After 15 years of managing clients’ money with a low-risk ethos, a West End financial firm is applying that approach to its future home.
Enjoy these highlights and the best soundbites from this week’s BizSense Assembly episode, which focused on the state of commercial lending in the midst of coronavirus and how the loan pipeline could be affected going forward.
Nearly $3 million that had gone temporarily missing from the trust account has been re-acquired by the replacement trustee, who continues to manage what’s left of the case.
The branch will replace an existing convenience store near the corner of Three Chopt Road and Patterson Avenue, and will include a drive-thru – which has become a must for banks in the age of coronavirus.
A small bank that operates in the region’s southern edges is going the holding company route.
Georgia Derrico and Roderick Porter, who founded the bank in 2005, have retired from their respective roles as chairman and vice chairman. That follows a CEO change less than two months ago.
The bank will trade digs downtown in favor of a from-scratch, 25,000-square-foot building on land it just purchased near the airport.
The banking giant expects to open the 4,000-square-foot branch in August. It will be its second Richmond-area location, with others in the works.
Joe Shearin stepped down this week as top boss of Sonabank and its parent company.
The bank has applied for permission from the Federal Reserve to convert an existing commercial lending office in Columbia, Maryland, to something closer to a full-on branch.