The former CEO of the now non-existent Bank of Richmond is back at the helm of a local community bank.
The transformation of Franklin Federal Savings Bank is underway.
It’s official – there is now a handful of struggling local banks under regulatory written agreements.
The recent troubles of a Richmond bank are once again preventing a West Virginia holding company from paying a dividend to one of its most powerful shareholders – the federal government.
Eastern Virginia Bankshares, a holding company for EVB, said Friday that it expects to enter into a written agreement with the Federal Reserve Bank of Richmond and the Virginia Bureau of Financial Institutions.
Community Capital Bank of Virginia follows a model that’s rare in the U.S. banking system, and it’s adding a branch in Richmond.
A struggling local bank has been given 90 days to raise capital or find an acquirer or merger partner.
A local bank that has been battling losses from souring loans announced late Tuesday that it is closing one of its branches and selling the deposits of that branch to a competitor.
But the $423 million bank’s choice won’t surprise close observers.
A local bank is the fifth to be put under a written agreement with regulators in hopes of stemming the damage caused by millions in souring loans.