Banking

Nearly a decade after he invested $8 million to help get Village out of trouble, seasoned bank investor Ken Lehman is due an eight-figure windfall.

“Particularly in Chesterfield and Hanover counties, this will kind of complete our branching network,” said Towne’s Executive Chairman Bob Aston. “Chesterfield and Hanover are growing like crazy.”

TowneBank is grabbing a bigger piece of the Richmond market. The $17 billion Hampton Roads-based bank announced this morning a deal to acquire Midlothian-based competitor Village Bank. The move would give Towne an extra nine branches in the Richmond region to go along with its nine existing local locations, as well as taking on Village’s… Read more »

The trio, which for years have dominated the annual rankings, reported a combined drop in their local deposits of $1.45 billion as of June 30, compared to the same period last year.

The bank will have 39 branches remaining in the Richmond metro area after the Nov. 6 closure. That’s down from 45 a year ago and 56 five years ago.

“It is drastically out of character for you and there’s no question about that,” Judge Robert Payne said of James Stevens. “I think the record is clear that you are a good man that went astray.”

The case currently hinges on whether the foursome’s defection and subsequently luring more than $300 million in client assets constitutes a “raiding” of their former employer.

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.