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Banking and Finance

Virginia State Corporation Commission approves TowneBank acquisition

Updated: December 12, 2014 - 5:34 pm

Posted: December 12, 2014

By Virginia Lascara 

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

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.

Old Point Trust, Lions Bridge form partnership

Updated: December 10, 2014 - 5:46 pm

Posted: December 5, 2014

By Virginia Lascara

Lions Bridge Financial Advisors and Old Point Trust and Financial Services have formed a partnership.

Old Point Trust and Financial Services is a wholly owned subsidiary of Hampton-based Old Point Financial Corp., which also owns Old Point National Bank. Old Point Trust offers local community-based management of client assets.

Lions Bridge, based in Newport News, is a wealth management, financial services and insurance firm.

Judge rules in favor of former Shore Bank executive for severance pay

Updated: December 5, 2014 - 2:41 pm

Posted: December 5, 2014

By Virginia Lascara

A court has ordered Hampton Roads Bankshares to pay former executive Scott C. Harvard his "golden parachute" worth more than $650,000.

Online mortgage provider Privlo expands to Virginia

Updated: December 12, 2014 - 1:18 am

Posted: December 5, 2014

By Virginia Lascara

A new mortgage lender has come to town, virtually. Privlo, a Pasadena-based startup company, expanded its operations to Virginia in mid-October.

Auditors adjust port's losses to $16.5M; reduction means port director met his goal

Updated: December 5, 2014 - 2:24 pm

Posted: December 5, 2014

By Reynolds Hutchins

When John Reinhart took the helm at the Virginia Port Authority in February he made a promise to keep the port's losses for the fiscal year under $16.6 million.

When the numbers came out four months later at $17.1 million, it appeared Reinhart had come up short.

Now that's changed.

Local banks rethink board service; city officials asked to step down after Pilot's investigation of Mayor Sessoms' votes

Updated: December 5, 2014 - 1:55 pm

Posted: December 5, 2014

By Virginia Lascara

Banks have varying policies about having elected officials serve on their boards. In recent weeks, several have changed their stance after a Virginian-Pilot report claimed Virginia Beach Mayor Will Sessoms voted on dozens of matters that directly benefited TowneBank.

TowneBank, Franklin shareholders approve merger

Updated: December 5, 2014 - 1:48 pm

Posted: December 5, 2014

By Virginia Lascara

TowneBank shareholders have overwhelmingly approved a merger between TowneBank and Richmond-based Franklin Financial Corp.

In mid-July, Suffolk based-TowneBank announced plans to acquire Franklin Financial Corp. in a deal valued around $275 million.

Under the deal's terms, Franklin shareholders are to receive 1.4 shares of Towne common stock for each common share of Franklin.

Gold Key expects to lock up financing for Hilton in downtown Norfolk

Updated: December 5, 2014 - 1:42 pm

Posted: December 5, 2014

BY Butch Maier

With just a few weeks until the ball drops in Times Square, the development company planning to put a hotel in downtown Norfolk does not expect to drop the ball on the Hilton project.

New Year's Eve is the deadline for Gold Key | PHR Hotels & Resorts, Virginia Beach hotelier Bruce Thompson's company, to secure private financing.

Portsmouth's foreclosure rate highest in state

Updated: December 5, 2014 - 1:32 pm

Posted: December 5, 2014


Foreclosure rates in the Virginia Beach-Norfolk-Newport News area decreased in September over the same period last year, according to CoreLogic, a data and analytics company.

But Portsmouth had the highest foreclosure rate in the state in October, according to a Virginian-Pilot report.