Virginia

Citizens Community Bank in South Hill, Va., has redeemed about 75% of its outstanding preferred stock in the Small Business Lending Fund.

Access National's four-year-old wealth management subsidiary has grown rapidly and is poised to enter the black. The allure of fee revenues has drawn many community banks into this field amid weak loan growth and tight interest margins.

The percentage of funds that NCUA annually transfers to its operating budget from the National Credit Union Share Insurance Fund to cover expenses of the agency — known as the "overhead transfer rate" — is subject to notice and comment requirements under federal law, according to a legal analysis by NASCUS.

According to the agency's 2014 Annual Report, NCUA failed to meet all of its targets — in some cases even losing ground — for increasing the number of females, minorities and persons with disabilities at all levels of the organization, including management.

Access National in Reston, Va., said Chairman James "Ted" Jadlos resigned to focus on a mortgage-related business.

NCUA plans to propose new data security rules for credit unions that would include requiring encryption or password protection for sensitive member data during examinations.

Bay Banks of Virginia in Kilmarnock has issued $7 million in subordinated debt.

Eastern Virginia Bankshares in Tappahannock has repurchased a warrant from the Treasury Department tied to the Troubled Asset Relief Program.

WashingtonFirst Bankshares in Reston, Va., has agreed to buy direct mortgage lender 1st Portfolio Holding Corp. in Fairfax, Va.

A former chief financial officer at Bank of McKenney in McKenney, Va., has been indicted on two counts of embezzlement.

The number of credit unions paying penalties for late Call Reports continues to decline, but the overall amount to be paid and the median penalty rose slightly for the fourth quarter of 2014, according to data released today by NCUA.

ALEXANDRIA, Va. — Credit unions have until the end of this month to apply for the latest round of consulting assistance from NCUA.

First Community Bancshares, of Bluefield, Va., increased its profits slightly as legal costs and losses and expenses from selling foreclosed real estate declined.

At first glance Cardinal Financial in McLean, Va., blew away earnings expectations, rising 220% in the first quarter from the same time last year.

Hampton Roads Bankshares in Virginia Beach, Va., plans to merge its banks and change its name to Shore Financial.

ARLINGTON, Va. — Reports that Target is close to paying MasterCard nearly $20 million to reimburse credit unions and banks for the costs associated with the retailer's 2013 data breach is not good enough for one CU trade group.

VIENNA, Va. — Navy Federal Credit Union said it has closed a "record-breaking deal" with the Marine Corps Heritage Foundation (MCHF) on a commercial construction loan to complete the National Museum of the Marine Corps in Triangle, Va.

ALEXANDRIA, Va. — NCUA has revised its supervisory policies in order to ease the secondary capital process for low-income credit unions and investors.

ALEXANDRIA, Va. — NCUA on Wednesday said 153 low-income credit unions will receive $520,440 through the first Community Development Revolving Loan Fund grant round in 2015.

ALEXANDRIA, Va. — NCUA is touting a 49% increase in its total dollars awarded to minority- and women-owned businesses during 2014, but the agency's workforce diversity levels continue to decline.