Banking

Richmond’s largest local bank has sealed a deal in Charlottesville to expand its wealth management business. Union Bank & Trust on Tuesday finalized its acquisition of Old Dominion Capital Management, a Charlottesville-based investment advisory firm that will add its $300 million in assets under management to Union’s $1.9 billion in wealth management assets. Financial terms… Read more »

The wave of bank consolidation has come ashore in Richmond once again. Midlothian-based Bank of Virginia and its parent company Cordia Bancorp announced on Friday a deal to be acquired by First Citizens Bank & Trust, one of the top 50 largest banks in the U.S. The all-cash deal, which is expected to close by… Read more »

A pending acquisition isn’t stopping a Chesapeake-based bank from increasing its presence in the Richmond market. Monarch Mortgage, the lending arm of Monarch Bank, last month opened a new Chesterfield office in a leased 4,000-square-foot space in the Shoppes at Westchester, off Watkins Center Parkway and Midlothian Turnpike. It’s one of two Monarch Mortgage offices… Read more »

On the market since 2011, the former headquarters building of a local bank is finally seeing some serious action. Village Bank is working a deal to sell its Watkins Centre building, a 70,000-square-foot office that it built in 2008 as a sort of trophy at the height of the bank’s boom times and has since… Read more »

After making its presence in Richmond felt in a big way on Patterson Avenue last year, a bank from Kilmarnock has a slightly less visible spot in mind for its next local branch. Chesapeake Bank, a $692 million institution that entered the Richmond market about five years ago, is opening a location in Lakewood, a… Read more »

Richmond’s biggest local bank has struck a deal in Charlottesville that it hopes will be the first in a series of steps toward growing its wealth management arm. Union Bank & Trust announced on Tuesday it has acquired Old Dominion Capital Management, a Charlottesville-based investment advisory firm with clients around the country and $300 million in… Read more »

Fallout from a local contractor’s guilty plea on federal tax charges last month has forced at least one area bank to take a hit on its balance sheet. Michael Manning, 52, who ran Manning Construction and Manning-Carhen Construction, pleaded guilty on Feb. 23 to deliberately not collecting or paying more than $800,000 in employment taxes… Read more »

A 26-year-old national mortgage lending company is establishing its first physical presence in the Richmond market. New Jersey-based Freedom Mortgage has opened a local branch at 4323 Cox Road in Innsbrook. Managed by Kimberly Garnett, who came over from Wells Fargo, the 2,200-square-foot space is one of several retail offices that Freedom is opening across… Read more »

A special guest threw out the ceremonial first pitch Thursday at Virginia Tech’s newly named English Field at Union Park, a moniker that Union Bank & Trust hopes will lead to increased visibility in one of its bigger markets in the state.

As it works to complete its new local headquarters downtown, TowneBank is moving forward with another new location at a major development to the west. The Hampton Roads-based bank last month received approval from state and federal regulators to open its latest Richmond branch, in Gumenick Properties’ 80-acre Libbie Mill Midtown development off Staples Mill… Read more »