Bank in West Virginia is closed by regulators

American Banker

FDIC West Virginia Failures CoronavirusFirst State Bank, which the FDIC sold to MVB Financial, had struggled with profitability and capital levels for several years.

W Virginia Withholds Payment To Tax Delinquent Vendors


The West Virginia State Auditor’ s office has announced a new tax program aimed at vendors who owe the state money. The vendor will not be able to resume business in West Virginia until it has corrected its delinquency.

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Virginia Enacts Law Requiring Licensure of Student Loan Servicers

CFPB Monitor

One Wednesday, Virginia enacted a law that requires student loan servicers to be licensed. While Virginia opened its “Office of the Qualified Education Loan Ombudsman” in 2019, efforts to require licensure of student loan servicers had previously failed.

West Virginia bank buys fraud prevention firm

American Banker

West Virginia Fintech Fraud detection Community banking M&AMVB Financial plans to use Paladin Group to advise its bank and a number of its fintech clients.

Southern National in Virginia hires Dennis Zember as its next leader

American Banker

Virginia Community banking Succession planning RecruitingZember abruptly resigned as CEO of Ameris Bancorp last summer.

West Virginia bank is first to fail since onset of coronavirus

American Banker

FDIC West Virginia Failures CoronavirusFirst State Bank, which the FDIC sold to MVB Financial, had struggled with profitability and capital levels for several years.

Pinnacle Bankshares in southern Virginia to buy rival lender

American Banker

The company will pay $29 million for Virginia Bank Bankshares. Community banking M&A Capital Growth strategies Virginia

Virginia community bank cuts 12% of its staff

American Banker

Layoffs Virginia Revenue and expenses CoronavirusNew Peoples Bankshares said the layoffs were necessary because of the coronavirus pandemic and "a changing financial services industry.".

More on Virginia’s new law requiring licensure of student loan servicers

CFPB Monitor

We previously blogged about Virginia’s enactment last month of a law requiring student loan servicers to be licensed by the Virginia State Corporation Commission (“Commission”).

Chipotle Subpoenaed In Virginia Norovirus Outbreak


The latest blow to the burrito chain has been a supoena sent to its corporate offices following the recent norovirus outbreak in one of its Virginia locations. Retail California chipotle contamination federal investigation food safety food-borne illness Health News norovirus QSR quick-service restaurant Restaurants Safety subpoena VirginiaThe ast few years have not been kind to the Chipotle Mexican Grill restaurant chain.

WorldRemit Launches Its Service In Virginia


23) it has launched its services in Virginia. WorldRemit provides a secure way for Virginia residents to send money to their loved ones around the world. Residents of Virginia now have the power to share money with friends and relatives abroad, 24/7,” commented Brion Nazzaro, director at WorldRemit, in the press release. WorldRemit said residents of Virginia can send money via instant bank transfer, mobile money transfer, cash pickup and mobile airtime top-up.

Virginia House of Delegates passes bill to establish 36% rate cap for “short-term” and other loans

CFPB Monitor

On January 31, 2020, by a vote of 65 to 33 , the Virginia House of Delegates passed a bill that would establish a 36% rate cap on certain consumer loans. Since Democrats also hold a majority in the Virginia Senate, the Senate is expected to also pass the bill.

Virginia Sues Online Lender Over Consumer Loans


Virginia is suing one of the largest online lenders in the U.S. after reportedly charging Virginians millions in interest and fees. In a lawsuit, the state alleges that NetCredit lent more than $47 million in illegal high-interest loans, The Daily Press reported. According to the lawsuit, NetCredit provided loans to over 47,000 Virginians going back to 2012. The suit also alleges that NetCredit ran afoul of the state’s usury cap of 12 percent.

Virginia Attorney General obtains default judgment in lawsuit against pension advance company

CFPB Monitor

Virginia’s Attorney General has announced that “he has secured more than $50 million in debt relief and ordered civil penalties” as a result of his lawsuit filed in state court in March 2018 against Future Income Payments, LLC; FIP, LLC; and their individual owner for allegedly making loans to Virginia consumers, many of whom were military veterans, that were falsely marketed as asset purchases. State CFS Monitor State Enforcement Usury usury virginia

Bay Banks to Buy Virginia BanCorp

American Banker

Bay Banks of Virginia in Kilmarnock has agreed to buy Virginia BanCorp in Petersburg. breaking_news community-banking m-a va dealmaking-strategy

Growing naturally in Virginia

ABA Community Banking

TowneBank halting M&A after NC deal, plans to pass $10B organically Management CSuite Community Banking M&A. 1Management

Shazam wins endorsement of Virginia banking group

ATM Marketplace

This is the first time that the Virginia Association of Community Banks has endorsed an ATM and debit processor, Shazam says

Southern National, Eastern Virginia Bankshares to Merge

American Banker

Southern National Bancorp of Virginia in McLean has agreed to buy Eastern Virginia Bankshares in Glen Allen for $178.3 million. breaking_news community-banking m-a va dealmaking-strategy

Chesapeake Bank Joins The Clearing House’s RTP Network


Virginia’s Chesapeake Bank has joined The Clearing House’s Real-Time Payments (RTP) network, showing that smaller community banks have joined the new trend of enabling instantaneous payments and receipts for customers, a press release said.

Alexa’s 7 Banking Skills You Didn’t Know About

Bank Innovation

Exclusive Mobile Operations Technology Alexa Alliant Credit Union Amazon Alexa Capital One FIdelity Investments New England federal Credit Union TD Ameritrade Virginia Credit Union Voice TechLast week, Amazon’s digital assistant, Alexa, hit the 10,000 skills milestone. The top 5 categories of skills, in descending order were: News, Gaming, Education/Reference, Lifestyle and Novelty/Humor.

Virginia Community Banker: LinkedIn Has Business Development Potential

Independent Banker

By Ann Chen. Tips from Bruce Gemmill on Fully Using LinkedIn. Nurturing LinkedIn relationships is similar to forming personal relationships in that it requires time and attention. Bruce Gemmill of John Marshall Bank in Reston, Va., recommends the following action items: 1.

MVB Financial, Intercoastal to form mortgage joint venture

American Banker

MVB in West Virginia will gain a 47% stake in the partnership in exchange for contributing its mortgage unit's assets to the new company. West Virginia State of Virginia Community banking M&A

Dollar Bank to Enter Virginia via Acquisition

American Banker

Dollar Bank in Pittsburgh has agreed to buy Bank @lantec in Virginia Beach. breaking_news community-banking m-a pa va dealmaking-strategy

Access National to Buy Middleburg Financial in Virginia

American Banker

has agreed to buy Middleburg Financial in Virginia for $233.1 Access National in Reston, Va., million, or $32.51 a share, in stock. breaking_news community-banking m-a va dealmaking-strategy

Another bank merger is delayed because of coronavirus outbreak

American Banker

Pinnacle Bankshares and Virginia Bank Bankshares said the move will let each bank focus more on responding to the COVID-19 pandemic. Virginia Community banking M&A Coronavirus

CFPB and Virginia AG settle claims against pawnbroker for alleged TILA/CFPA/VA law violations

CFPB Monitor

The CFPB and the Virginia Attorney General announced that they had entered into a proposed consent order with Woodbridge Coins and Jewelry Exchange, Inc., a Virginia-based pawnbroker, to settle a lawsuit filed in a Virginia federal court alleging the pawnbroker’s closed-end pawn contracts violated the TILA, the CFPA, and Virginia law. Barbara S. Mishkin.

Student loan servicing developments in California, Illinois, and Washington; legislation introduced in Virginia and New Mexico

CFPB Monitor

California, Illinois, and Washington have each taken significant steps in implementing their existing laws while legislation has been introduced in Virginia and New Mexico to regulate student loan servicers for the first time. Virginia. In Virginia, Democratic representative Marcus B. On December 27th, Democratic Senator Bill Tallman introduced the Student Loan Servicing Rights Act , which largely follows the form of other state bills, including Virginia.

Google’s Drone Delivery Unit Wing Gets Nod By FAA


With the FAA approval Wing will be able to make drone deliveries in an area of southwest Virginia. In an interview with The New York Times, Jonathan Bass, a spokesman for Wing, said deliveries in Virginia should kick off later in 2019.

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Virginia Bank Juggled CEO Search with Merger Talks

American Banker

Hampton Roads Bankshares in Virginia Beach juggled a search for a new chief executive while also arranging for its eventual merger with Xenith Bankshares in Richmond, Va. people breaking_news community-banking va dealmaking-strategy

Yes, Virginia, There Are Women Leaders In Fintech

Tech and Finance

BNY Mellon, has appointed Bridget E. Engle as senior executive vice president and chief information officer reporting directly to CEO Gerald Hassell. In this position, Engle will lead the company’s Client Technology Solutions group, which provides critical technology platforms and applications. She will be responsible for setting the strategic direction and execution of the firm’s technology agenda.

Virginia, North Carolina Banks to Swap Branches

American Banker

First Bancorp in Southern Pines, N.C., and First Community Bancshares in Bluefield, Va., have agreed to exchange branches in two states. breaking_news community-banking branch-deals nc va dealmaking-strategy

Will Amazon's new HQs fast-track modern transit payments?

Payments Source

and northern Virginia — and if recent history is any indication, Amazon may take an active role in improving that infrastructure. Retailers Mobile payments Amazon New York Virginia Washington DC WashingtonAmazon’s transit-friendly posture should provide momentum for digital ticketing and other subway improvements in Queens, N.Y.,

Saving Main Street: Fairfax County, VA Kicks Into Gear


One of those is in Fairfax County, Virginia. Retail Coronavirus COVID-19 development economy Fairfax County Main Street News Shop Talk SMBs VirginiaMain Street may not be able to save itself in the aftermath of the COVID-19 crisis.

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Bay Banks hires former BB&T market president for new strategic post

American Banker

Michael Troutman will serve as chief revenue officer at Bay Banks of Virginia, where he will advise management and the board on growth opportunities. Community banking Recruiting Succession planning BB&T Virginia

C&F in Virginia Names Long CFO

American Banker

C&F Financial in West Point, Va., has named Jason Long chief financial officer of the company and its Citizens and Farmers Bank subsidiary. breaking_news people succession-planning va community-banking