One of the region’s largest local banks is looking to go public.
The troubles at a local bank are preventing its parent company from paying its TARP dividend.
An FDIC report shows that many locally based banks saw their local deposit base increase in the past year but watched their share of the total market decrease thanks to Bank of America’s growth.
After announcing its intentions last month to raise $20 million in capital and undergo a fundamental shift in strategy, a troubled bank says it is now considering other options. And the future of its head is in question.
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.