The success of the so-called Small Business Lending Fund hinges on two main factors: whether there is enough demand for small business loans from qualified borrowers to warrant banks’ participation and whether community banks still have a bad taste in their mouths from the last time they took money from the government.
The Powhatan-based announces that it has postponed efforts to raise up to $15 million on the advice of its investment bankers.
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 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.
A Glen Allen-based bank said late Thursday its CEO stepped down effective immediately and that it is cutting 10 percent of its workforce.
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.
Why regulators won’t let a profitable, well-capitalized bank holding company throw its shareholders a bone.
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.
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.
A local credit union can now more easily expand its customer base.