Apple REIT Eight
The company entered into a loan agreement with Wells Fargo Bank for $40 million. The loan is secured by two of the company’s hotels in California. The loan matures in January 2015. The company said it also entered into an interest rate swap agreement with Wells Fargo to fix the interest rate on the loan. The proceeds of the loan to pay down its $75 million credit line with BB&T.
Apple REIT Ten
The company signed an agreement to purchase all of the ownership interests of Sunbelt-TNT, LLC, which owns one hotel under construction in Nashville for $9.8 million. The transaction is pending.
CarMax
Director Thomas Stemberg exercised options for 6,764 shares at $10.75 each or approximately $72,000. He then sold 5,764 shares for $30.19 for $174,000.
Central Virginia Bankshares
CVB announced the retirement of longtime director John B. Larus, effective Jan. 17. Larus was one of the founding directors of the bank in 1973, and at one time was chairman for 22 years. He was most recently as Chairman Emeritus. Larus is the retired managing partner of Stony Point Estates, a local land development company. Larus lives in Powhatan County. The bank said there are no plans at present to fill Larus’ spot on the board.
Franklin Financial
The parent company of Franklin Federal Savings Bank filed its proxy statement disclosing the total compensation paid to its top executives in 2011. Chairman, President and CEO Richard Wheeler received total compensation of $449,494, including a $235,000 base salary and other perks such as a car and club allowance. CFO Donald Marker received $250,574 in total compensation. Steven Lohr, a vice president, received $265,069. And Barry Shenton, a vice president, received a total of $267,133 in 2011.
The company also announced that its annual shareholders meeting will be held Feb. 21 at the Cultural Arts Center at Glen Allen at 4 p.m.
MeadWestvaco
MWV released preliminary financial results for its fourth quarter and full year 2011, reporting pre-tax income in the range of $150 to $160 million for the quarter, and $835 to $845 million for the year. The company said weaker than expected demand in certain U.S. and European packaging markets resulted in lower volumes and production rates.
Apple REIT Eight
The company entered into a loan agreement with Wells Fargo Bank for $40 million. The loan is secured by two of the company’s hotels in California. The loan matures in January 2015. The company said it also entered into an interest rate swap agreement with Wells Fargo to fix the interest rate on the loan. The proceeds of the loan to pay down its $75 million credit line with BB&T.
Apple REIT Ten
The company signed an agreement to purchase all of the ownership interests of Sunbelt-TNT, LLC, which owns one hotel under construction in Nashville for $9.8 million. The transaction is pending.
CarMax
Director Thomas Stemberg exercised options for 6,764 shares at $10.75 each or approximately $72,000. He then sold 5,764 shares for $30.19 for $174,000.
Central Virginia Bankshares
CVB announced the retirement of longtime director John B. Larus, effective Jan. 17. Larus was one of the founding directors of the bank in 1973, and at one time was chairman for 22 years. He was most recently as Chairman Emeritus. Larus is the retired managing partner of Stony Point Estates, a local land development company. Larus lives in Powhatan County. The bank said there are no plans at present to fill Larus’ spot on the board.
Franklin Financial
The parent company of Franklin Federal Savings Bank filed its proxy statement disclosing the total compensation paid to its top executives in 2011. Chairman, President and CEO Richard Wheeler received total compensation of $449,494, including a $235,000 base salary and other perks such as a car and club allowance. CFO Donald Marker received $250,574 in total compensation. Steven Lohr, a vice president, received $265,069. And Barry Shenton, a vice president, received a total of $267,133 in 2011.
The company also announced that its annual shareholders meeting will be held Feb. 21 at the Cultural Arts Center at Glen Allen at 4 p.m.
MeadWestvaco
MWV released preliminary financial results for its fourth quarter and full year 2011, reporting pre-tax income in the range of $150 to $160 million for the quarter, and $835 to $845 million for the year. The company said weaker than expected demand in certain U.S. and European packaging markets resulted in lower volumes and production rates.