Apple REIT
Under scrutiny after its New York broker was hit with charges from federal regulators, Apple REITs Six, Seven, Eight, Nine and Ten each filed a brief statement to distance themselves from the troubles of the firm, David Lerner Associates.
“We are unaffiliated with David Lerner Associates; however, we rely upon it for the administration of our units,” Apple REITs said in the filings. “The Apple REIT companies intend to cooperate with regulatory or governmental inquiries.”
Each of the Apple REITs also filed a brief statement in response to class action lawsuits that have been filed against them in recent weeks.
“We believe that these claims against us and our officers and directors are without merit, and we intend to defend against them vigorously,” the REITs said. “At this time, we cannot reasonably predict the outcome of these proceedings or an estimate of damages or any other remedies against the defendants, if any.”
Bank of Virginia
H.E. Richeson, a director, announced his retirement from the Bank of Virginia board. Richeson, 69, and now a Virginia Beach resident, was the founding CEO of the bank and had been vice chairman of the board since a majority stake of the bank was purchased by an investment group in December.
Central Virginia Bankshares
President and CEO Herb Marth acquired 191 shares for $1.10 each. He now owns more than 19,000 shares of the bank’s stock.
CFO Robert Eastep acquired 523 shares for $1.31 each as part of the company’s stock purchase plan. Eastep owns more than 16,000 shares of CVB stock.
Leslie Cundiff, a senior vice president, bought 212 shares through the purchase plan for $1.31. Cundiff now owns more than 5,200 shares.
MeadWestvaco
Alan D. Wilson was elected to the MWV board of directors. Wilson is chairman, president and CEO of McCormick & Co., a large spice and condiment company. Wilson, a graduate of the University of Tennessee, was issued 2,363 shares of MWV phantom stock that will convert to common shares once his service to the company’s board has ended.
Owens & Minor
Directors Alfred Broaddus Jr. and Lemuel Lewis were awarded 90 shares of phantom stock worth $33.43 each. Director Peter Redding received 45 such shares. The shares will convert either to cash or common stock.
Tredegar Corp.
Director Thomas Slater filed his initial statement of ownership of Tredegar stock, revealing that he owns 7,800 shares and his wife owns 3,200 shares.
Union First Market Bankshares
Rex Hockemeyer, an executive vice president, bought 8 shares for $13.01. He owns more than 2,600 shares of Union stock.
Michael Schwartz is a BizSense reporter. Please send news tips to [email protected].
Apple REIT
Under scrutiny after its New York broker was hit with charges from federal regulators, Apple REITs Six, Seven, Eight, Nine and Ten each filed a brief statement to distance themselves from the troubles of the firm, David Lerner Associates.
“We are unaffiliated with David Lerner Associates; however, we rely upon it for the administration of our units,” Apple REITs said in the filings. “The Apple REIT companies intend to cooperate with regulatory or governmental inquiries.”
Each of the Apple REITs also filed a brief statement in response to class action lawsuits that have been filed against them in recent weeks.
“We believe that these claims against us and our officers and directors are without merit, and we intend to defend against them vigorously,” the REITs said. “At this time, we cannot reasonably predict the outcome of these proceedings or an estimate of damages or any other remedies against the defendants, if any.”
Bank of Virginia
H.E. Richeson, a director, announced his retirement from the Bank of Virginia board. Richeson, 69, and now a Virginia Beach resident, was the founding CEO of the bank and had been vice chairman of the board since a majority stake of the bank was purchased by an investment group in December.
Central Virginia Bankshares
President and CEO Herb Marth acquired 191 shares for $1.10 each. He now owns more than 19,000 shares of the bank’s stock.
CFO Robert Eastep acquired 523 shares for $1.31 each as part of the company’s stock purchase plan. Eastep owns more than 16,000 shares of CVB stock.
Leslie Cundiff, a senior vice president, bought 212 shares through the purchase plan for $1.31. Cundiff now owns more than 5,200 shares.
MeadWestvaco
Alan D. Wilson was elected to the MWV board of directors. Wilson is chairman, president and CEO of McCormick & Co., a large spice and condiment company. Wilson, a graduate of the University of Tennessee, was issued 2,363 shares of MWV phantom stock that will convert to common shares once his service to the company’s board has ended.
Owens & Minor
Directors Alfred Broaddus Jr. and Lemuel Lewis were awarded 90 shares of phantom stock worth $33.43 each. Director Peter Redding received 45 such shares. The shares will convert either to cash or common stock.
Tredegar Corp.
Director Thomas Slater filed his initial statement of ownership of Tredegar stock, revealing that he owns 7,800 shares and his wife owns 3,200 shares.
Union First Market Bankshares
Rex Hockemeyer, an executive vice president, bought 8 shares for $13.01. He owns more than 2,600 shares of Union stock.
Michael Schwartz is a BizSense reporter. Please send news tips to [email protected].