Essex Bank says that it will not pay the U.S. Treasury its dividend for TARP funds this quarter and that it might close branches.
Michael Schwartz
Michael Schwartz is the editor of Richmond BizSense, and covers banking, lawsuits, finance, M&A and golf. He can be reached at [email protected] or 804-855-1037.
Richmond man named in $28M Ponzi scheme
A Richmond man allegedly helped run a $28 million Ponzi scheme that was uncovered in June, according to two regulatory agencies and civil suits filed in Florida.
Will investors love LucyPhone?
A local startup wants to rescue consumers from the pain of hearing the dreaded words “a representative will assist you shortly.” And the two brothers behind it are trying to raise $1 million in VC.
Trading Day: Inside the SEC filings for 8.12.10
Markel reports a loss, citing an earthquake in Chile and the BP oil spill. Plus insider trades at local banks and other firms.
“We don’t want the land; We don’t want the houses.”
Two local banks are getting more pro-active to unload the property they have taken in foreclosure – property they don’t really want to own. And they’re willing to offer favorable financing to buyers.
Body blow for PE fund
A Richmond-based private equity fund lost more than half its value when a Florida bank hit the skids. But the fund’s managers and at least one investor remain hopeful that other investments will more than recoup those losses.
Monday Q&A: Can he help turn around Virginia Business Bank?
Scott Harvard, a Richmond native and veteran of the Virginia banking industry, has returned to his hometown to help a bank that is trying to reinvent itself.
Call FCU gets green light for expansion
A local credit union can now more easily expand its customer base.
Trading Day: Inside the SEC filings for 8.5.10
Commonwealth Biotechnology has a new CEO, while the controller and principal accounting officer at Xenith Bank is retiring. Plus quarterly earnings from Genworth, Brink’s, Insmed, New Market and Tredegar.
Ridin’ dirty
Do you know where your Escalade is?