Although Village Bank was hit with a consent order in February, its Midlothian-based holding company is now facing a written agreement of its own.
Village Bank took back more than 40 acres left undeveloped by a now dissolved development company.
Hampered by high levels of souring loans, the $600 million Midlothian-based bank said this week that it expects to enter into a consent order with the FDIC. And the bank is looking to sell its 80,000-square-foot headquarters building and close one of its branches in January.
The first quarter financials are in, and Richmond’s local banks are slowly regaining their health.
Condrey Construction, which thrived during the housing boom by building high-end homes, files bankruptcy.