Virginia

The $610 million-asset company named Tim Schools president and CEO of both the holding company and Highlands Union Bank, pending regulatory approval.

The American Bankers Association named Georgia community banker Daniel Blanton its new chairman and elected three additional officers during its annual convention.

Grayson Bankshares in Independence, Va., and Cardinal Bankshares in Floyd, Va., have agreed to merge to form a new holding company.

The chief executive of First Capital Bancorp in Glen Allen, Va., plans to resign, about a month after the company agreed to sell itself.

The $3.9 billion-asset company said in a press release Wednesday that Bernard Clineberg, 66, will step down as president and chief executive in January. Christopher Bergstrom, Cardinal’s chief credit officer and chief risk officer, will succeed Clineberg as acting president and CEO. Clineberg will remain the company’s chairman.

First National Corp. in Strasburg, Va., will redeem about $14.6 million of preferred stock that was originally issued through the Troubled Asset Relief Program.

Southern BancShares in Mount Olive, N.C., has agreed to buy Heritage Bankshares in Norfolk, Va.

The $6.1 billion-asset TowneBank acquired Invincia Insurance Solutions in Chesterfield, Total Insurance Planning in Midlothian and B.H. Baird Insurance in Warsaw.

The $1.5 billion-asset bank issued $25 million of subordinated notes due 2025 in a private placement. WashingtonFirst used the proceeds to redeem $8.9 million in SBLF preferred shares, which it issued to the Treasury Department in 2011.

Capital One Financial has allowed shareholders to nominate candidates to the company’s board of directors, joining a spate of large U.S. companies moving to open access to proxy ballots.