Virginia

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.

The $390.1 million-asset company said in a press release Tuesday that it has agreed to sell common stock to institutional investors led by Patriot Financial Partners.

Village Bank in Midlothian, Va., has been released from an enforcement order issued by the Federal Deposit Insurance Corp. and Virginia Bureau of Financial Institutions.

Middleburg Financial in Middleburg, Va., plans to record a $3 million impairment charge tied to a participation loan in which the borrower has been accused of fraud.

TowneBank in Suffolk, Va., has agreed to buy Monarch Financial Holdings in Chesapeake, Va., for $220.6 million in stock.

Bank of Lancaster in Kilmarnock, Va. has promoted Susan Pittman to the newly created position of chief lending officer.

Cardinal Bankshares in Floyd, Va., has named a new chairman and made additional executive appointments ahead of its merger with Grayson Bankshares in Independence, Va.

WashingtonFirst Bankshares in Reston, Va., plans to raise up to $31.1 million by selling common stock.

Fauquier Bankshares in Warrenton, Va., is planning to record a $5.5 million impairment charge tied to a souring loan relationship.

Blue Ridge Bankshares in Luray, Va., has issued $10 million in subordinated debt and plans to exit the Small Business Lending Fund.

Bank of the James Financial Group in Lynchburg, Va., is planning to raise about $11.5 million through a private placement.

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.