Category: Banking and Finance
Banking and Finance
By Bill Cresenzo
bill.cresenzo@insidebiz.com
Four Hampton Roads community banks say they posted record profits in 2011.
The banks recently released their fourth quarter and full-year 2011 results, and while the economy is still faltering, the banks aren't.
Heritage Bankshares of Norfolk said its net income for fourth quarter 2011 was $670,000, compared to net income of $626,000 for fourth quarter 2010, an increase of $44,000, or 7 percent.
By Bill Cresenzo
bill.cresenzo@insidebiz.com
ODU's Economics Club has named G. Robert Aston Jr., the CEO of TowneBank, the recipient of its 2012 Economic Impact Award.
The club named Aston the fifth person to receive this award because of what it calls TowneBank's success story.
The bank, founded in 1999, was proftiable within 11 months and now has 26 branches and assets of more than $4 billion.
Public Files features the latest and most significant Securities and Exchange Commission filings by local publicly traded companies and their employees. The following is for Jan 18-25.
DOLLAR TREE
Raymond K. Hamilton, chief information officer, sold 1,000 shares of common stock for $56 per share.
NORFOLK SOUTHERN
The company reported fourth-quarter net income of $480 million, 19 percent higher compared with $402 million for the same quarter 2010.
Public Files features the latest and most significant Securities and Exchange Commission filings by local publicly traded companies and their employees. The following is for Jan 11-18.
AMERIGROUP
The company announced an offeirng of the pricing of $75 million in aggregate principal amount of its 7.5 percent Senior Notes due 2019 at an issue price of 103.75 percent, plus accrued interest from Nov. 16 to the anticipated settlement date.
Goldman, Sachs & Co. is the sole underwriter for the offering.
As other Hampton Roads banks plan expansions in 2012, Southern Bank and Trust Co., the Mount Olive, N.C.-based bank that took over failed Commonwealth Bankshares, will close branches throughout the region.
Calling the closings a "realignment plan," the bank didn't say which branches it was closing but that it plans to close 10 branches by March 1. Commonwealth Bankshares had 21 branches throughout the region.
Molly J. Ward
Mayor of Hampton
In 2012, the economy will continue to present challenges for the city of Hampton, as well as all levels of government. At the same time we work to do more with less, we need to foster frank and open discussions about what we want to be, as well as how we will get there.
For the second year in a row, the U.S. will be the best-looking horse in the glue factory, which means the dollar will remain strong for a while. For the fourth time in the last five years, the political tail will wag the economic body of the world, meaning politicians are more important than "job-creators." But, the first half of the year will be very different than the second half.
Skip Sacks
Virginia State Commercial Counsel, Stewart Title Guaranty Co.
I expect 2012 to be a bit better for Stewart Title in Hampton Roads. Some of our competitors have cut back so much on staff that they cannot execute. Weaker competitors have left the market or completely gone out of business.
Our strength lies in our underwriting expertise, and during a tough market the ability to make deals work is valued even more highly by investors, attorneys, lenders and brokers.
Chris Lawrence
Co-owner, MacArthur Pharmacy
2012 is going to be a better year for us downtown, certainly because of Urban Outfitters, and Anthropologie is coming to the mall.
There's some retail excitement on Granby Street and there will be some movement on Waterside.
Think of Granby Street, MacArthur Mall and Waterside as the three-headed dragon, and there's positive movement on all three.
Plus, there's no more construction.
Most Hampton Roads community banks are performing well, a bank and credit union rating agency says, although it gave troubled Bank of Hampton Roads its lowest rating.
BauerFinancial of Florida gave the bank, owned by Hampton Roads Bankshares, zero stars, based on its third-quarter performance. The bank had received one star in the second quarter.
Hampton Roads Bankshares reported it lost more than $26 million during third quarter 2011.
