Category: Banking and Finance
Banking and Finance
By Philip Newswanger
philip.newswanger@insidebiz.com
Nationwide, home sales are down and manufacturers have reduced their purchases of equipment and machines, stalling a recovery of the economy.
That's the latest report for the country.
On the home front, Old Dominion University economists are predicting a recovery for the region's economy, saying the Hampton Roads' gross regional product will expand at rate of 2.4 percent.
But they cautioned the region's recovery will not mean employment growth, they said in their third-quarter report last week.
By Bill Cresenzo
bill.cresenzo@insidebiz.com
Heritage Bankshares had a second-quarter 2010 net income of $451,000, an impressive 95 percent increase over its second-quarter 2009 net income.
Particularly noteworthy in the bank's announcement of its second- quarter income is that the bank had no nonperforming assets.
Michael S. Ives, president and CEO of Heritage Bankshares, called June 30 a day that the bank had a "perfect game" for asset quality - no foreclosed real estate, no nonaccrual loans and no loans past due 30 days or more.
By BILL CRESENZO
bill.cresenzo@insidebiz.com
Jeffrey Noblin is the president and CEO of CNB Bancorp of Windsor. Like many community banks, CNB Bancorp has seen tough times in the economy. Following three years of profitability, the bank reported a loss of $1.1 million in 2009. Last week, Inside Business talked with G. Robert Aston Jr., president of TowneBank, about the economy. This week, we ask Noblin his thoughts on the current state of economic affairs.
By Bill Cresenzo
bill.cresenzo@insidebiz.com
Federal Reserve Bank of Richmond President Jeffrey M. Lacker told Hampton Roads business leaders earlier this month that signs point to an economic recovery, but warned that if the nation doesn't cut spending or raise taxes, "the well-being of future generations is at stake."
By Bill Cresenzo
bill.cresenzo@insidebiz.com
The financial reform legislation President Obama signed last week has Virginia community bank officials dismayed and wondering how they are going to implement changes at their small banks.
Bank leaders are used to dealing with complicated financial data, but they say they expect to grapple with the density and intricacies of the Dodd-Frank Act, spawned by the financial crisis, for a long time to come.
And they aren't happy about it.
By Bill Cresenzo
bill.cresenzo@insidebiz.com
G. Robert Aston Jr. is the chairman and CEO of Townebank, based in Suffolk. The bank has weathered the finanical crisis, with 18 branches in Hampton Roads. Last week, it announced that it is acquring Bank of Currituck, which will expand the bank's presence into North Carolina. TowneBank has assests of $3.69 billion.
From your standpoint as president of TowneBank, how do you think the economy is faring at this point? Are you seeing signs of improvement, signs of decline or is it flat?
By Bill Cresenzo
bill.cresenzo@insidebiz.com
Suffolk-based TowneBank announced July 16 it is buying the troubled Bank of Currituck and its six branches in northeastern North Carolina for $10 million.
The move fits into the bank's strategic goal of reaching customers from Williamsburg to the Outer Banks, said G. Robert Aston Jr., chairman and CEO of TowneBank.
By Bill Cresenzo
Suffolk-based TowneBank announced Friday that it is buying the troubled Bank of Currituck and its six branches in northeastern North Carolina for $10 million.
The move fits into the bank’s strategic goal of reaching customers from Williamsburg to the Outer Banks, said G. Robert Aston Jr., chairman and CEO of TowneBank.
By Bill Cresenzo
bill.cresenzo@insidebiz.com
Commonwealth Bankshares has become the second troubled Hamp-ton Roads bank to enter into an agreement with the federal government to improve its performance.
The Federal Reserve Board released the agreement, which is essentially a duplicate of the one that the board made with Hampton Roads Bankshares and the Bank of Hampton Roads last month.
By Bill Cresenzo
bill.cresenzo@insidebiz.com
Whatever the state of the economy - or their companies - CEOs of publicly traded Hampton Roads companies did quite well for themselves in 2009.
Inside Business compiled total compensation figures for the top executives of seven publicly traded companies in Hampton Roads from documents filed with the Securities and Exchange Commission. Figures ranged from $387,354 to $12.7 million.
