Altria said it amended its bylaws and decreased the size of its board of directors from 10 members to nine. The move was made after Director Robert E. R. Huntley told the company in November of his desire to retire from the board, effective May 19.
Apple REIT Ten
One of Apple REIT’s subsidiaries entered into a contract for the potential purchase of a $10 million, 94-room Fairfield Inn & Suites hotel in Matthews, N.C. The pending deal is subject to certain closing condition being met.
Another subsidiary terminated a $7.25 million purchase contract that would have added an 80-room hotel in Wytheville, Va., to Apple REIT’s portfolio. The deal was originally reported Feb. 4.
The Brink’s Co.
Brink’s board approved cash bonuses to some of its executives through two bonus program, inlcuding $1.58 million to President and CEO Michael Dan, $346,080 to Chief Administrative Officer Frank Lennon, $116,520 to Controller Matthew Schumacher, $300,000 to CFO Joseph Dziedzic and $200,000 to General Counsel McAlister Marshall II.
Director Thomas Schievelbein purchased 3,500 shares for $31.11 each or approximately $108,885.
Central Virginia Bankshares
CVB released its fourth-quarter and year-end financials. It lost $2.2 million in the fourth quarter, an improvement from its $8.4 million loss in the same period in 2009. For all of 2010, CVB lost $15.9 million, up from $9.8 million in 2009. The company, whose subsidiary Central Virginia Bank is under written agreement with regulators, continued to shrink its balance sheet during the fourth quarter. Its total assets were $409 million down from $473 million. It had $261 million in total loans at the end of 2010, down from $292 million. Its total deposits dropped to $346 million, down from $385 million. The company said it continues to aggressively manage its expenses and has identified more than $1 million in expense reductions for 2011. Its total non-performing assets at year’s end reached $37.2 million, up from $29.6 million at the end of 2009. CVB is still well capitalized and adequately capitalized on the two most important capital ratios.
Dominion said it is offering a total of $900 million worth of senior notes in two offerings beginning March 2. The notes will mature in 2021. Citigroup Global Markets Inc., Goldman, Sachs & Co., J.P. Morgan Securities LLC and Scotia Capital (USA) Inc. and handling the sale of the notes.
Non-employee members of the company’s board of directors were each granted various numbers of shares of common stock valued at $45.63 per share as part of a director’s compensation plan.
Eastern Virginia Bankshares
The company pushed back the date of its annual shareholder’s meeting to May 12 at 10 a.m. rather than the previously announced date of April 21. The meeting will be held at the King William Ruritan Club in King William, Va.
First Capital Bancorp
Director Debra Richardson bought 2,500 shares for $4 a piece. The shares are held in the name of an entity called Three D and M LLC, which owns more than 14,000 shares.
The company’s shareholders approved the conversion of 91.74 million shares of its preferred stock into common stock related to the one-for-10 reverse stock split that went into effect March 2.
The company awarded eight of its top executives shares of restricted stock at no cost as part of an incentive plan. The restricted shares will vest in 2015.
Owens & Minor
Director Gilmer Minor III sold 25,500 shares for a total of $772,484.
James Ukrop, a director, exercised options for 4,500 shares for an exercise price of $12.67 per share.
Mark Van Sumeren, a senior vice president, exercised options for 11,850 at $24.08 each or $285,348. He then sold those shares at market price for $30.32 per share for a total of $359,292.
General Counsel Grace Denttartog exercised options for 19,250 at a price of $19.72 each or $379,610. She then sold those shares for $31 each, or $596,750.
Senior Vice President Erika Davis exercised options for 19,687 shares at a price of $19.72 or a total of $382,227. She then sold the shares at market price for $610,297.
Xenith, one of the newer bank holding companies in town, lost $5.3 million during 2010, a decrease from $6.2 million in 2009, the year it launched its bank subsidiary Xenith Bank. It total assets increased to $251 million at year’s end, up from $201 million. Its loan portfolio grew to $151 million, up from $102 million. Xenith had $175 million in deposits at the end of the year, up from $114 million at the end of 2009. It reported $4.3 million in non-performing assets or 1.7 percent of its total assets.
Michael Schwartz is a BizSense reporter. Please send news tips to [email protected]