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Banking and Finance

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.

WexTrust 6th anniversary nears, victims still waiting

Updated: July 25, 2014 - 3:02 pm

Posted: July 25, 2014

By Jared Council
jared.council@insidebiz.com

For the more than 1,400 investors and creditors duped in the WexTrust Capital Ponzi scheme, Aug. 11 will mark a not-so-pleasant anniversary.

It's been nearly six years since WexTrust and related entities went under receivership, and some victims said there's been little to show for it. They lost about $238 million invested in WexTrust, and the court-appointed receiver now overseeing it all restored about $5 million to them so far.

TowneBank 2Q earnings up 4.3 percent

Posted: July 23, 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 non-interest income growth.

The bank earned $11.7 million in the quarter ended 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 increase.

ABNB to merge with Guardian FCU

Updated: July 21, 2014 - 6:31 pm

Posted: July 21, 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 to acquire Richmond company

Updated: July 18, 2014 - 1:00 pm

Posted: July 18, 2014

By Jared Council
jared.council@insidebiz.com

TowneBank has agreed to acquire Richmond-based Franklin Financial Corp. in a deal valued at $275 million, a move that puts TowneBank one step closer to its goal of establishing a banking footprint in Richmond.

The company announced last Tuesday that Franklin shareholders would receive 1.4 shares of TowneBank stock for each of its shares, or about $23.04 per share based on TowneBank's closing stock price on Monday, July 14, of $16.46.

Defense spending decline hurts Hampton Roads region

Updated: July 21, 2014 - 3:08 pm

Posted: July 18, 2014

By Jared Council
jared.council@insidebiz.com

When the economy turned sour nearly six years ago, nearly all segments were hit hard, from retailers to bankers to homebuilders. For government contractors, particularly those in Hampton Roads, things were OK.

TowneBank to enter Richmond with Franklin Financial acquisition

Updated: July 15, 2014 - 3:04 pm

Posted: July 15, 2014

By Jared Council
jared.council@insidebiz.com

TowneBank has agreed to acquire Richmond-based Franklin Financial Corp. in a deal valued at $275 million, a move that puts TowneBank one step closer toward its goal of establishing a banking footprint in Richmond.

PUBLIC FILES Measurement Specialties sees work slowdown in China

Updated: July 11, 2014 - 1:05 pm

Posted: July 11, 2014

PUBLIC FILES publishes the latest news and developments about local publicly traded companies and their employees. This information is for July 1 through July9.

 

MEASUREMENT SPECIALTIES

The Hampton-based global sensor manufacturer said in a July 7 U.S. Securities and Exchange Commission filing that the company reached an agreement for 80 percent of its workforce at its Chinese facility to return to work.

Federal agency wants homeowners to refinance before time runs out

Posted: July 9, 2014

WASHINGTON — In the past five years, more than 3 million borrowers who had little or no equity in their homes refinanced into cheaper mortgages using a federal program that's been widely hailed as a success.

Yet there remain 676,000 loans eligible for the Home Affordable Refinance Program (or HARP), according to federal estimates, and neither the regulators nor the lenders can figure out how to get these homeowners to bite before the program expires at the end of 2015.