Banking

What happened to severance pay?

After paying bonuses to management even as the bank hemorrhaged millions in 2009, a Glenn-Allen based bank is now cutting two managers and paying them no severance package.

Two local banks get lowest rating

Two local banks were among the lowest-rated financial institutions in the state, according to bank and credit union ratings released last week. But both banks are trying hard to fix the situation ASAP.

Bank CEO steps down, cuts coming

A Glen Allen-based bank said late Thursday its CEO stepped down effective immediately and that it is cutting 10 percent of its workforce.

Virginia Business Bank hits the reset button

But the ambitious plan requires the bank to raise $20 million and the lifting of a regulatory agreement. The bank seeks to pick up retail customers on the Eastern Shore.

Bank’s troubles haunt new owner

Why regulators won’t let a profitable, well-capitalized bank holding company throw its shareholders a bone.

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.