Altria
W. Leo Kiely III was elected to the Altria board of directors. He is the former chief executive of beer giant MillerCoors. He was also president and chief executive of Molson Coors Brewing Company and its predecessor. Kiely’s appointment increases the board from nine members to 10. Altria directors receive a $100,000 annual cash retainer for their service to the board.
Apple REIT Eight
The company received four loans valued at about $60 million from Cantor Commercial Real Estate Lending. Each loan is secured by one of the company’s hotels. It will pay 6.01 percent interest, and the loans mature in October 2016. The funds were used to pay off a $25 million loan from BB&T and to pay the balance on a $75 million line of credit.
CarMax
The company amended its articles of incorporation to decrease the number of directors on its board from 13 to 12.
Community Bankers Trust
President and chief executive Rex Smith was awarded options for 50,000 shares with an exercise price of $1.25 per share. The options expire in 2021.
Eastern Virginia Bankshares
EVB reported its third quarter earnings with net income of $115,000. That’s down from $1.2 million in the third quarter of 2010. The company said it saw a continued decrease in the level of past due loans and nonperforming assets, citing a year-to-date reduction of nonperforming assets of 12.6 percent. Its total nonperforming assets were $34.3 million, down from $35.2 million. Those more positive figures were a result of an improvement in EVB’s ability to sell off foreclosed properties and a slowdown in the number of properties it had to take back through foreclosure. Its total assets dropped $42.7 million to $1.07 billion since third quarter 2010. Its loan portfolio decreased in size by $59 million to $744.1 million during that same period. Its deposits dropped $8.9 million to $841.6 million.
MeadWestvaco
The company’s third quarter financials showed $1.63 billion in sales, up from $1.5 billion a year ago. It reported quarterly profit of $117 million, compared with a loss of $15 million. MWV said its food, beverage and tobacco packaging segments were strong during the quarter. The global packaging company grew sales by 9 percent, including strong performance in global markets for food, beverage and tobacco packaging, and higher sales of performance chemicals for inks, adhesives and oilfield drilling markets.
MWV also sold about 15,700 acres of land for gross proceeds of $31 million during the quarter. The company owns 705,000 acres in the Southeast.
Media General
The owner of the Richmond Times-Dispatch reported a $29.8 million loss for the third quarter, up from a loss of $10.6 million in the same period a year ago. It brought in $144 million in revenue, down from $163 million. Its Virginia/Tennessee territory generated $42.8 million in revenue during the quarter, down from $46 million. That figure includes a continued decline in print revenue and a decline in broadcast revenue. Digital revenue, however, was up. Media General said it has $665 million in debt.
Owens & Minor
O&M reported third quarter net income of $33.4 million, a $2 million increase from the same period a year ago. Revenue for the quarter was $2.18 billion, up from $2.06 billion. The company said it is establishing a new joint venture in China. It had $196 million in cash and $215 million in interest-bearing debt.
Star Scientific
Director Burton Haynes received options for 50,000 shares of Star Scientific stock with an exercise price of $2.86 per share. The options expire in 2021.
Union First Market Bankshares
Union entered into an employment agreement with Elizabeth M. Bentley, its director of retail banking. The two-year agreement is effective Oct. 24 and includes a $216,200 base salary.
Union released its third quarter earnings with net income of $8.5 million, compared with $7.5 million a year ago. The bank said it generated thousands of new accounts thanks to a free checking advertising campaign in August. It sold off more than 6.5 percent of its foreclosed real estate during the quarter and said it saw an increase in customer pay-downs on nonperforming loans. Its total nonperforming assets were $86.4 million, up $8.4 million from a year ago but down $4.9 million since June. It reported total assets of $3.91 billion, up $55.1 million from a year ago. Deposits grew to $3.1 billion from $3.07 billion a year ago. Its loan portfolio also grew to $2.83 billion from $2.82 billion.
Executive Vice President Rex Hockemeyer bought nine shares at $11.54 per share.
Altria
W. Leo Kiely III was elected to the Altria board of directors. He is the former chief executive of beer giant MillerCoors. He was also president and chief executive of Molson Coors Brewing Company and its predecessor. Kiely’s appointment increases the board from nine members to 10. Altria directors receive a $100,000 annual cash retainer for their service to the board.
Apple REIT Eight
The company received four loans valued at about $60 million from Cantor Commercial Real Estate Lending. Each loan is secured by one of the company’s hotels. It will pay 6.01 percent interest, and the loans mature in October 2016. The funds were used to pay off a $25 million loan from BB&T and to pay the balance on a $75 million line of credit.
CarMax
The company amended its articles of incorporation to decrease the number of directors on its board from 13 to 12.
Community Bankers Trust
President and chief executive Rex Smith was awarded options for 50,000 shares with an exercise price of $1.25 per share. The options expire in 2021.
Eastern Virginia Bankshares
EVB reported its third quarter earnings with net income of $115,000. That’s down from $1.2 million in the third quarter of 2010. The company said it saw a continued decrease in the level of past due loans and nonperforming assets, citing a year-to-date reduction of nonperforming assets of 12.6 percent. Its total nonperforming assets were $34.3 million, down from $35.2 million. Those more positive figures were a result of an improvement in EVB’s ability to sell off foreclosed properties and a slowdown in the number of properties it had to take back through foreclosure. Its total assets dropped $42.7 million to $1.07 billion since third quarter 2010. Its loan portfolio decreased in size by $59 million to $744.1 million during that same period. Its deposits dropped $8.9 million to $841.6 million.
MeadWestvaco
The company’s third quarter financials showed $1.63 billion in sales, up from $1.5 billion a year ago. It reported quarterly profit of $117 million, compared with a loss of $15 million. MWV said its food, beverage and tobacco packaging segments were strong during the quarter. The global packaging company grew sales by 9 percent, including strong performance in global markets for food, beverage and tobacco packaging, and higher sales of performance chemicals for inks, adhesives and oilfield drilling markets.
MWV also sold about 15,700 acres of land for gross proceeds of $31 million during the quarter. The company owns 705,000 acres in the Southeast.
Media General
The owner of the Richmond Times-Dispatch reported a $29.8 million loss for the third quarter, up from a loss of $10.6 million in the same period a year ago. It brought in $144 million in revenue, down from $163 million. Its Virginia/Tennessee territory generated $42.8 million in revenue during the quarter, down from $46 million. That figure includes a continued decline in print revenue and a decline in broadcast revenue. Digital revenue, however, was up. Media General said it has $665 million in debt.
Owens & Minor
O&M reported third quarter net income of $33.4 million, a $2 million increase from the same period a year ago. Revenue for the quarter was $2.18 billion, up from $2.06 billion. The company said it is establishing a new joint venture in China. It had $196 million in cash and $215 million in interest-bearing debt.
Star Scientific
Director Burton Haynes received options for 50,000 shares of Star Scientific stock with an exercise price of $2.86 per share. The options expire in 2021.
Union First Market Bankshares
Union entered into an employment agreement with Elizabeth M. Bentley, its director of retail banking. The two-year agreement is effective Oct. 24 and includes a $216,200 base salary.
Union released its third quarter earnings with net income of $8.5 million, compared with $7.5 million a year ago. The bank said it generated thousands of new accounts thanks to a free checking advertising campaign in August. It sold off more than 6.5 percent of its foreclosed real estate during the quarter and said it saw an increase in customer pay-downs on nonperforming loans. Its total nonperforming assets were $86.4 million, up $8.4 million from a year ago but down $4.9 million since June. It reported total assets of $3.91 billion, up $55.1 million from a year ago. Deposits grew to $3.1 billion from $3.07 billion a year ago. Its loan portfolio also grew to $2.83 billion from $2.82 billion.
Executive Vice President Rex Hockemeyer bought nine shares at $11.54 per share.