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Payback time

Payback time

Aaron Kremer November 20, 2009 1

Union Bankshares, the parent company of Union Bank & Trust, just wired the U.S. Treasury $59 million it borrowed in December as part of the Troubled Asset Relief Program. The stigma, and the interest

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Wealth advisors strike out on their own

Wealth advisors strike out on their own

Aaron Kremer November 19, 2009 0

Here’s a trend to watch for small businesses around Richmond that worked with the now-departed Wachovia Securities: Wealth advisors continue leaving big banks and investment firms to run their own wealth management businesses. And

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Regulators withhold blessing, deal quashed

Regulators withhold blessing, deal quashed

Aaron Kremer November 11, 2009 0

With the deal taking many months longer than either bank president anticipated, and with no deadline in sight, Eastern Virginia Bank and First Capital Bank decided to go their own ways. It was just

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Deal’s off

Deal’s off

Aaron Kremer November 10, 2009 0

Eastern Virginia Bank and First Capital Bank are no longer going to combine operations in a $27 million deal, as they agreed to in April. The reason, according to a news release, is the

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Putting two banks together doesn’t come cheap

Putting two banks together doesn’t come cheap

Aaron Kremer October 23, 2009 2

Union Bankshares, the parent holding company of Union Bank & Trust, will pay almost $10 million in coming quarters to consummate its acquisition of First Market. Plus a few details about where that money

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Interest rate incentives catch fire

Interest rate incentives catch fire

Al Harris October 2, 2009 0

Everybody’s doing it. First it was First Market Bank offering a 3.99 percent interest rate to homebuyers purchasing from a builder they had lent construction money to. Several banks followed suit, including Midlothian-based Village Bank

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SBA lending rebounds

SBA lending rebounds

Aaron Kremer September 30, 2009 0

Lending is starting to flow again to small businesses. Two quarters ago, the number of SBA loans was down more than 50 percent from the previous year. But as the fiscal year comes to

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First Market Bank cuts ‘duplicate’ jobs

First Market Bank cuts ‘duplicate’ jobs

Al Harris September 28, 2009 0

As part of a 9 percent cut in overhead, First Market Bank and Union Bankshares – which are in the process of melding operations – recently cut around 50 jobs

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New head at Virginia Business Bank

New head at Virginia Business Bank

Aaron Kremer September 16, 2009 1

Merlin Henkel, the former president and chief executive of Virginia Business Bank, has been replaced by Terrie G. Spiro, an executive with decades of experience at regional banks in the mid-Atlantic

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Union Bankshares to sell $62.5 million in stock

Union Bankshares to sell $62.5 million in stock

Al Harris September 9, 2009 0

Bowling Green-based Union Bankshares announced Tuesday that it intends to sell $62.5 million in new stock, or the equivalent of 31 percent of its current market cap. Plus, for the first time, First Market

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