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Banking and Finance

PUBLIC FILES Norfolk Southern, banks report earnings Norfolk Southern, banks report earnings

Updated: January 30, 2015 - 1:55 pm

Posted: January 30, 2015

Norfolk Southern Corp.

Norfolk Southern Corp., parent company of Norfolk-based Norfolk Southern Railway, announced last week its fourth-quarter and full year financial results.

Net income for the quarter was $511 million, or $1.64 per diluted share, compared with $513 million, or $1.64 per diluted share, earned the same period in 2013. For the year, net income increased to a record $2 billion, compared with $1.9 billion for 2013. Diluted earnings per share for 2014 were a record $6.39, up 6 percent compared with $6.04 per diluted share for 2013.

Instead of whale hunting, support startups, says Hatch founder

Updated: January 30, 2015 - 1:51 pm

Posted: January 30, 2015

By Virginia Lascara
virginia.lascara@insidebiz.com

On the sixth floor of the new Slover Library, in a room overlooking downtown Norfolk's cityscape, Hatch founder Zack Miller stood in front of an audience in a "No Whale Hunting" T-shirt. His shirt foreshadowed his main message at the State of the Startup Community Address, an event created to showcase the region's startup community.

Downtown Norfolk CPA firms merge

Updated: January 16, 2015 - 3:16 pm

Posted: January 16, 2015

By Virginia Lascara
virginia.lascara@insidebiz.com 

Two accounting firms in downtown Norfolk have merged.

The new year marked a new chapter for the CPAs of Craver, Green & Co. after they joined forces with locally owned CPA firm, McPhillips, Roberts & Deans PLC.  

Port appears primed to become oil, gas exporter

Updated: January 9, 2015 - 5:12 pm

Posted: January 9, 2015

By Reynolds Hutchins
reynolds.hutchins@insidebiz.com

Virginia, and to a greater extent Hampton Roads, can expect another year of slow growth, according to economists. That could all change, though, if the state takes advantage of Virginia's natural edge in future energy development.

The Thomas Jefferson Institute, a nonpartisan think tank based in Northern Virginia, released its 15th annual economic forecast last week.

TowneBank completes acquisition of Franklin Financial

Updated: January 5, 2015 - 4:50 pm

Posted: January 5, 2015

By Virginia Lascara 
virginia.lascara@insidebiz.com 

TowneBank announced Monday that, on close of business Friday Jan. 2, it completed its acquisition of Richmond-based Franklin Financial Corporation, the parent company of Franklin Federal Savings Bank.  

Plans to acquire Franklin were announced by TowneBank in mid-July.

The real cost of Christmas? $27,673.

Posted: December 26, 2014

By Reynolds Hutchins
reynolds.hutchins@insidebiz.com

Every year for more than three decades now, the folks at PNC Financial Services have crunched the numbers and tallied up the “true price of Christmas.”

This year? $27,673.

That is, it would cost the average American $27,673 to purchase every gift listed in the classic seasonal carol “The Twelve Days of Christmas.” That’s everything, from the 12 drummers drumming to the partridge in a pear tree.

Court ruling in TowneBank merger lawsuit provides guidance for future acquisitions

Posted: December 25, 2014

By Virginia Lascara
virginia.lascara@insidebiz.com

Earlier this month, the U.S. District Court for the Eastern District of Virginia denied a motion to prohibit the merger of Franklin Financial Corp. and TowneBank.

Franklin shareholder Andrew Malon filed the case on Oct. 1 in federal court in Richmond.

In the case, Malon v. Franklin Financial Corp., Malon maintained that under state law, Franklin's board of directors was conflicted and had breached its fiduciary duties by approving the merger.

Virginia Beach Mayor Will Sessoms takes early retirement from TowneBank

Updated: December 26, 2014 - 1:46 am

Posted: December 24, 2014

By Virginia Lascara
virginia.lascara@insidebiz.com

Virginia Beach Mayor Will Sessoms resigned his position as president of Towne Financial Services Tuesday, taking early retirement, as a result of a new corporate policy adopted by TowneBank last month that forbids executive management team members from holding public office.

The new policy, approved by TowneBank’s board of directors on Nov. 26, required Sessoms to choose between giving up his position as mayor of Virginia Beach or his position at TowneBank.

Virginia State Corporation Commission approves TowneBank acquisition

Updated: December 12, 2014 - 5:34 pm

Posted: December 12, 2014

By Virginia Lascara
virginia.lascara@insidebiz.com 

Hampton Roads-based TowneBank and Richmond-based Franklin Financial Corp. announced Friday that regulatory applications regarding TowneBank’s acquisition of Franklin have been approved by the Federal Deposit Insurance Corp.and the Virginia State Corporation Commission.

This announcement comes after shareholders of TowneBank and Franklin overwhelmingly voted to approve the merger earlier this month.

SEC fights for funds for WexTrust investors

Updated: December 12, 2014 - 3:06 pm

Posted: December 12, 2014

By Virginia Lascara
virginia.lascara@insidebiz.com

It's been over six years since WexTrust and related entities went under receivership and victims have received hardly any of the $238 million that was lost. The court-appointed receiver has restored $5 million back to the investors, only a 2 percent return on their allowed losses.

Now, the Securities and Exchange Commission is fighting on behalf of the investors to get money back into their pockets.