A Midlothian-based bank badly in need of capital is still waiting on the deal to clear a regulatory hurdle.
Bank of Virginia
Va. Business Bank starts on Plan C
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 waiting game
A Midlothian-based bank will have to wait a few more months to close on much-needed new capital, and the share price of that deal is dropping.
Two local banks get lowest rating
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.
The Herd: New hires and promotions for 7.28.10
A slimmer Herd this week, with hires in banking, wealth management and advertising.
Bank deal now in hands of regulators
Bank of Virginia shareholders last week voted in favor of a deal that could bring the struggling bank fresh capital and some new leadership.
Bank of Virginia finds investors
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.
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.