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Investing in students: Beach-based CEO takes 5 from ODU to Wall Street

Updated: May 22, 2015 - 1:32 pm

Posted: May 22, 2015

By Virginia Lascara
virginia.lascara@insidebiz.com

Five ODU students flew into New York City on a corporate jet to meet with investment bankers on Wall Street.

No, they weren't dreaming. It really happened.

"What a great experience," senior finance major Adam Datsko said after he returned from the trip.

It was his first time visiting New York City, a place he imagined would be too busy for his Southern taste.

TowneBank Richmond creates new headquarters

Updated: May 22, 2015 - 3:46 pm

Posted: May 20, 2015

By Virginia Lascara
virginia.lascara@insidebiz.com 

TowneBank announced Wednesday plans to create its Richmond headquarters at Gateway Plaza, a new 18-story high-rise office building in Richmond's downtown business district.

TowneBank Richmond will occupy 26,000 square feet on the main first floor lobby with a retail banking center and a commercial and private banking center. Its executive office and boardroom will be located on the seventh floor and will include a 1,400-square-foot terrace overlooking the James River.

Public files

Updated: May 14, 2015 - 4:46 pm

Posted: May 8, 2015

TOWNEBANK

Suffolk-based TowneBank reported record quarterly earnings of $14.54 million for the first quarter of 2015, a 30.61 percent increase from the $11.13 million reported in the comparative period in 2014.

Fully diluted earnings per share were $0.29, compared to $0.31 per share in the same period last year. TowneBank says the January merger with Franklin Financial Corp. helped achieve the record numbers.

Collect Social Security numbers for reporting

Updated: April 24, 2015 - 2:49 pm

Posted: April 24, 2015

By Krys Reid
Correspondent

The Affordable Care Act has imposed new information reporting requirements in 2015 and expects employers to gather data and submit the first set of information reports by Jan. 31, 2016.

The ACA added section 6055 to the Internal Revenue Code. It requires providers of minimum essential coverage to report coverage information to the IRS by filing an information return and provide a statement to individuals. This requirement generally applies to employers that sponsor self-funded group health plans as well as insurance companies.

The Gallery at Military Circle is on its way to foreclosure

Updated: April 16, 2015 - 6:01 pm

Posted: April 16, 2015

By Butch Maier
butch.maier@insidebiz.com

It once was called Military Circle Mall. Then it was called The Gallery at Military Circle.

Now it is close to being called closed.

Torchlight, which took charge of the Norfolk mall's loan in 2013, is moving forward with foreclosure and anticipates taking the title next month, according to a report by Trepp LLC.

Attorney general launches effort to fight predatory lending

Updated: April 6, 2015 - 9:36 am

Posted: April 3, 2015

By Virginia Lascara
virginia.lascara@insidebiz.com

Virginia Attorney General Mark Herring called Virginia the East Coast capital of predatory lending because of its high number of payday and car title loans, practices that he said his office will work to combat.

Virginia Beach-based FinFit expands financial services nationwide

Updated: March 27, 2015 - 5:22 pm

Posted: March 27, 2015

By Virginia Lascara
virginia.lascara@insidebiz.com 

FinFit announced earlier this week that it will be expanding its services nationwide after entering into a partnership with Celtic Bank of Utah. The partnership will allow FinFit to offer its Premier Financial Wellness and Credit Solutions Programs to Employers on a national level.

Wheeler REIT raises $90 million via stock sale

Updated: March 31, 2015 - 1:51 pm

Posted: March 27, 2015

Wheeler Real Estate Investment Trust Inc.

Wheeler Real Estate Investment Trust Inc. announced this month that the company raised $90 million through the sale of preferred stock.

The Virginia Beach-based company issued 90,000 shares of Series C preferred stock at a purchase price of $1,000 per share.

The company also announced that it received a letter of intent from a national lender for a $45 million revolving line of credit.

"We are very pleased with the successful completion of this financing," said Jon Wheeler, chairman and CEO.

SunTrust agrees to $550M settlement

Updated: March 20, 2015 - 3:06 pm

Posted: March 20, 2015

By Virginia Lascara
virginia.lascara@insidebiz.com

More than 3,000 Virginia residents may be eligible for a payment from a $40 million national fund after SunTrust agreed to a $550 million national settlement with the federal government.

Chartway CEO to retire

Updated: March 20, 2015 - 2:12 pm

Posted: March 20, 2015

By Virginia Lascara
virginia.lascara@insidebiz.com

Chartway Federal Credit Union announced last Wednesday that after 31 years of leadership, its CEO, Ron Burniske, will retire on Aug. 1.

Burniske began his career with Virginia Beach-based Chartway in 1984 when he was hired as the first chief financial officer of the credit union.