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Banking and Finance

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.

Hampton Roads Postal and BayPort credit unions to merge

Updated: August 8, 2014 - 4:31 pm

Posted: August 8, 2014

By Jared Council
jared.council@insidebiz.com

After suffering budget deficits and membership declines in recent years, a 62-year-old credit union is merging with a larger partner.

Hampton Roads Postal Credit Union, which was chartered in 1952, is in the process of merging with BayPort Credit Union, according to a recent National Credit Union Administration filing.

Slowing of mortgage refinance activity shows up in bank earnings reports

Updated: August 11, 2014 - 6:01 pm

Posted: August 8, 2014

By Jared Council
jared.council@insidebiz.com

Several Hampton Roads-based banks were able to squeeze profit gains in the second quarter of this year, but a slowdown in mortgage activity seems to have weighed on them.

Monarch Bank's holding company saw profits increase 3.8 percent to $3.2 million over the same period last year, sending earnings per share up a penny to 30 cents a share.

Bayport CU to assume Hampton Roads Postal CU

Updated: August 4, 2014 - 7:06 pm

Posted: August 4, 2014

By Jared Council
jared.council@insidebiz.com

After suffering budget deficits and membership declines in recent years, a 62-year-old credit union is merging with a larger partner.

Hampton Roads Postal Credit Union, which was chartered in 1952, is in the process of merging with BayPort Credit Union, according to a recent National Credit Union Administration filing. Based in Hampton, Hampton Roads Postal has about $2.8 million in assets and 650 members, and it has struggled to keep its balance sheet in the black in the wake of the recession.

ABNB to merge with Guardian Federal Credit Union

Updated: July 25, 2014 - 2:03 pm

Posted: July 25, 2014

By Jared Council
jared.council@insidebiz.com

ABNB Federal Credit Union, one of the largest credit unions in South Hampton Roads, is slated to get larger.

According to recent National Credit Union Administration filings, Portsmouth-based Guardian Federal Credit Union is looking to merge into Chesapeake-based ABNB. Neither institution is in financial straits, officials said, but the move would grant ABNB a greater footprint and allow Guardian to avoid rough regulatory waters expected in the future.

TowneBank earnings up 4.3% in second quarter

Updated: July 25, 2014 - 2:51 pm

Posted: July 25, 2014

By Jared Council
jared.council@insidebiz.com

Suffolk-based TowneBank saw earnings grow 4.3 percent in the second quarter compared to the same period last year, driven in part by strong insurance commissions.

The bank earned $11.7 million in the quarter ending June 30, which was $478,000 more than it earned in the comparable 2013 period. That bumped year-over-year earnings per share about 2 cents higher, from 31 cents a share to 33 cents a share, a 6.7 percent year-over-year increase.