The company announced that current CFO David Beran will become vice chairman, responsible for business operations, effective Jan. 1, 2011. Executive vice president Howard Willard will take over as CFO and consequently will see his base salary increase from $520,000 to $600,000.
Martin J. Barrington, Chief Compliance and Administrative Officer, will become vice chairman responsible for innovation, public affairs, human resources and compliance, effective Jan. 1.
Mitzi Reynolds, vice president of lender relations, exercised options to acquire 2,801 shares for $7.44 per share or $20,839. She then sold those shares at market price for $18.58 each or $52,042.
Community Bankers Trust
The company announced that long time director Philip Minor died on Dec. 10, 2010. Minor was a director of the company and its predecessors since 1974.
Dominion announced the election of Helen Dragas to its board of directors. She is the company’s 12th board member. Dragas, 49, has been president and CEO of The Dragas Companies, a Hampton Roads real estate developer, since 1996. She is a UVA graduate and will earn a $60,000 annual cash retainer and a $90,000 annual stock retainer for her service to the Dominion board.
Chairman, President and CEO Thomas Farrell was granted 100,000 shares of restricted stock.
Director Barry Igdaloff bought 18,525 shares for $10.20 per share or $188,955. Igdaloff owns more than 289,000 shares of Dynex stock.
Eastern Virginia Bankshares
CEO Joe Shearin was awarded 8,000 shares of restricted stock at no cost. He owns more than 22,000 shares of EVB stock.
Pamela Schutz will step down as the leader of the company’s retirement and protection segment on Dec. 31. She will remain with the company as a non-executive, senior advisor until her retirement date on Feb. 25, 2011. Her replacement, CFO Patrick Kelleher will take over those duties effective Jan. 1, 2011. He will also remain CFO until the company appoints a successor.
Insmed said it received a letter on Dec. 16 from the Nasdaq Stock Market, notifying it that it has been granted an additional 180 days to regain compliance with Nasdaq’s $1 per share minimum rule. The company was told on June 18 that it did not meet the minimum price and had until Dec. 15 to regain compliance. To regain compliance the closing bid price of Insmed’s common stock must remain at $1 per share or more for a minimum of 10 consecutive business days. If it fails to do this, its stock will be delisted after June 13, 2011, though it will have a chance to appeal. Insmed said it is considering appropriate business measures to address compliance with Nasdaq’s continued listing standards.
James River Coal
The company received an imminent danger warning from the Federal Mine Safety and Health Adminisration after an employee was found to have an open pack of cigarettes and a lighter in his pocket in a underground mine. The company said it put in place a plan on Dec. 14 to prevent the presence of smoking articles in underground areas of the mine and thus the danger warning was terminated.
Vice Chairman Anthony Markel sold 4,521 shares for $1.66 million. He has sold tens of millions of dollars worth of his shares over the last several weeks.
President and co-COO Michael Crowley sold 190 shares for $368.42 per share or $70,000.
Michael Schwartz is a BizSense reporter. Please send news tips to [email protected].