Central Virginia Bankshares received shareholder approval last week to move forward to the next phase of raising $15 million in fresh capital.
Central Virginia Bankshares said Friday that it wants to raise up to $15 million to replenish its depleted capital reserves. But the bank will likely not be making many new loans until it is in better financial shape, the company said in an SEC filing.
The troubled Norfolk-based successor of Bank of Richmond yesterday became the latest bank to enter into an agreement with federal and state regulators by which it must devise a turnaround plan.
A local bank that tried last year to orchestrate a sizeable merger appears once again to be positioning itself for a transaction.
With his company having lost nearly $19 million in the last two years and regulatory examiners breathing down the company’s neck, the head of Central Virginia Bankshares announced his plans to retire by year’s end, the company said Friday.
After almost eight months of operating under a strict regulatory turnaround/survival plan and having moved on to its third president since the fall, a Richmond-based bank has rethought its plan and might reinvent itself if it can secure a fresh round of capital.
Fresh off a year of big losses, Community Bankers Trust Corp., a local bank holding company and parent of Essex Bank, increased the base salaries and total compensation of many of its top executives in 2009, according to its latest SEC filing.
Credit unions want in on small-business lending, where local and regional banks typically make a big chunk of their profits.
Small and medium-size banks continued to bear the brunt of the sluggish economy in the first quarter of 2010 compared with large banks.
With its capital base still eroding from massive levels of loan losses, the Norfolk-based parent company of Gateway Bank said today it has entered into agreements with institutional investors who will infuse it with sorely needed capital.