The views expressed in Guest Opinions represent only those of the author and are in no way endorsed by Richmond BizSense or any BizSense staff member. It might seem that banks have purposefully set out to make life difficult for would-be borrowers by refusing loans.
First Market Bank
First Market Bank bought by Union Bankshares
Richmond-based First Market Bank was acquired by Union Bankshares Corp. in an all-stock deal valued at about $100 million. The new holding company will move its headquarters from Bowling Green to Richmond, although that will only bring a few jobs downtown.
First Market Bank gets $34 million in bailout money
Richmond-based First Market Bank might be in the mood for granting more loans after receiving a $34 million loan from the federal government. On Tuesday, the U.S. Treasury announced it provided 28 banks with $238.6 million as part of the Capital Purchase Program, which is intended to increase lending among healthy banks. First Market Bank,… Read more »
What’s happening to lending: a Q&A with the CEO of First Market Bank
Banks, like humans, fear the unknown. If they can’t assess the value of an asset, say a 10-acre piece of dirt in Henrico County, they don’t want to touch it with a 10-foot pole. And if they don’t trust each other, they won’t lend overnight, which is part of the grease that keeps the financial… Read more »