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Banking and Finance

Cash to fuel a business is getting a lot easier to find

Posted: September 18, 2014

By Virginia Lascara
virginia.lascara@insidebiz.com

Businesses, startups and entrepreneurs can travel down an array of paths in the quest for cash. Traditional financiers like banks and private equity firms are once again eager to invest in new and growing companies. New crowdfunding platforms like Kickstarter can also help entrepreneurs turn a prototype into a finished product.

MILLENNIALS AND MONEY They spend and save much differently than their parents do

Updated: September 12, 2014 - 2:47 pm

Posted: September 12, 2014

By Reynolds Hutchins
reynolds.hutchins@insidebiz.com

There is a growing gap between the generations, between millennials and their parents.

It's not just in how they talk, text and tweet, but in how they spend, save and secure money.

America's rising generation is finding it harder to buy a car, finance a house, even secure a lease without a guarantor.

Real estate industry supports 1031 exchanges

Updated: September 12, 2014 - 7:42 pm

Posted: September 12, 2014

By Lydia Wheeler
lydia.wheeler@insidebiz.com

Though lobbyists and lawyers doubt that both the House and Senate will pass legislation that would eliminate the property swap tax loophole, commercial real estate agents aren't taking any chances.

Bank president makes a promise for 24-hour business loan response

Updated: September 12, 2014 - 7:40 pm

Posted: September 12, 2014

By Virginia Lascara
virginia.lascara@insidebiz.com

Bank president Susan Ralston at Bank @Lantec in Virginia Beach doesn't think businesses should worry about banks' lending restrictions. Nor should they wait for weeks to find out about getting a loan.

So she's made a promise. Ralston or a member of the bank's management team will return a call or email within two hours and provide a preliminary answer to a business loan request within 24 hours.

PAYMENT AS EASY AS APPLE PAY Mobile technology could revolutionize payment system

Updated: September 16, 2014 - 1:23 pm

Posted: September 11, 2014

By Virginia Lascara
virginia.lascara@insidebiz.com

Are credit cards becoming an outdated payment option? Apple seems to think so.

On Sept. 9, during an Apple media event, the technology powerhouse announced Apple Pay, a mobile payment system powered by near field communication. The technology allows consumers to pay by tapping their iPhone to an NFC payment terminal at participating merchants. The payment is confirmed with a fingerprint using Touch ID.

CPA in Bank of Commonwealth case barred from practice for two years

Posted: August 22, 2014

By Jared Council
jared.council@insidebiz.com

A Richmond certified public accountant who received federal sanctions last year related to the now-defunct Bank of the Commonwealth could face additional disciplinary action from a state regulatory body.

James Vincent Poti, a partner with Richmond-based PBMares, was barred from practicing before the U.S. Securities and Exchange Commission for two years starting last December, according to recently obtained SEC filings.

Hampton-based FeedbacK wins Northern Virginia startup event

Posted: August 22, 2014

By Virginia Lascara
virginia.lascara@insidebiz.com

FeedbacK Enterprises LLC of Hampton recently won “Get Started NOVA,” after pitching the best startup idea to a panel of four experts in digital marketing, funding and business growth strategy.

BACK ON ITS FEET Hampton Roads Bankshares sees 6th straight profitable quarter

Updated: August 18, 2014 - 7:09 pm

Posted: August 15, 2014

By Jared Council
jared.council@insidebiz.com

Hampton Roads Bankshares Inc., which was sent into a tailspin during the recession partly because of problem loans, appears to have found solid footing.

MONARCH EXPANDS IN RICHMOND The Chesapeake-based bank looking for more real estate lending opportunities in that market

Updated: August 18, 2014 - 5:58 pm

Posted: August 15, 2014

By Jared Council
jared.council@insidebiz.com

Monarch Bank is expanding its presence in Richmond.

The Chesapeake-based community bank already has mortgage offices there, but it announced last week that it hired Andy Proctor to lead its commercial banking foray into the state's capital. The move could be a precursor to an even broader expansion.

"You never know," CEO and President Brad Schwartz said about offering traditional retail banking services there. "Maybe one day."

PUBLIC FILES: Portfolio Recovery sees 14% slide in 2nd quarter

Updated: August 8, 2014 - 2:47 pm

Posted: August 8, 2014

PUBLIC FILES is a recurring feature publishing the latest news and developments about local publicly traded companies and their employees. The following information is for July 31 through Aug 7.

PORTFOLIO RECOVERY ASSOCIATES

The Norfolk-based debt collector saw its profits slide 14 percent in the second quarter versus the year-ago quarter, and the company pointed to its acquisition of Norwegian-based Aktiv Kapital this year as one of the reasons.

Post-event coverage

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