Virginia Business Bank failed Friday and was seized and shut down by regulators, making it the third Virginia bank to fail since the recession began. Its assets were purchased by another local bank that’s gone on a buying spree lately.
A struggling local bank has been given 90 days to raise capital or find an acquirer or merger partner.
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.
But the ambitious plan requires the bank to raise $20 million and the lifting of a regulatory agreement. The bank seeks to pick up retail customers on the Eastern Shore.
As it works its way through a turnaround plan with regulators, a Richmond-based bank closes one of its two branches.
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.
A diverse Herd this week, with a new head of the FBI’s Richmond office and big changes at a local bank.