The Bank of Essex has assumed $600 million in deposits previously held by The Community Bank in Loganville, Ga. A Richmond-based bank has gobbled up deposits of a failed Georgia bank. Tappahannock-based Bank of Essex has assumed $600 million in deposits previously held by The Community Bank in Loganville, Ga.
Al Harris
Highwoods pitches plan to Shockoe Bottom
Planners of a proposed downtown ballpark development made a pitch to and fielded questions from residents and business owners Monday night at the Shockoe Bottom Neighborhood Association’s monthly meeting. “The area you are looking at for redevelopment is mostly parking lots. There really hasn’t been any significant development here since [tropical storm] Gaston,” said Highwoods… Read more »
The $135 stimulus check you already got
Richmond commuters got an unexpected holiday bonus: $135 in average fuel savings since July. According to the U.S. Department of Transportation, vehicles in the Richmond metro area are driven an average of 29 miles on any given weekday, or 145 miles in a workweek. If local gas prices had remained at their July peak of… Read more »
Innsbrook empties out: Vacancy rate poised to double
Nearly 1 million square feet of class A office space in the Innsbrook area could be vacated as locally-based corporations downsize, driving down rental rates in the area but potentially making the Richmond area more attractive to corporations considering moving here. Almost every office building at Innsbrook has a “for lease” sign, and the situation… Read more »
Award show season; for Richmond businesses
The Virginia Museum of Fine Arts is accepting nominations for the Muse Award, which goes out annually to a creative business in Richmond. The deadline is March 12. According to the VMFA, the award honors Virginia companies whose unique and creative approaches to business challenge traditional thinking.
Fasten your safety belt for more bumps, economist says
Economist Chris Varvares looked into a crystal ball yesterday and saw a stormy few quarters in our future. Varvares, who is president of Macroeconomic Advisors, told business leaders at a lunch event held by the Richmond Association of Business Economics that we are in a recession that will continue for at least the next two… Read more »
The Pipeline: Commercial Real Estate Round 11.21.08
Thalhimer reports that the Democratic Party of Virginia purchased a 15,000 square foot office building at 1710 East Franklin Street from Tinsman Holdings for $1.15 million. Harrison & Bates reports Jacobson Companies, a third party logistics provider, leased 52,000 square feet at 11200 Old Stage Road in Chesterfield. The law firm of Midkiff, Muncie &… Read more »
Add your résumé to the pile
Local investment banks are being flooded with résumés from MBA students and recent graduates. Boxwood Partners, a local middle-market investment bank, said the volume of résumés and applications has reached a new high. “We’re getting five a day, versus five a week last year,” said Pat Galleher, a managing partner at Boxwoods, of the applications,… Read more »
The recession special
Local advertisers, it seems, don’t want to remind us of the lousy economy. But national advertisers are rolling out more and more ads that address the country’s current economic situation, sometimes opting for a humorous tack. A Denny’s ad asks “Who’s gonna bail you out?” to advertise a $4 breakfast special. Crate & Barrel magazine… Read more »
Richmond PC maker humming along
While computer makers like Dell and Hewlett Packard are slashing prices as they brace for a drop in demand, Richmond-based Velocity Micro, which produces high-end custom PCs, says things are holding steady. The Chesterfield company’s PCs are favored by gamers. “Obviously we are seeing a little bit of a downturn in sales, but we aren’t… Read more »