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.
Despite some advantages, Richmond-based Xenith Bank isn’t tying itself to any outdated promises of profitability.
Community Bank Investors of America, better known as CBIA, is a private equity fund founded in 2007 by two locals to identify struggling, undervalued community banks, take an equity position in them and, in some cases, take over leadership of the bank. This week RBS chats with one of the founders about the challenges of that sort of work these days.
Midlothian-based Bank of Virginia has found a partner that will strengthen its balance sheet and help meet conditions set forth by regulators in January.
A recent addition to the Richmond banking scene, Buffalo-based M&T Bank, doubled its first quarter profit from the previous year. The bank said it earned $151 million during the first quarter, up 136 percent from $64 million. Last year the bank acquired Baltimore-based Provident Bank, which had several branches in the Richmond area. According to… Read more »