Banking

The change means VACU is no longer regulated by the state’s Bureau of Financial Institutions. It is now solely regulated by the National Credit Union Administration.

A year after making its first-ever push into the Richmond market, the Mount Olive-based bank is looking to beef up its capabilities here.

Court records illustrate the hit S&L has taken since the mass exodus began last month: 427 client accounts totaling $352 million had been transferred out of the firm as of June 18.

The sudden resignation of four employees and the launch of their new firm has led to a federal judge ordering them to temporarily stop soliciting their former employer’s clients.

The $27 billion Pennsylvania-based bank plans to relocate its Innsbrook-area branch at 4180 Dominion Blvd. to a building at the corner of Parham Road and West Broad Street following a round of renovations.

James Stevens, who worked for the bank for more than 20 years, will be sentenced next week in federal court in Richmond.

The banking giant closed its branch within the office tower that bears its name, though its logo remains atop the 24-story building and its other operations continue onsite.

The cleanup job continues at Blue Ridge Bank, and it just got eight figures worth of cash to help it get back on track.

The marriage gives AUB more of a presence in Danville, Lynchburg and Martinsville, in particular. AUB had cited American National’s operations in the Piedmont Triad of North Carolina as a driver of the deal.

“It really is a nice jump start for us to expand our footprint across Richmond and not just in the West End where we’ve been,” First Bank CEO Scott Harvard said of the $47 million deal.