The parent of C&F Bank said its rating under the federal Community Reinvestment Act was increased to “satisfactory,” removing certain limitations that had been imposed on it for previously receiving a “needs improvement” rating.
The utility giant said its first quarter financials will be affected by the warmer than normal weather of late. Dominion said the mild weather would negatively affect earnings by $0.10 to $0.11 per share because people weren’t running their heat as often. It will host an earnings conference call at 10 a.m. April 26.
Dynex Capital (DX)
The REIT released its latest proxy, disclosing the total compensation packages given to its top three executives in 2011.
Chairman and CEO Thomas Akin received $2.06 million in total compensation last year, up from $876,000. That includes a $500,000 base salary, $1.06 million in stock awards and $500,000 in incentive cash payments.
President and Chief Investment Officer Byron Boston was the highest paid executive at Dynex in 2011 with $2.55 million in total compensation. That included a $500,000 base, $1.15 million in stock awards and other compensation.
CFO Stephen Beneditti received $1.38 million in total compensation in 2011, including a $350,000 base salary.
Dynex said its annual shareholders meeting would be May 14 at the Standford Court Renaissance Hotel in San Francisco.
Franklin Financial (FRNK)
Warren A. Mackey was elected a director of the company, which is the parent of Franklin Federal Savings Bank. Mackey is founder of Arles Partners, Homestead Partners and Homestead Odyssey Partners, three private investment partnerships. He’s also a director of BankAsiana.
Each of the company’s executives and directors were granted tens of thousands of shares of restricted stock. Chairman, President and CEO Richard Wheeler received 75,000 such shares, which will vest in 20 percent increments each year based on performance goals.
Franklin’s executives and directors also each received options for thousands of shares of common stock. Wheeler received options for 185,000 shares with an exercise price of $13.42 per share. The shares expire in 2022.
Genworth disclosed the compensation packages paid to its top six executives last year. Most saw their total pay drop in 2011 compared with 2010.
Chairman, President and CEO Michael Frazier’s total compensation in 2011 was $4.29 million, down from $6.93 million. His total pay consisted of a $1.12 million base salary, $993,000 in incentives and other compensation, including $15,000 worth of financial counseling.
Newly appointed CFO Martin Klein received $1.79 million in total compensation in 2011. That included a $390,000 base salary and $475,000 in incentive pay.
Patrick Kelleher, an executive vice president, received $2.03 million in total compensation, including a $638,000 base and $600,000 in annual incentives.
Chief Investment Officer Ronald Joelson received $1.74 million in total compensation last year, including a $541,000 base salary and a $600,000 annual incentive.
Leon Roday, Genworth’s general counsel, received $1.61 million in total pay, including a $598,000 base and $430,000 in incentives.
Kevin Schneider, a senior vice president, received a total package of $1.53 million. That consisted of $488,000 in base salary and $430,000 in incentive and other perks.
Genworth’s annual shareholders meeting will be May 17 at the Westin Richmond on West Broad Street.
Wendell Willkie II, MWV’s general counsel, exercised options for 25,000 shares at $9.08 per share or a total of $227,000. He then sold the shares for $31.50 each, a total sale of $787,500.
Media General (MEG)
The parent of the Richmond Times-Dispatch disclosed the total pay packages given to its top executives in 2011. Most saw a decrease in their total pay compared with the previous year.
President and CEO Marshall Morton received $1.43 million in total compensation in 2011, down from $1.98 million in 2010. His 2011 total included an $884,000 base salary, stock awards and other compensation.
CFO James Woodward received $437,000 in total compensation, down about $20,000 from the previous year. His total included a $290,000 base salary.
John Schauss, a vice president, received $811,000 in total compensation, down more than $100,000 from 2010. His 2011 total included a $416,000 base salary.
George Mahoney, a vice president, received $1.2 million in total compensation, including a $498,000 base salary. His total was down less than $20,000 from the previous year.
Chief Accounting Officer Stephen Dickinson was given $495,000 in total compensation, including a $314,000 base salary.
Robert MacPherson, a vice president, received $386,000, including a $248,000 base salary. He was the only of Media General’s top executives to earn more in 2011 than in 2010.
COO Reid Ashe was the second highest paid of the group with $1.28 million in total 2011 compensation. That was down from $1.48 million in 2010.
Media General said its annual meeting would be April 26 at its Richmond Newspapers Production Facility in Mechanicsville.
Union First Market Bankshares (UBSH)
Douglas Caton, a director, bought 1,404 shares for $14.09 per share, a purchase of approximately $19,000. He owns more than 416,000 shares of Union stock.
Executive Vice President Anthony Peay was named chief banking officer, replacing David Fairchild. Fairchild will remain president of the company.