Virginia

Fauquier Bankshares in Warrenton, Va., has named a North Carolina community banker as its new chief executive.

Freedom Bank of Virginia in Fairfax has named to its board a consultant to a fund that recently invested in the bank.

Bank of Botetourt in Buchanan, Va., founded in 1899, said Thursday it has opened a mortgage division to pursue unmet demand for home loans in southwestern Virginia.

The $2 billion-asset Hampton Roads said in a press release Wednesday that it will pay $107.2 million in stock for the $1 billion-asset Xenith.

Nacha, the bank industry group that oversees the automated clearing house network, has appointed six industry executives to its board.

Bank of America and nine other banks have agreed to pay about $63 million to settle claims they misled the state of Virginia into buying faulty residential mortgage-backed securities.

American National Bankshares in Danville, Va., has named Cathy Liles its chief accounting officer.

Banks have made changes to overdrafts, such as lowering fees offering clearer explanations. They better, as the CFPB will soon offer new rules for overdrafts. Plus, overdraft revenue has declined at many banks. Still unanswered is the question of how to offer short-term credit, if overdrafts disappear.

A large investor in Old Point Financial is looking to gain a seat on the Hampton, Va., company’s board.

Heritage Bankshares in Norfolk, Va., has exited the Small Business Lending Fund, ahead of its proposed deal to be acquired by Southern BancShares in Mount Olive, N.C.