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Aflac to cut rates for Virginia policyholders after SCC findings

Georgia-based American Family Life Assurance Co., better known as , charged Virginians too much for individual and group accident and sickness , according to an analysis by the ‘s .

To settle the matter, the Fortune 500 supplemental insurance company paid $64,000 in a , which does not constitute an admission of violating the law. Aflac waived its right to a hearing regarding the matter.

“As a leading supplemental insurer in the United States, we are committed to ensuring that our policyholders receive the benefits for which they are entitled,” an Aflac spokesperson said in a statement Monday. “We continue to work with state regulators to ensure all standards are met.”

The bureau found during a market analysis that Aflac overcharged policyholders of four plans. It studied six Aflac policies and found that four were not spending a large enough percentage of collected premiums on claims.

The bureau looks at loss ratios, which are the percentages of premiums paid to policyholders rather than used for administrative costs or profits.

Initially, Aflac proposed increasing benefits on the four policies; however, the bureau found that alone to be insufficient, according to a letter sent to Aflac on Oct. 29, 2025.

“The bureau and Aflac have discussed at length the sufficient and appropriate corrective actions that Aflac must take to ensure that the benefits available to the company’s current and future policyholders are reasonable in relation to the premiums being paid,” Julie R. Fairbanks, chief insurance market examiner of the Life and Health Market Regulation Division at the bureau, wrote in the letter.

Instead, Aflac will file premium rate reductions and benefit enhancements on 16 products issued in Virginia, a list including two dental policies, a vision policy and a personal disability income protector policy.

Aflac must provide written notification to policyholders of the changes by early July, according to the bureau’s letter.

The , when implemented, will result in total annual cost savings of about $12.6 million for about 120,228 policyholders in Virginia, according to a Jan. 8 letter from the bureau.

Aflac will have to submit annual loss ratio data on all products issued in Virginia for at least five years, beginning in 2027.

Aflac bis the largest provider of supplemental health insurance products in the United States. In 2025, Aflac’s total revenues fell 9.3% to $17.2 billion.

Harbor Group International to purchase 11 multifamily properties for $562M

SUMMARY:

  • Harbor Group International will acquire 11 properties from for $562M
  • Deal expected to close mid-2026
  • Portfolio includes more than 2,430 units across four states

-based investment and asset management firm Harbor Group International plans to purchase 11 multifamily properties from -based AH Realty Trust for $562 million.

The transaction, jointly announced on March 16, is expected to close in the middle of this year. HGI has provided a $15 million nonrefundable deposit.

HGI did not immediately return requests for comment. According to AH Realty Trust,  the locations are:

  • Chandler Residences in Roswell, Georgia
  • Greenside Apartments in Charlotte, North Carolina
  • Chronicle Mill Apartments in Belmont, North Carolina
  • 1405 Point St. in Baltimore
  • 1305 Dock St. in Baltimore
  • Allied Harbor Point in Baltimore
  • Liberty Apartments in Newport News
  • The Edison in Richmond
  • Encore 4505 at Town Center Apartments in Virginia Beach
  • Premier in Virginia Beach
  • The Cosmopolitan Apartments in Virginia Beach

These properties collectively have 2,436 units.

“We are proud to announce this milestone transaction with a firm that, like us, has deep roots and a long history in and a strong presence in this market,” AH Realty Trust President and CEO Shawn Tibbetts said in a statement. “HGI is acquiring a strong, stable portfolio that has served our company well.

“By realizing the value of these assets,” he continued, “AH Realty Trust is able to simplify our business, strengthen our balance sheet and continue executing our strategy with clarity and purpose.”

Last month, Properties rebranded as AH Realty Trust as part of an overhaul that includes selling major parts of its portfolio, cutting debt and creating a more focused business. At the time, the company said it was exiting the multifamily property sector and was also in talks to sell its construction business and a majority of its real estate financing platform investments. AH Realty Trust expects these deals to close this year and intends to use the proceeds to pay down debt. As of Dec. 31, 2025, the company had $1.5 billion in total outstanding debt.

According to AH Realty Trust, the  11 assets represent the majority of its multifamily portfolio. AHRT said it will retain Smith’s Landing in Blacksburg and plans to separately market The Everly in Roanoke and Solis Gainesville in Gainesville, Georgia.

“We are pleased to work with AH Realty Trust, a fellow Hampton Roads institution, on this transaction,” HGI President T. Richard Litton Jr. said in a statement.  “We expect the acquisition of these high-quality multifamily properties to further enhance our growing portfolio.”

HGI owns or manages over 1,400 units across five properties within the Hampton Roads metropolitan area. Globally, the company owns and manages 504 assets worldwide, around 58,000 multifamily units and 5 million square feet of commercial real estate. It has 1,700 employees worldwide.

Founded in 1979, AH Realty Trust develops, builds, acquires and manages properties in the mid-Atlantic and Southeast.

TowneBank sells resort property management segment for $250M

SUMMARY:

  • sold Towne Vacations division for $250M to California private equity group
  • Business manages nearly 3,000 high-end vacation homes across the Southeast, employs about 340 people
  • Bank declined to identify the buyer; a registered agent also declined to comment

-based TowneBank has sold its resort division for $250 million to Belcrest Vacations Acquisitions, a limited liability company tied to a California-based private equity group, the bank announced Monday.

TowneBank declined to identify the private equity firm, and a registered agent for the LLC also declined to disclose the buyer’s identity.

TowneBank created the resort property management division, Towne Vacations, in 2014. The division manages nearly 3,000 high-end homes, renting them out weekly to vacationers, often large groups splitting the cost of luxury properties. The business also handles maintenance, guest services and homeowner bookings. It has locations in South Carolina, Florida, North Carolina, Tennessee and western Maryland.

About 340 employees work in the division and are expected to transition to the new owner. TowneBank President and CEO William I. Foster III said the bank is not aware of any planned layoffs and expects the buyer to grow the platform.

Foster said the undisclosed private equity company approached the bank in fall 2025 and pursued the acquisition over several months. TowneBank did not run a competitive process and had not been actively looking to sell.

“The offer was attractive to us, and so we decided to sell it, which is really unusual for us,” Foster said. “We’re not sellers of things. We like building things. We don’t like selling things, typically. But … this is probably the exception to the rule.”

While Foster did not disclose Town Vacations’ revenue, he said it was “very profitable.” He noted Town Vacations was part of TowneBank’s broader strategy of building fee-based businesses alongside traditional , including mortgage lending, and services.

But unlike those operations, the vacation rental business did not integrate closely with the bank’s core activities.

“Our bankers can’t very well refer business to our vacation property management company in Hilton Head,” Foster said. “Nor can they refer banking business to our bank, whereas all the other side businesses, I should say, fee income businesses, are really integrated in the bank very closely.”

Foster said while TowneBank would have been content to continue to build Town Vacations up, the private equity group made an offer that was “too good to turn down.”

TowneBank has not yet finalized plans for how it will use the $250 million in proceeds but expects to outline them in the coming months.

“It’s a nice problem to have,” Foster said. “But we do want to be good stewards of the funds.”

In January, TowneBank completed its $476 million acquisition of North Carolina-based Dogwood State Bank, following the 2025 purchases of Old Point National Bank of Phoebus and Village Bank.

Founded in 1999, TowneBank operates over 70 banking offices throughout and Central Virginia, North Carolina and South Carolina, with an estimated $22 billion in assets. The company employs nearly 3,000 people.

White House says increased productivity means Fed can cut rates

April 6 (Reuters) – White House economic adviser told CNBC on Monday that he believes a “” in the caused by and higher productivity from will allow the to lower .

“If we have a supply shock like we’re seeing because of all this capital spending … AI increasing productivity, it puts downward, downward pressure on , and that should take the pressure off the Fed. They should be able to lower rates,” Hassett said.

Hassett said he expects interest rates will be lowered if , President ‘s nominee to become Federal Reserve chair, takes the position.

(Reporting by Ryan Patrick Jones in Toronto; Editing by Katharine Jackson)

 

Medicaid cuts put 10 Virginia hospitals at risk, report says

SUMMARY:

  • Public Citizen report identifies 10 Virginia at risk of closing or reducing services
  • Some health systems said they disagreed with finding that their hospitals were at risk of closing
  • Democratic Sens. Warner, Kaine highlighted report Friday
  • H.R. 1 is projected to cut federal Medicaid spending by $911B over a decade

A March report by Public Citizen, a Washington, D.C.-based nonprofit consumer advocacy organization, identifies 10 hospitals in Virginia at heightened risk of closing or reducing services due to H.R. 1, the budget reconciliation package that President signed into law July 4, 2025.

Sometimes referred to as the “One Big Beautiful Act,” the package is projected to cut federal Medicaid spending by $911 billion over a decade.

Accounting for 12.8% of hospitals in Virginia, the facilities deemed high risk are:

  • Bon Secours Southern Virginia Regional Medical Center in Emporia
  • Buchanan General Hospital in Grundy
  • Carilion Tazewell Community Hospital in Tazewell
  • Dickenson Community Hospital in Clintwood
  • Halifax Regional Hospital in South Boston
  • Sentara Northern Virginia Medical Center in Woodbridge
  • Southside Community Hospital in Farmville
  • Twin County Regional Healthcare in Galax
  • Community Memorial Hospital in South Hill
  • VCU Health Tappahannock Hospital in Tappahannock

Sens. Mark Warner and Tim Kaine, both Democrats, highlighted the report in a Friday news release.

“From Southwest to Northern Virginia, hospitals across the commonwealth are now at risk of closure because of Republicans’ tax giveaway bill for the ultrawealthy,” the senators said in a statement. “While the rich got trillions in tax breaks, hardworking Virginians are left paying the price. This latest report shows just how cruel and reckless this law is. Virginians, and Americans across the country, deserve reliable access to affordable, quality care.”

Among the many significant changes in H.R. 1, the law restricts the ability of states to finance the state portion of Medicaid. It gradually reduces provider taxes, a tax states can impose on health care providers, from 6% to 3.5%, starting in October 2027. It also places caps on state-directed payments, sometimes called a Medicaid Directed Payment Program, or DPP, which are payments made to providers by Medicaid managed care plans.

In Virginia, state-directed payments currently account for 16% of net revenue for hospitals generally and up to 33% for institutions with higher Medicaid caseloads.

Virginia has used a provider tax to pay the state’s share of Medicaid expansion since 2018. The tax, which is not to exceed 6% of net patient revenue, is carried by 63 acute care hospitals in the commonwealth.

These hospitals paid $650 million to Virginia in fiscal 2024, according to the Glen Allen-based Virginia Hospital & Healthcare Association, or VHHA, which represents 27 health systems and hospitals.

“When you look at those two policy changes, that’s going to cause hospitals in Virginia in excess of $2 billion a year in lost funding,” said Julian Walker, VHHA’s vice president of communications.

However, Walker also stressed that hospitals are incredibly resilient. He pointed to the concern during the pandemic that hospitals would be forced to shutter en masse due to the expense of caring for a surge in patients and the lost income stemming from having to postpone elective procedures.

“They showed great resilience during COVID,” he said.

Even so, many hospitals have been working for years to restore finances following the pandemic.

“Now they have to, while still dealing with those recovery plans, … begin to plan and project a model for the impacts of this new shift in federal policy,” Walker said. “So these are obviously challenging conditions. I can’t say it’s going to lead to closures. I can’t say it’s going to lead to [a] reduction in force or jobs.”

If the changes take effect, hospitals will likely have to do some belt tightening, Walker allowed.

“They’re going to have to make plans to adapt and to adjust,” he said.

Health systems respond

Mike Kafka, a spokesperson for -based health system Sentara Health, disagreed with the report’s statement that two Sentara facilities are at risk. “There are no plans to close Sentara Halifax Regional Hospital or Sentara Northern Virginia Medical Center,” he said in a written statement Friday.

Kafka pointed out that in January, Sentara held a topping off ceremony for Sentara Halifax Regional’s new $107 million hospital, which is set to open mid-2027.

“Ensuring access to quality care for the communities we serve remains our highest priority,” Kafka said. “We will continue to serve the communities who rely on us, advocate for those without a voice and work alongside state and federal leaders, nonprofit partners and fellow health systems to navigate the road ahead.”

In the report, Public Citizen wrote, “Obstetric care, care focused on pregnancy, childbirth, and postpartum care — already severely under strain — has taken significant hits in recent months.” It provides Lynchburg-based Centra Health, a health system that serves more than 500,000 people in Central and Southern Virginia, as an example, because Centra discontinued obstetrician and gynecologist services at Centra Southside Community Hospital in Farmville and at Centra Medical Group’s Southside Women’s Center in late 2025.

A December announcement about the change by the health system said that Centra, “like other rural health care providers, must adapt to significant financial and operational challenges, including recently enacted reductions in federal health care funding.”

On Friday, a Centra spokesperson said that the health system has no plans to close Southside Community Hospital and pointed out that on Nov. 3, 2025, the Farmville hospital broke ground on a $5 million renovation and expansion of its emergency department

“Southside Community Hospital is a vital resource for the community,” Centra said in a statement.

Centra also said it is “navigating an increasingly complex environment.”

“Recent federal policy changes, including H.R. 1, introduce significant shifts in Medicaid funding, eligibility and enrollment that could impact provider sustainability and patient access to care if fully implemented,” Centra said in the statement. “Hospitals play a critical role in both community health and economic stability and changes of this magnitude will require thoughtful adjustments over time.”

Danielle Pierce, a spokesperson for VCU Health, said that in response to H.R. 1, the health system plans to  “closely monitor federal changes, identify emerging challenges and stay in active communication with government stakeholders.”

“Serving a patient population largely covered by government payer programs is central to our mission, though it does add financial complexity because those programs typically reimburse below the rising cost of care,” she said.

Roanoke-based said in a statement that the health system continues “to closely monitor H.R. 1 and are unable to speak to potential impacts as we await final details.”

“Like all nonprofit hospitals, we are accustomed to tight operating margins in caring for patients in our communities,” the health system said. “We’re careful stewards of our resources, and we’ll continue to work hard to be efficient and thoughtful about carrying out our mission to invest in the community’s long-term health.”

Dickenson Community Hospital is operated by Tennessee-based , which serves Tennessee, North Carolina and Kentucky as well as Virginia. A spokesperson for the health system noted that Dickenson Community Hospital is a critical access hospital, a designation the federal government gives to eligible . These facilities receive certain benefits designed to reduce their financial vulnerability.

“It is because of this classification that Dickenson County Hospital and others can maintain stable operations,” Ballad Health said in the statement. “We are continuing to assess the potential impact of H.R. 1 to ensure our facilities can adapt to the new funding environment.”

Other at-risk hospitals

In June 2025, four Democratic U.S. senators warned in a letter to the president and Republican congressional leaders that 338 rural hospitals, including six in Virginia, could be at risk of closing if what was then the One Big Beautiful Bill passed, citing research from the University of North Carolina’s Cecil G. Sheps Center for Health Services Research.

The six named Virginia facilities included some not on the Public Citizen list: Bon Secours Southampton Medical Center in Franklin; Bon Secours Rappahannock General Hospital in Kilmarnock; and Lee County Community Hospital in Pennington Gap. Three made both lists: Bon Secours Southern Virginia Regional Medical Center; VCU Health Community Memorial Hospital and Carilion Tazewell Community Hospital.

Oil edges up in choppy trade; US, Iran receive ceasefire proposal framework

Summary:
  • rises to $109.13 per barrel
  • rejects immediate reopening of Strait of Hormuz
  • sets record premium for May Arab Light crude

LONDON, April 6 (Reuters) – inched up in choppy trade on Monday, as investors awaited clarity on the status of talks between the and Iran and remained wary about sustained supply losses due to shipping disruptions.

Brent crude futures were up 0.1% to $109.13 a barrel at 1326 GMT. U.S. crude futures were trading up 0.69%, or 77 cents, at $112.31 per barrel.

The pricing moves in Asia trading on Monday were dwarfed by an 11% surge for WTI and an 8% rise for Brent during the previous trading session on Thursday, the biggest absolute price increase since 2020.

The U.S. and Iran received the framework of a plan to end hostilities, but Iran rejected immediately reopening the Strait of Hormuz, after President threatened to rain “hell” on Tehran if it did not make a deal by the end of Tuesday.

Iran also said it had formulated its positions and demands in response to recent ceasefire proposals conveyed via intermediaries.

The Strait of Hormuz, which carries oil and petroleum products from Iraq, Saudi Arabia, Qatar, Kuwait and the United Arab Emirates, remains largely closed due to Iranian attacks on shipping after the war began on February 28.

Some vessels, however, including an Omani-operated tanker, a French-owned container ship and a Japanese-owned gas carrier, have passed through the Strait of Hormuz since Thursday, shipping data showed, reflecting Iran’s policy to allow passage for vessels from countries it deems more friendly.

“The market is trying to realise what to expect going forward. The most important headline this weekend has been that some ships passed through the Strait,” said SEB Research analyst Ole Hvalbye.

Hvalbye also highlighted that Europe continued to lose physical barrels and products to Asia due to the market tightening.

SEEKING ALTERNATIVE SOURCES

The disruptions have led to refiners seeking alternative sources for crude, particularly for physical cargoes in the U.S. and Britain’s North Sea. Spot premiums for U.S. West Texas Intermediate crude have jumped to all-time highs on competition between Asian and European refiners.

Indian refiners have also postponed maintenance shutdowns of their units to meet local fuel demand.

On Sunday, , consisting of some members of the Organization of the Petroleum Exporting Countries and allies such as Russia, agreed to a modest rise of 206,000 barrels per day for May.

“OPEC movements look to be challenged based on export availability,” said Rystad analyst Janiv Shah.

Saudi Arabia also set the official selling price of May Arab Light crude oil to Asia at a record premium of $19.50 a barrel above the Oman/Dubai average, an increase of $17 from the previous month, said.

Meanwhile, Russian supply has been disrupted recently by Ukrainian drone attacks on its Baltic Sea export terminals. Media reports on Sunday said its Ust-Luga terminal resumed loadings on Saturday after days of disruptions.

Exports from the Black Sea port of Tuapse are set to rise to 794,000 metric tons in April, up 8.7% on a daily basis from 755,000 metric tons planned for March, according to two traders and Reuters calculations.

(Reporting by Seher Dareen in London, Katya Golubkova in Tokyo and Sudarshan Varadhan in Singapore; Editing by Keith Weir, Ros Russell and Janane Venkatraman)

 

JPMorgan’s Dimon warns Iran war may drive inflation and interest rates higher

Summary:
  • Jamie Dimon warns war risks oil and commodity shocks
  • Dimon says sector likely not systemic risk
  • Dimon criticizes flawed US bank capital rule proposals

NEW YORK, April 6 (Reuters) – JPMorgan Chase CEO Jamie Dimon warned on Monday that the war in Iran risks oil and commodity price shocks that could keep inflation sticky and push interest rates higher than the market now expects.

The warning came in an annual letter to shareholders a day after U.S. President ratcheted up pressure on Iran, threatening to target its power plants and bridges on Tuesday if it does not reopen the , a key waterway.

Dimon, 70, who has run JPMorgan, the largest U.S. bank for two decades, also said the private credit sector “probably” does not present a systemic risk, despite investors’ recent moves to pull back from such funds amid worries that advances in AI will hurt underlying borrowers.

“The challenges we all face are significant,” Dimon added, citing geopolitical risks such as the war in Ukraine, broader hostilities in the Middle East and tension with China.

“Now, because of the war in Iran, we additionally face the potential for significant ongoing oil and commodity price shocks, along with the reshaping of global supply chains, which may lead to stickier inflation and ultimately higher interest rates than markets currently expect.”

Time will tell whether the achieves the United States’ objectives, Dimon said, adding that nuclear proliferation remains the greatest danger from Iran.

War-driven inflation worries have led markets to largely rule out interest rate cuts this year, after monetary easing fuelled record equity highs last year.

Last week, the benchmark S&P 500 index closed its worst-performing quarter since 2022, weighed down since late February by the war and the resulting spurt in energy prices.

Dimon said the continued to be resilient, withconsumers still earning and spending, though with some recent weakening, and businesses are still healthy.

But he cautioned the economy had been fuelled by large amounts of government deficit spending and past stimulus, while increased expenditure on infrastructure remained a growing need.

The fiscal stimulus from President Donald Trump’s “Big, Beautiful Bill,” deregulation policies and -driven are other positives for the economy, Dimon said.

PRIVATE CREDIT MAY NOT BE A SYSTEMIC RISK

Dimon said the $1.8-trillion private credit market is relatively small. But once the credit cycle weakens, he warned, losses on all leveraged lending will be higher than expected as credit standards have been weakening modestly across the board.

Private credit also does not tend to have great transparency or rigorous valuation loan “marks,” increasing the chance that investors will sell if they think the environment will worsen, he said.

Blue Owl last week told investors it was limiting withdrawals from two funds after a historic level of first-quarter redemption requests, with AI-related worries driving an investor exodus from its technology-focused fund.

Dimon also used the letter to sharply criticize revised capital rules proposed by U.S. bank regulators last month, decrying some aspects as still “nonsensical”.

JPMorgan was among the banks that fought hard to water down 2023 drafts of the so-called Basel-III and , or Global Systemically Important Banks’ surcharge rules.

But on Monday, Dimon said the proposals were still “very flawed”, adding that JPMorgan’s , an extra capital layer held by such banks, would only fall to 5.0%, a figure he said punished its success and was “absurd” and “un-American.”

 

(Reporting by Saeed Azhar; Editing by Michelle Price and Clarence Fernandez)

 

BlackRock files for Nasdaq-100 fund, expanding competition with Invesco

April 6 (Reuters) – has filed for an that will track the , in a challenge to ‘s dominance in a market where only a handful of funds directly follow the tech-heavy index.

The world’s largest is seeking approval for , which will trade under the ticker “IQQ”, it said in a filing with the Securities and Exchange Commission on Monday.

Fees for the fund were not specified.

The fund would compete with Invesco’s ETF, one of the largest ETFs in the world, with around $376 billion in assets under management, according to data compiled by LSEG.

“Expanding access to the -100 is intended to be additive, supporting investors by improving the efficiency, liquidity, and availability of benchmark-linked exposure across markets and product types,” Nasdaq said in a public statement.

Only a handful of publicly available ETFs exclusively track the Nasdaq-100, according to data from VettaFi’s ETF database.

Invesco’s product is one of the most widely traded funds in the and a popular way for investors to gain exposure to large-cap growth and .

The Nasdaq-100 comprises 100 of the largest non-financial companies listed on the Nasdaq exchange, including tech giants such as Nvidia and Apple.

Invesco shares declined close to 4% to $23.19 in early trading. BlackRock shares edged 0.6% lower.

(Reporting by Shashwat Chauhan in Bengaluru; Editing by Sriraj Kalluvila)

 

US equity funds see a second successive weekly inflow

April 6 (Reuters) – equity funds witnessed substantial inflows in the seven days to April 1 as worries over the eased temporarily after President indicated that the United States was nearing the completion of its objectives for the war.

Investors bought of a net $7.05 billion after about $36.95 billion worth of net purchases in the prior week, data from showed.

Investors were, however, risk averse on Monday as Trump ramped up his threats to destroy civilian infrastructure over the weekend, including power plants and bridges in , if the strategic is not reopened by Tuesday.

U.S. attracted $14.67 billion in the week to April 1, in a second successive week of net purchases. Investors, however, ditched small-cap, mid-cap and sectoral funds of a net $1.34 billion, $1.09 billion and $3.82 billion, respectively.

faced the first weekly net sales since December 31, 2025, to the tune of $10.17 billion.

Short-to-intermediate saw their first weekly net disposal in 18 weeks, worth $5.92 billion. Investors also divested general domestic taxable fixed income funds of a net $1.25 billion.

Money market funds, meanwhile, attracted $5.88 billion, the sixth weekly inflow in seven weeks.

 

(Reporting by Gaurav DograEditing by Ros Russell)

 

Martinsville bank sells Justice family’s overdue loans to Omni Hotels entity

SUMMARY: 

Omni Hotels & Resorts’ parent company has purchased $209.48 million in past-due loans from ‘s Carter Bankshares for $289.48 million, according to a recent federal securities filing. U.S. Sen. Jim Justice II, a West Virginia Republican whose family owns the Greenbrier resort, and his family took out the overdue loans through a holding company.

On March 26, Carter Bankshares, the holding company of Carter Bank & Trust, reported the completion of the to “an unaffiliated third party,” in a filing with the U.S. Securities and Exchange Commission.

A March 25 filing in Greenbrier County, West Virginia, shows a transfer of debt from Carter Bank to an entity called White Sulphur Springs Holdings that is registered to the same Dallas address as ‘ corporate headquarters, Omni’s parent company. A copy of the filing was published Wednesday on WV MetroNews.

The entity filed for organization March 12, 2026, according to the Texas Secretary of State.

“A subsidiary of TRT Holdings, Omni Hotels & Resorts’ parent company, acquired the first-lien debt on The Greenbrier Resort in White Sulphur Springs, West Virginia, as an investment,” Tiffani Cailor, an Omni spokesperson, said in a statement Friday. “This transaction was made as part of TRT Holdings’ broader business of investing across a diverse portfolio of assets.”

Omni Hotels & Resorts is a private luxury hotel brand that owns three Virginia properties, including The Omni Homestead Resort & Spa, a competitor of the Greenbrier. The purchase of the ‘s business debts does not give TRT Holdings ownership of the Greenbrier, but it does give the hotelier significant influence over the West Virginia resort.

When asked whether TRT Holdings has plans for the Greenbrier, Cailor stated, “There are no plans with respect to Omni Hotels & Resorts at this time.”

Brooks Taylor, vice president and corporate communications officer for Carter Bank, wrote in an email Friday that the only information currently being released is from the SEC filing. However, he noted that more information will be available after the bank files its second-quarter earnings report April 23.

The Greenbrier did not immediately respond to a request for comment.

Carter Bank and the Justice family have been embroiled in legal action for several years. Elected West Virginia’s junior senator in 2024, Jim Justice was previously the state’s governor from 2017 to 2025. He led 102 companies through the Justice Family Group before seeking political office, including the Greenbrier resort, which the family purchased in 2009 for $20.1 million. According to American Banker, at its height, Carter Bank lent the business $740 million.

However, since 2023, the Justice loan portfolio has not been earning the bank interest, and Carter Bank placed the loans in nonaccrual status as payments were not being paid. Along with the Greenbrier, the Justice family owns coal mining and agricultural operations.

In July 2024, Carter Bankshares announced that the Justices had agreed to a payoff plan for the outstanding loans, which were at a $294.1 million balance as of June 30, 2024.

In its March SEC filing, Carter Bankshares reported that the sale of the loans will affect its tangible book value per common share by about $3.49 per share.

Carter Bank had $4.9 billion in assets at the end of 2025 and operates 63 branches in Virginia and North Carolina.