Banking and Finance
By Bill Cresenzo
bill.cresenzo@insidebiz.com
After more than four decades in the Hampton Roads banking industry, Tommy Rueger is retiring as president and CEO of SunTrust Bank Hampton Roads. His successor is Leroy Abrahams, who served as executive vice president of retail banking in Atlanta.
The pair answered questions about the state of the banking industry, the future and themselves.
What do you think is the biggest challenge facing banks right now?
Rueger:
By Bill Cresenzo
bill.cresenzo@insidebiz.com
StellarOne, a Virginia bank with headquarters in Charlottesville, plans its first foray into the Hampton Roads market with a branch in Virgina Beach.
The bank recently opened a loan production office in Virginia Beach and will open a branch in August at 4505 Columbus St.
Fifteen to 17 people will work there.
The bank, which has assets of more than $3 billion, has 55 banks in western and central Virginia.
By Bill Cresenzo
bill.cresenzo@insidebiz.com
A former lending officer at the failed Bank of the Commonwealth who pleaded guilty to one count of bank fraud acted at the direction of higher-ups at the bank, his attorney said.
Jeremy C. Churchill, 35, who was a vice president and commercial loan officer at the bank, pleaded guilty to one count of bank fraud during a hearing in U.S. District Court on Wednesday.
by philip newswanger
philip.newswanger@insidebiz.com
Glenn Davis is at it again.
The Virginia Beach City Council member and former owner of Geeks On Call is hot on another venture.
This time he wants to get students from local universities in the same room as budding entrepreneurs.
His strategy is to test ideas. If they have merit, they might get funding. If they're duds, they get dumped.
Davis, CEO of On Call Holdings International in Virginia Beach, the former owner of Geeks On Call, hasn't named his idea yet.
AMERIGROUP
The company announced its first- quarter 2012 earnings. Its net income was down to $33.1 million, or $0.64 per diluted share, versus $70.5 million, or $1.37 per diluted share, for the first quarter of 2011, and compared to $32.8 million, or $0.67 per diluted share, for the fourth quarter of 2011.
Total revenues for the first quarter of 2012 increased 14.8 percent to $1.77 billion, compared with $1.54 billion in the first quarter of 2011. Total revenues increased 7.4 percent from the fourth quarter of 2011.
By Bill Cresenzo
bill.cresenzo@insidebiz.com
The recent record earnings of a pair of Hampton Roads community banks indicate that an economic recovery is finally coming to Main Street, an analyst said.
Monarch Bank reported that it had its best all-time and first-quarter profits in its history, and TowneBank reported record first-quarter earnings.
NORFOLK SOUTHERN
The company reported its first quarter earnings with net income of $410 million, or $1.23 per diluted share, 26 percent higher than $325 million, or $0.90 per diluted share, for the first quarter of 2011.
First-quarter 2011 results included a $58 million non-cash charge that reduced net income by $36 million, or $0.10 per diluted share.
By Bill Cresenzo
bill.cresenzo@insidebiz.com
For decades, Commonwealth Bankshares, the holding company of the Bank of the Commonwealth, was a stalwart member of the Hampton Roads banking community.
It had 21 branches, more than $1 billion in assets, and a local and loyal client base.
By Bill Cresenzo
bill.cresenzo@insidebiz.com
A prefabricated building maker, a gourmet food market, and a payroll and human resources firm are competing for Monarch Bank's second Top Flight Award and $50,000 in cash and services.
The bank started the award last year to take small business to the "next level" of their operations. This year's three semifinalists were picked out of 53 entries.
Monarch Bank is letting the public help choose the winner by offering online and text voting.
by philip newswanger
philip.newswanger@insdiebiz.com
Crowdfunding is taking center stage as a mainstream way to raise money.
With crowdfunding, startup ventures can raise small amounts of money from a large number of small investors via what's known as a platform on the web, such as kickstarter.com, without giving up an ownership stake.
Crowdfunding has been used as a philanthropic tool to raise money for social issues, but has evolved into a quick way for small companies to raise money.
