Developer Justin French’s downward spiral finds him facing up to three decades in prison for abusing state and federal tax credit programs.
First Market Bank
Richmond developer Justin French was released from Richmond City Jail after being arraigned on nine felony counts. Plus, BizSense has learned who was supposed to be paid by the bad check.
A big and diverse Herd this week, including a new sustainability manager for the City of Richmond and a lawyer-turned-VP-of-communications.
Developer David Gammino has moved onto his next apartment project—a historic property in Jackson Ward. Gammino isn’t making it easy on himself by using green building and historical preservation techniques at the same time.
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.
Just when it seemed mortgage rates couldn’t get any lower, First Market Bank dipped below 4 percent on mortgages for homes sold by homebuilders they lent to. Other banks followed suit, and the program is helping sell houses.
Prospect Homes, a local homebuilder for more than 25 years, filed for Chapter 11 bankruptcy Tuesday. The company owes more than $50 million to hundreds of creditors. Many businesses listed as creditors were not surprised by the news, as checks had been late in arriving for at least six months. But several local business owners said they kept working with Prospect after Audi met with them, in part because they wanted future work and had known the company for decades.
On Monday, Toad’s Place of Richmond LLC filed for Chapter 7 liquidation in U.S. Bankruptcy Court. The club closed in March when the landlord changed the locks. At that time, the venue fell four or five months behind on its $40,000 rent.
Within the last month, six Virginia banks have paired up faster than high schoolers on prom night. For the Monday Q&A, RBS sits down with two banking consultants and asks what the mergers may mean for local business, and whether local banks have buyer’s remorse about taking TARP money.
Pour a round of the good stuff. After three years in operation, Virginia Business Bank recorded its first quarterly profit in this year’s first quarter.