With its capital base still eroding from massive levels of loan losses, the Norfolk-based parent company of Gateway Bank said today it has entered into agreements with institutional investors who will infuse it with sorely needed capital.
Banking
Banking’s new world order
Despite some advantages, Richmond-based Xenith Bank isn’t tying itself to any outdated promises of profitability.
Monday Q&A: ‘We’re overwhelmed with prospects’
Community Bank Investors of America, better known as CBIA, is a private equity fund founded in 2007 by two locals to identify struggling, undervalued community banks, take an equity position in them and, in some cases, take over leadership of the bank. This week RBS chats with one of the founders about the challenges of that sort of work these days.
Bank of Virginia finds investors
Midlothian-based Bank of Virginia has found a partner that will strengthen its balance sheet and help meet conditions set forth by regulators in January.
M&T doubles profit
A recent addition to the Richmond banking scene, Buffalo-based M&T Bank, doubled its first quarter profit from the previous year. The bank said it earned $151 million during the first quarter, up 136 percent from $64 million. Last year the bank acquired Baltimore-based Provident Bank, which had several branches in the Richmond area. According to… Read more »
Bankers make more bucks
Pay for local bank executives rose in 2009 but was still below 2007 levels, according to SEC filings.
Could SunTrust be sold?
SunTrust, a regional bank with major offices in downtown Richmond, might be an acquisition target of an international bank, according to a Credit Suisse investor report. SunTrust is the nation’s seventh largest bank by assets and deposits. From an article in the Washington Business Journal: The analyst said Winston Salem, N.C.-based BB&T Corp. is the… Read more »
Credit union turns brew house into branch
“We have a very busy branch on Glenside Drive; we are trying to serve members in that area by relieving that business there. We have looked for a location for a long time,” said Glenn Birch, a spokesman for the credit union.
“Back to basics” say bankers
Local bankers know they’re not the most popular guys around town these days. But the banking model doesn’t work so well when real estate prices are fluctuating so wildly and major industries are falling by the wayside. There were two banking panels this week both centered around the topic of why banks seem tighter lending than this time two years ago. Both had a similar refrain.
Banking Notebook: Merger moving ahead; bank will still be in grocery stores
Now that federal regulators have blessed the deal, two local banks can move ahead with their merger. Union First Market Bank, as the new company is called, will still have outlets in supermarkets.