The tobacco giant announced the departure of Board of Directors Chairman and CEO Howard Willard. The board elected Billy Gifford as the company’s new CEO. The board decided to separate the chairman and CEO roles, and elected Thomas Farrell to be chairman. Click here to read the full announcement.
CEO William Gifford was awarded 51,540 shares at $0 per share. Gifford directly owns 348,669 shares of common stock.
Atlantic Union Bankshares (AUB)
The parent of Atlantic Union Bank said as of April 16 it had helped process 6,500 loans for a total of $1.4 billion for small businesses participating in the Paycheck Protection Program from the Small Business Administration. The bank said it received more than 9,000 loan requests seeking approximately $1.8 billion in PPP funds.
The armored car giant announced the upcoming retirement of Vice President and Controller Thomas Colan, who plans to retire in October. Click here to read the full announcement.
Daniel Henry announced he will resign from the Board of Directors effective May 4. The resignation came in connection with Henry’s appointment as president and CEO of Green Dot Corporation. Click here to read the full announcement.
Community Bankers Trust (ESXB)
Driver Management Co., a New York-based activist investment group, continues to publicly criticize the parent of Henrico-based Essex Bank. Its latest effort came in a letter to shareholders, which ESXB posted in its SEC filings in the last week. “With ESXB’s stock now trading at $4.65/share—or 67% of tangible book value—now might not be the time to sell, but it is the time to send ESXB’s board a message,” the letter reads. Click here for the full document.
Driver’s letter followed ESXB’s filing of its latest proxy statement, which disclosed the compensation paid to its top executives in 2019. Atop the list is CEO Rex Smith, who received total compensation valued at $950,000. That’s up from $942,000 in 2018. Click here for the full breakdown.
The company’s annual shareholders meeting will be held May 15, at 11 a.m. at the company’s headquarters at 9954 Mayland Drive.
Southern National Bancorp (SONA)
On April 8, 2020, Mr. Daniel H. Burch, a member of the Boards of Directors of each of Southern National Bancorp of Virginia, Inc. and Sonabank (collectively, the “Company”), notified the Company that, for personal reasons, effective as of the close of business on April 10, 2020, he is resigning as a director of the Company. Mr. Burch’s resignation was not because of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.
Village Bank and Trust Financial (VBFC)
The Midlothian-based bank processed $150 million in PPP loans for nearly 900 businesses and nonprofits during the 13 days that the program was open.