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Banking and Finance

Lynchburg official to lead conflict-of-interest review

Posted: November 21, 2014

By Virginia Lascara
virginia.lascara@insidebiz.com

Last week Virginia Beach Mayor Will Sessoms held his first city council meeting after a Nov. 7 report by The Virginian-Pilot that he voted on more than 60 matters that benefited TowneBank customers.

At the meeting, Sessoms, a TowneBank president, announced that he has no plans to step down as the mayor.

Students wait out the market to score a win at Stock Market Challenge

Updated: November 21, 2014 - 2:36 pm

Posted: November 21, 2014

By Virginia Lascara
virginia.lascara@insidebiz.com

A room at the Norfolk Waterside Marriott turned into the New York Stock Exchange for one recent day, complete with stockbrokers and live trading.

Three hundred students flagged down traders in red coats, as they looked up to to a 9-by-12-foot screen to see what team among them had the largest growth portfolio.

Sessoms scandal rocks TowneBank boards

Updated: November 14, 2014 - 4:51 pm

Posted: November 14, 2014

By Virginia Lascara
virginia.lascara@insidebiz.com

Virginia Beach Mayor Will Sessoms was placed on paid administrative leave from TowneBank pending an investigation into media reports that he voted on issues before city council that benefited TowneBank customers. He also stepped down from his seat on three TowneBank boards, which include TowneBank's corporate Board of Directors, Virginia Beach Community Board and Financial Services Board.

Betsy Duke is back in the spotlight

Updated: November 15, 2014 - 11:56 am

Posted: November 14, 2014

By Virginia Lascara
virginia.lascara@insidebiz.com

Betsy Duke thought she might be a movie star when she grew up and definitely never thought about being a banker.

But she played a leading role for women in that industry and was tapped by the president of the United States to serve on the Federal Reserve Board, the equivalent of an Oscar in the banking world.

Mayors asked to resign from TowneBank boards

Updated: November 13, 2014 - 6:00 pm

Posted: November 13, 2014

Staff report

TowneBank has asked Norfolk Mayor Paul Fraim and Suffolk Mayor Linda Johnson to resign from their board positions with the bank Thursday and both agreed to step down.

The decision comes in the wake of accusations that Virginia Beach Mayor Will Sessoms voted on matters that benefited TowneBank.

Chartway introduces virtual tellers at 'Bank of the Future'

Updated: November 7, 2014 - 4:17 pm

Posted: November 7, 2014

By Virginia Lascara
virginia.lascara@insidebiz.com

As members walked into Chartway Federal Credit Union's Greenbrier branch last week, some barely recognized the branch they had used for years.

After a 62-day makeover, the interior was gutted and renovated to become what Chartway calls "the branch of the future."

Last Friday, Chartway invited credit union executives, members and the Guernsey Tingle Architects who designed the branch in Chesapeake to celebrate the opening of the high-tech office.

College media company files for Chapter 11

Updated: October 31, 2014 - 5:23 pm

Posted: October 31, 2014

By Reynolds Hutchins
reynolds.hutchins@insidebiz.com

One of the leading college campus media and marketing companies, with business at the College of William and Mary as well as Christopher Newport University, has filed for bankruptcy.

Langley FCU to open branch at Hilltop in Virginia Beach

Updated: November 6, 2014 - 10:12 am

Posted: October 31, 2014

By Virginia Lascara
virginia.lascara@insidebiz.com

Langley Federal Credit Union announced its first expansion into Virginia Beach, one of only three branches it operates on the Southside.

Langley expanded first in Chesapeake in 2007 and again in 2010 when it opened a branch at Wards Corner in Norfolk.

The credit union now has 17 Hampton Roads branches and serves more than 204,000 members.

British ambassador touts U.S.-U.K. bond in Norfolk

Posted: October 24, 2014

By Reynolds Hutchins
reynolds.hutchins@insidebiz.com

Sir Peter Westmacott, Britain’s ambassador to the United States, had little to say about southeastern Virginia while visiting the World Affairs Council of Greater Hampton Roads last Wednesday.

Westmacott’s presence did serve as an affirmation of the strong ties between the United Kingdom, the United States and to some extent Hampton Roads, at a time when decentralization and skepticism often mar international relations.

Flynn sentencing postponed

Updated: October 21, 2014 - 12:03 pm

Posted: October 21, 2014

By Virginia Lascara
virginia.lascara@insidebiz.com

Virginia Beach attorney David Flynn was scheduled to be sentenced in federal court mid-October for misappropriating more than $2.3 million in escrow funds. His sentencing was rescheduled for Nov. 17.

In April the U.S. Attorney’s Office filed the criminal charges against 44-year-old Flynn in the Norfolk Division of the U.S. Eastern District Court of Virginia.