As it works its way through a turnaround plan with regulators, a Richmond-based bank closes one of its two branches.
Virginia Business Bank
Local credit union may need a life line
Richmond is home to two of the lowest rated financial institutions in the state, according to bank and credit union ratings released last week. But of the 18 community banks headquartered in the Richmond area, four had 5-star superior ratings.
Virginia Business Bank tries to break out of holding pattern
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.
The Herd: Promotions and departures for 3.3.10
A diverse Herd this week, with a new head of the FBI’s Richmond office and big changes at a local bank.
Regulators request turnaround plan from Va. Business Bank
At the request of state and federal regulators, Richmond-based Virginia Business Bank must submit a survival plan that assesses management and basic metrics and prevents the bank from lending more to borrowers who are behind on payments.
Virginia Business Bank hires Davenport to examine strategic options
The bank planned on raising $6 million to $9 million last fall, but, given the economic climate, that has proved more difficult than expected. The company was only able to raise a fraction of that amount.
Three years for bank to become profitable
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.
Business loans harder to get
Bankers are taking longer to issue business loans and asking for more collateral when they do issue them, according to bankers around Richmond. Even companies with solid credit and long-established relationships are having more trouble getting financing, which is an essential ingredient for growth. The number of loan requests, meanwhile, is also falling. “Entrepreneurs feel… Read more »