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Banking and Finance

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.

Virginia ranks 7th for private equity investments as the state's 4th District in Hampton Roads ranks among top 20

Updated: June 27, 2014 - 3:34 pm

Posted: June 27, 2014

By Jared Council
jared.council@insidebiz.com

Nearly $15 billion in private equity dollars were invested into Virginia companies in 2013, a recent industry survey said, placing the commonwealth at No. 7 in the country for private equity investments.

According to the Private Equity Growth Capital Council, a Washington, D.C.-based nonprofit research and advocacy firm, the commonwealth saw $14.7 billion in private equity funds invested in 66 companies in 2013.

Beach refinances public facility revenue bonds, will save nearly $2M

Posted: June 26, 2014

By Jared Council
jared.council@insidebiz.com

Virginia Beach finance officials said they saved taxpayers nearly $2 million through refinancing a set of bonds in recent weeks, a savings made possible from interest rates being at or near record lows.

Finance Director Patti Phillips said the city refinanced $20.3 million in public facility revenue bonds at 2.43 percent from 4.03 percent. That decline is expected to result in about $1.9 million in savings over the next 11 years for that set of bonds, which was issued in 2005.

Banks loosen lending restrictions

Updated: June 23, 2014 - 5:10 pm

Posted: June 20, 2014

By Jared Council

jared.council@insidebiz.com

More banks are making loans and credit lines easier for businesses to obtain, results from a recent Federal Reserve survey indicate, and bank competition appears to be one of the main drivers of the trend.

In its quarterly "Senior Loan Officer Opinion Survey on Bank Lending Practices," in which about 70 banks responded to more than 100 questions, the majority of banks said commercial lending terms and standards hadn't changed much over the previous three months.