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 »
Banking
Bankers make more bucks
Pay for local bank executives rose in 2009 but was still below 2007 levels, according to SEC filings.
Could SunTrust be sold?
SunTrust, a regional bank with major offices in downtown Richmond, might be an acquisition target of an international bank, according to a Credit Suisse investor report. SunTrust is the nation’s seventh largest bank by assets and deposits. From an article in the Washington Business Journal: The analyst said Winston Salem, N.C.-based BB&T Corp. is the… Read more »
Credit union turns brew house into branch
“We have a very busy branch on Glenside Drive; we are trying to serve members in that area by relieving that business there. We have looked for a location for a long time,” said Glenn Birch, a spokesman for the credit union.
“Back to basics” say bankers
Local bankers know they’re not the most popular guys around town these days. But the banking model doesn’t work so well when real estate prices are fluctuating so wildly and major industries are falling by the wayside. There were two banking panels this week both centered around the topic of why banks seem tighter lending than this time two years ago. Both had a similar refrain.
Banking Notebook: Merger moving ahead; bank will still be in grocery stores
Now that federal regulators have blessed the deal, two local banks can move ahead with their merger. Union First Market Bank, as the new company is called, will still have outlets in supermarkets.
Local bank files plan with regulators
According to the agreement, Bank of Virginia must submit to regulators a plan that improves its loan policies, credit risk management and board oversight, among other requirements. The bank must also complete a management review and develop a strategic plan to improve the bank’s earnings and budget for 2010.
Regulators request turnaround plan from Va. Business Bank
At the request of state and federal regulators, Richmond-based Virginia Business Bank must submit a survival plan that assesses management and basic metrics and prevents the bank from lending more to borrowers who are behind on payments.
Monday Q&A: The new bank on the block
It’s no fun to be a banker right now. Businesses are complaining about their loans or credit lines, and the government is getting more and more active in regulation. But an out-of-state bank thinks there is room for another in Richmond. This week, BizSense chats with Hugh Newton, the regional president of M&T Bank.
Union Bank & Trust closes branch in Short Pump
Union Bank & Trust, based in Bowling Green but in the process of buying First Market Bank, recently closed the doors of its Pouncey Tract Road location.