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Banking and Finance

Crowdfunding bill passes General Assembly

Updated: February 27, 2015 - 1:59 pm

Posted: February 27, 2015

By Virginia Lascara
virginia.lascara@insidebiz.com

A bill unanimously passed through the Virginia House and Senate last month that would make it easier for Virginia entrepreneurs to use crowdfunding to raise money for their startup companies.

Crowdfunding, commonly practiced by entrepreneurs, allows early stage businesses to raise small amounts of money from multiple people.

A chat with Robert F. Shuford Jr.

Updated: February 27, 2015 - 12:52 pm

Posted: February 27, 2015

By Virginia Lascara
virginia.lascara@insidebiz.com

Robert F. Shuford Jr. is the third generation of Shufords to serve on the board of Old Point National Bank. Last year, he helped the bank's net interest income grow by 30.13 percent and was chosen to serve as the 2015-2016 chair of the Virginia Peninsula Chamber of Commerce.

757 Angel group ready to take flight

Posted: February 27, 2015

By Virginia Lascara
virginia.lascara@insidebiz.com

It appears angels are finally descending on Hampton Roads in a big way.

What's significant about the 757 Angels, the angel investment group formed out of Reinvent Hampton Roads, is the coordinated effort to match investors with startups and longterm commitment from 42 investors who have already signed up.

Huntington Ingalls Industries sees drop in fourth quarter results

Updated: February 19, 2015 - 11:21 am

Posted: February 19, 2015

Newport News-based Huntington Ingalls Industries reported a net income of $52 million for the fourth quarter, compared to a net income of $91 million in the same period last year. Year end net income for 2014 was $338 million, up 22.7 percent from $261 million in 2013.

Diluted earnings per share in the fourth quarter of 2014 was $1.05, compared to $1.82 in the same period of 2013. Diluted earnings per share in 2014 was $6.86, compared to $5.18 in the prior year.

From homeless to homeowner

Updated: February 13, 2015 - 1:28 pm

Posted: February 13, 2015

By Butch Maier
butch.maier@insidebiz.com

On a chilly late afternoon last Monday, Norfolk Mayor Paul Fraim was among the huddled masses shivering in an unheated garage on Hanson Avenue in Norfolk's Central Brambleton neighborhood.

One man's smile warmed them all.

Frank McCattry, a disabled Navy veteran who had been homeless, was the center of attention. He had become the first veteran in Virginia to use a Veterans Affairs Supportive Housing voucher for homeownership.

TowneBank appoints new chairwoman for Norfolk board of directors

Updated: February 12, 2015 - 4:29 pm

Posted: February 10, 2015

By Virginia Lascara 
virginia.lascara@insidebiz.com 

Suffolk-based TowneBank announced Tuesday that Anita O. Poston has been appointed chair of the Norfolk Board of Directors.

Poston, a partner at Vandeventer Black LLP, has been a member of the TowneBank Norfolk Board of Directors since its creation in 2005.

She is a graduate of the University of Maryland and William & Mary’s Marshall-Wythe School of Law.

Hampton Roads finally gets an organized angel investing group

Updated: February 9, 2015 - 6:59 am

Posted: February 6, 2015

By Virginia Lascara
virginia.lascara@insidebiz.com

757 Angels Inc., an initiative of Reinvent Hampton Roads, launched last week after more than a year of planning. 757 Angels connects early stage businesses seeking capital with accredited investors providing funding ranging from $100,000 to $3 million.

Chartway Federal Credit Union appoints new president

Updated: February 6, 2015 - 3:51 pm

Posted: February 6, 2015

By Virginia Lascara 
virginia.lascara@insidebiz.com 

Virginia Beach-based Chartway Federal Credit Union announced that Brian Schools has been selected as its president. Schools will be responsible for managing the day-to-day operations of the company, helping carry out the strategy and achieve the vision established by the CEO, Ron Burniske.

Burniske previously served as both president and CEO.

Towne Insurance acquires two Peninsula insurance agencies

Updated: February 5, 2015 - 5:07 pm

Posted: February 5, 2015

By Virginia Lascara 
virginia.lascara@insidebiz.com 

Towne Insurance, a wholly owned subsidiary of Suffolk-based TowneBank, announced Thursday the acquisition of two independent peninsula insurance agencies.

Towne acquired Hampton-based Lackey Saunders Co. Inc., and Gloucester Southside Insurance Agency Inc.

Lackey Saunders was founded in 1886 and is led by 38-year insurance veteran Doug Farve.

PUBLIC FILES Norfolk Southern, banks report earnings Norfolk Southern, banks report earnings

Updated: January 30, 2015 - 1:55 pm

Posted: January 30, 2015

Norfolk Southern Corp.

Norfolk Southern Corp., parent company of Norfolk-based Norfolk Southern Railway, announced last week its fourth-quarter and full year financial results.

Net income for the quarter was $511 million, or $1.64 per diluted share, compared with $513 million, or $1.64 per diluted share, earned the same period in 2013. For the year, net income increased to a record $2 billion, compared with $1.9 billion for 2013. Diluted earnings per share for 2014 were a record $6.39, up 6 percent compared with $6.04 per diluted share for 2013.