Skip to content

Category: Banking and FinanceSyndicate content

The Gallery at Military Circle is on its way to foreclosure

Updated: April 16, 2015 - 6:01 pm

Posted: April 16, 2015

By Butch Maier
butch.maier@insidebiz.com

It once was called Military Circle Mall. Then it was called The Gallery at Military Circle.

Now it is close to being called closed.

Torchlight, which took charge of the Norfolk mall's loan in 2013, is moving forward with foreclosure and anticipates taking the title next month, according to a report by Trepp LLC.

Attorney general launches effort to fight predatory lending

Updated: April 6, 2015 - 9:36 am

Posted: April 3, 2015

By Virginia Lascara
virginia.lascara@insidebiz.com

Virginia Attorney General Mark Herring called Virginia the East Coast capital of predatory lending because of its high number of payday and car title loans, practices that he said his office will work to combat.

Virginia Beach-based FinFit expands financial services nationwide

Updated: March 27, 2015 - 5:22 pm

Posted: March 27, 2015

By Virginia Lascara
virginia.lascara@insidebiz.com 

FinFit announced earlier this week that it will be expanding its services nationwide after entering into a partnership with Celtic Bank of Utah. The partnership will allow FinFit to offer its Premier Financial Wellness and Credit Solutions Programs to Employers on a national level.

Wheeler REIT raises $90 million via stock sale

Updated: March 31, 2015 - 1:51 pm

Posted: March 27, 2015

Wheeler Real Estate Investment Trust Inc.

Wheeler Real Estate Investment Trust Inc. announced this month that the company raised $90 million through the sale of preferred stock.

The Virginia Beach-based company issued 90,000 shares of Series C preferred stock at a purchase price of $1,000 per share.

The company also announced that it received a letter of intent from a national lender for a $45 million revolving line of credit.

"We are very pleased with the successful completion of this financing," said Jon Wheeler, chairman and CEO.

SunTrust agrees to $550M settlement

Updated: March 20, 2015 - 3:06 pm

Posted: March 20, 2015

By Virginia Lascara
virginia.lascara@insidebiz.com

More than 3,000 Virginia residents may be eligible for a payment from a $40 million national fund after SunTrust agreed to a $550 million national settlement with the federal government.

Chartway CEO to retire

Updated: March 20, 2015 - 2:12 pm

Posted: March 20, 2015

By Virginia Lascara
virginia.lascara@insidebiz.com

Chartway Federal Credit Union announced last Wednesday that after 31 years of leadership, its CEO, Ron Burniske, will retire on Aug. 1.

Burniske began his career with Virginia Beach-based Chartway in 1984 when he was hired as the first chief financial officer of the credit union.

PUBLIC FILES Lumber Liquidators stock tumbles after '60 Minutes' report

Updated: March 6, 2015 - 2:02 pm

Posted: March 6, 2015

Lumber Liquidators Holdings Inc.

Toano-based Lumber Liquidators Holdings Inc. announced its 2014 fourth quarter and full year financial results. The company announced a fourth quarter net income of $17.3 million, down 16.59 percent from $20.8 million in the same period last year.

Net income in 2014 was $63.4 million, an 18 percent decline from $77.4 million in 2013.

Crowdfunding bill passes General Assembly

Updated: February 27, 2015 - 2:59 pm

Posted: February 27, 2015

By Virginia Lascara
virginia.lascara@insidebiz.com

A bill unanimously passed through the Virginia House and Senate last month that would make it easier for Virginia entrepreneurs to use crowdfunding to raise money for their startup companies.

Crowdfunding, commonly practiced by entrepreneurs, allows early stage businesses to raise small amounts of money from multiple people.

A chat with Robert F. Shuford Jr.

Updated: February 27, 2015 - 1:52 pm

Posted: February 27, 2015

By Virginia Lascara
virginia.lascara@insidebiz.com

Robert F. Shuford Jr. is the third generation of Shufords to serve on the board of Old Point National Bank. Last year, he helped the bank's net interest income grow by 30.13 percent and was chosen to serve as the 2015-2016 chair of the Virginia Peninsula Chamber of Commerce.

757 Angel group ready to take flight

Posted: February 27, 2015

By Virginia Lascara
virginia.lascara@insidebiz.com

It appears angels are finally descending on Hampton Roads in a big way.

What's significant about the 757 Angels, the angel investment group formed out of Reinvent Hampton Roads, is the coordinated effort to match investors with startups and longterm commitment from 42 investors who have already signed up.