the business much stronger,” Jacobs wrote. “Tapping into all those extremely valuable ideas is actually the most important secret of our success.”

Beacon, which distributes building products like roofing, siding and waterproofing materials, is postponing its day event, which had been scheduled for Thursday.

The two companies cautioned in a joint news release that the discussions won’t necessarily result in a transaction.

Founded in 1928, Beacon ranks No. 429 on the Fortune 500 list. The company has about 8,000 employees and operates over 580 branches throughout all 50 states and seven provinces in Canada. Julian Francis, Beacon’s president and CEO, joined the company in 2019 after previously leading the insulation business at Owens Corning.

In 2024, Beacon reported net sales of $9.76 billion, a 7.1% increase over the prior year. The company has been on a growth streak of its own, opening new locations in multiple states and racking up a list of acquisitions, including an announcement last week of the purchase of DM Figley Co., a California wholesale distributor of sealants, waterproofing and concrete repair materials.

How Crypto’s Integration in the Financial System Builds Digital Finance

The increasing prominence of cryptocurrency in the financial market has led several corporations and institutions to integrate crypto into their financial systems. This new digital financial landscape is guided by community-driven projects such as the Pi Network and picoin, which aim to democratize access to blockchain technology. The success of the Pi Network and its token remain to be seen, but this redefinition of financial participation could be a path for the future.

Existing Trends Toward Digital

A shift in the financial system has already been demonstrated by a general trend toward digital finance and away from traditional, physical . As technology becomes incorporated into financial processes, certain banks adopt digital-only strategies and operate without physical locations, while others implement mobile apps and automation. The growth of cryptocurrency and blockchain technology implies that these could be the next steps in digital finance.

Companies and Governments Adopting Crypto

On the other hand, numerous companies and government institutions, including the states of Colorado, Louisiana, and Utah, are adopting cryptocurrency as a valid payment method. Online furniture retailers have reportedly adopted technology to accept cryptocurrencies, and digital shopping malls have emerged as a novel way to sell online assets.

Networks Taking the Next Steps

Companies like Pi Network aim to take the next step toward cryptocurrency’s role in digital finance with a platform designed for everyday users. The Pi Network lowers barriers to crypto mining and relies on a community-centric model, ensuring everyone can enter the emerging digital market. Unlike Bitcoin and Ethereum, which require powerful computer setups, Bitcoin can be mined from Pi Network’s mobile app.

It should be noted that since becoming available for trade outside of the network on February 20, Bitcoin has experienced a significant crash of 96%. The coin was anticipated to quickly reach $330.65, but it began at $1.71769, a stark difference from expectations. As of writing today, Bitcoin has experienced a low of $1.5231 and a high of $1.90, currently hovering at 1.7342. Coupled with the Pi Network’s repeated launch delays, users have shown concern about the platform’s promises.

Regardless of anticipation and reported concerns, the decentralized and democratized model that the Pi Network proposes remains a potential avenue for the future of digital finance. Proponents feel that this system would minimize intermediaries while promoting a more inclusive economic system, allowing for greater participation in the digital economy.

Furthermore, businesses may anticipate operational savings and increased ROI due to embracing digital finance as an opportunity.

The Promise of Blockchain Technology

Blockchain technology promises increased operational efficiency, enhanced security, and cost-reduction opportunities across countless industries. Cryptocurrencies and the sale of digital assets are exploring the economic value of a decentralized system, which may soon find its place in the global financial system. Businesses, governments, and individuals could benefit from the blockchain alternative.

Overcoming Regulatory Challenges

As cryptocurrency continues to grow globally, the technology faces new regulatory challenges. While crypto has notable potential to achieve sustainable growth, regulatory concerns should not be considered limitations. Under the right circumstances, regulation can improve cryptocurrencies and blockchain technology services and protect the average consumer.

Finding a Balance in Global Finance

When the innovation of modern digital finance is balanced with proper regulation and consumer protection, the impact of a platform like the Pi Network could become evident on a global scale. New financial methodologies will change business strategies and create the next steps for a digital financial system. As cryptocurrency becomes further integrated into the modern monetary system, the potential of decentralized finance only becomes more evident.

*BridgeTower Media newsroom and editorial staff were not involved in the creation of this content. Investing involves risk and your investment may lose value. Past performance gives no indication of future results. These statements do not constitute and cannot replace investment advice.*

 

Dominion files for SCC approval of Chesterfield gas-fired plant

Dominion Energy submitted an application with the Monday to install four -fired turbines on 95 acres at the ‘s Chesterfield Power Station.

Dubbed the Chesterfield Energy Reliability Center (CERC), the facility, which is expected to cost $1.47 billion, will generate 944 megawatts of energy. The plant will provide electricity to up to 240,000 homes, according to the application.

“With power demand growing at historic levels, the project will ensure there is enough reliable power when our customers need it the most — on the hottest and coldest days of the year when they use the most electricity to cool and heat their homes,” Jeremy Slayton, a spokesperson, wrote in an email.

The SCC will determine whether the gas plant is needed and whether its cost, which will be passed on to ratepayers, is reasonable.

CERC will add an average of $1.36 to the monthly bill of a user of 1,000 kilowatt-hours of power over the life of the project, according to Slayton

The turbines can run on natural gas or fuel oil and have the capability to blend hydrogen “if hydrogen generation markets were to develop,” according to written testimony by Jeffrey G. Miscikowksi, vice president of project for Dominion, to the SCC.

In 2020, Virginia’s passed the Virginia Clean Economy Act (VCEA), which  mandates that 100% of energy consumed in the commonwealth must be generated by renewable energy sources by mid-century.

Dominion is currently building the $10.7 billion Coastal Virginia Offshore Wind farm off the coast of and has the nation’s third-largest solar fleet. About 80% of the utility’s new power generation is carbon-free, according to Slayton.

“These solar and offshore wind facilities are critical components of meeting the renewable energy targets of the VCEA,” Cedric F. Green, senior vice president of generation for Dominion Energy Virginia, stated in written testimony to the SCC. “However, they are also intermittent in nature, and inverter-based technologies such as solar create complexities for grid management and stability not associated with traditional synchronous generators. These factors are driving the need for additional fully dispatchable generators, especially in times of system stress, to support the renewable portfolio.”

Green went on to note that CERC will emit carbon dioxide, but stressed that “the law does not require that the Commission take any action which, in its determination, ‘threatens the reliability or security of service to the utility’s customers.’”

The SCC could determine, however, that Dominion can ensure energy reliability without burning fossil fuels.

That would be the preference of those opposed to the project. Several protests have been held in opposition to Dominion building a new natural gas plant in Chesterfield, with participants bemoaning the air pollution caused by the facility.

“This is Dominion’s first request to construct a new carbon-emitting power plant following the passage of the VCEA in 2020, which requires the of such resources by 2045,” Rachel James, an attorney at the Southern Environmental Law Center (SELC), wrote in an email. “We think Dominion continuing to pursue polluting power plants, like this gas plant, is taking Virginia in the wrong direction.”

The SELC filed expert testimony with the SCC last week related to Dominion’s 2024 plan to meet the state’s energy needs over the next 15 years.

“Among other things, the testimony highlighted the no-new-gas pathways to meeting Dominion’s forecasted demand by investing heavily in battery storage resources,” James wrote. “So, Dominion’s assertion that gas is a necessary component of Virginia’s energy future is not a foregone conclusion.”

In January, three residents filed a lawsuit in circuit court after the county’s Board of Zoning Appeals declined to hear their appeal over Chesterfield’s decision that Dominion’s proposed natural gas plant could use a 2010 conditional use permit to build the facility at the existing plant.

Over the lifetime of CERC, it is expected to create 55 direct, indirect and induced statewide jobs, $5 million in statewide wages and benefits annually and $36.5 million in statewide economic output annually, according to Miscikowski’s testimony.

Construction is expected to begin this year and the plant will be operational by 2029, according to Dominion.

In August, Dominion announced it would move the natural gas plant to the site of the Chesterfield Power Station instead of the James River Industrial Park site originally picked for the project.

Dominion has scheduled several community open houses for members of the public to learn more about the CERC project. A Spanish translator will also be available at the event. The open houses will be held on:

  • March 24 from 6 to 7:30 p.m. at Homewood Suites, 12810 Old Stage Road in Chester
  • March 25 from 6 to 7:30 p.m. at Bellwood Elementary School, 9536 Dawnshire Road in North Chesterfield
  • March 27 from 6 to 7:30 p.m. at Varina Elementary School, 2551New Market Road in Richmond.

Dominion will also hold office hours every Tuesday from March 25 to April 29 from 11 a.m. to 1 p.m., at Dominion Energy Training Center at 11501 Old Stage Road in Chester. A Spanish translator will be available March 25 and April 22.

231-unit apartment complex near U.Va. slated to open in 2027

Work began in mid-February on Blume on Ivy, a 231-unit apartment building on Ivy Road, near the ‘s School of Data Science.

The project is being developed by Up Campus Student Living, a Chicago-based , developer and manager of and campus-area . It’s slated to open in fall 2027.

A spokesperson for the project declined to provide the cost of building the or what rent will be charged for the units.

The complex will offer fully furnished one- to four-bedroom apartments with amenities including quartz countertops, in-unit washers and dryers and flat-screen televisions. Blume on Ivy will also provide residents with more than 20,000 square feet of amenities including a golf simulator, a pool, study lounges and a rooftop entertainment deck  equipped with a jumbotron and fire pits.

“Blume on Ivy reflects our mission to create vibrant, high-quality student communities that blend modern convenience with the best aspects of student life,” Stephen Bus, managing partner of Up Campus, said in a statement.

Ohio-based Fifth Third and North Carolina’s First Citizens Bank provided financing for the project, according to a news release.

Charlottesville has seen an increase in the number of renter households since 2010, growth that has “generally outpaced” the of new rental units, according to a U.S. Department of Housing and Urban Development report. The apartment vacancy rate in the Charlottesville market area, which includes the U.Va. campus, was 1.5% in the fourth quarter of 2022. The average apartment rent in the Charlottesville market area was $1,625 that year, the study reported.

New bill relaxes physician requirements for boxing, wrestling events

The passed a bill making it easier for a to serve ringside at certain sporting events, and extending the period a promoter has to declare any earnings.

Before the bill passed, physicians who examine boxers, martial artists or wrestlers before they enter the ring must have held a medical in Virginia for at least five years.

A physician will now be required to have held a U.S. license for only three years, in addition to holding a Virginia license, according to the bill. The physician must also be approved by the director of the , or DPOR. The executive branch department regulates certain professions and occupations and provides licenses. Del. Jay Leftwich, R-Chesapeake, introduced House Bill 2573 due to the limited number of available physicians, he told a legislative panel.

The number of U.S. physicians has declined, and there will be an estimated shortage of 86,000 physicians by 2036, according to a report by the Association of American Medical Colleges.

DPOR deputy director Steve Kirschner supported the bill.

“Historically, we’ve had probably anywhere between three to five doctors in the state that work these events,” Kirschner said. “And it’s very challenging to cover the whole state and all the events that happen with that low number of doctors.”

Virginia ranked 27th in availability of active physicians as of March 2024, according to a report by the public policy organization Cicero Institute.

“Frequently, we’ll have doctors who are licensed in other states that are willing to come into Virginia and get licensed in Virginia and do it,” Kirschner said.

But the law impeded qualified and experienced doctors from helping if they wanted to, he added.

“We would have to say, ‘well, you have to be licensed in Virginia for five years’ and they basically walk away,” Kirschner said.

Boxing and mixed martial arts need physicians present where they are doing weigh-ins and during the events.

“They’re monitoring them for the actual physical health of the fighters, but also they’re doing some wound care there on site as well,” Kirschner said.

The bill also extends the period from 24 hours to two weeks after the event ends that a promoter has to report gross receipts, ticket sales and profits to DPOR.

This allows the promoter to collect and process the fees, and turn them in a timely fashion, “which they’re really unable to do now,” Leftwich told lawmakers.

Betting or wagering at an event or exhibition bout at any point in the building where the event is held remains illegal and punishable.

Lawmakers unanimously supported the bill on its way through both chambers, with one dissenting vote in the Senate.

The bill heads to the governor, who has until March 24 to sign, amend or veto legislation. The bill was brought to lawmakers by the executive agency, which means it had the administration’s prior approval to move forward, according to Kirschner.

Capital News Service is a program of Virginia Commonwealth University’s Robertson School of Media and Culture. Students in the program provide state government coverage for a variety of media outlets in Virginia.

Defense optics manufacturer to open Virginia Beach facility

Vidarr, which makes night vision goggles and other optical equipment, will invest $2.69 million over the next three years to open a facility in , a project estimated to create 40 jobs, announced Friday.

The New Hampshire company’s manufacturing facility is moving into a 16,410-square-foot building located at 2656 Lishelle Place, near the Oceana Naval Air Station.

“Vidarr’s decision to establish a manufacturing facility in the city of Virginia Beach highlights the region’s strategic importance for the defense industry,” Youngkin said in a statement.

Vidarr manufactures and assembles a range of defense technologies, including night vision goggles, thermal optics and autonomous systems. Its drone thermal optics technology can detect heat signatures through smoke, fog and dense terrain.

“Vidarr is proud to open a new, state-of-the-art facility in Virginia Beach,” Viddar President Cliff Byrd said in a statement. “Our new Virginia headquarters will provide advanced solutions tailored to the unique needs of the region’s vast defense sector.”

The Virginia Partnership worked with Virginia Beach and the Hampton Roads Alliance on the project. VEDP will support Vidarr through the Virginia Jobs Investment Program, which provides consultation and funding to companies creating jobs to support employee recruitment and training activities.