Suffolk’s First Bankshares agrees to combine with Xenith (Virginian-Pilot)
Richmond’s Xenith Bank began working more than a year ago to organize a new, state-chartered bank, but its efforts were thwarted by turmoil in the financial markets in the fall, Layfield said. Instead of trying to start a bank, Xenith decided to acquire one and approached First Bankshares earlier this year, he said. Xenith announced last year that its business plan called for serving a handful of markets: commercial customers with annual sales of $5 million to $250 million; mid-size real estate developers and investors; and private-banking customers with assets greater than $2 million. Xenith still expects to focus on those markets after its merger with First Bankshares, Layfield said.
Under Pressure, Craigslist to Remove ‘Erotic’ Ads (NY Times)
Craigslist, the Web’s largest classified advertising site, said on Wednesday that it would close its erotic services category, which critics have said is a forum that fosters prostitution and other illegal activities.
Failure: A Bankrupt Idea (BusinessWeek)
Why the bankruptcy process that sorted out the mess when companies failed no longer works
Real Estate With a Past (WSJ)
When a small business looks for a new location, a vacant space raises a question: Once a loser, always a loser?
The Next New–Potentially Illegal–Thing (Inc.)
Awesome Q&A, especially for everyone who works with startups: In part one of Inc.’s interview with Larry Downes, the author of the forthcoming The Laws of Disruption, he explains why the legal system is the enemy of innovation.