Virginia

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.

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.

John Neal will retire later this year as president of Union Bank & Trust in Richmond, Va. Neal, 66, will step down on Dec. 31 after 24 years at the $7.5 billion-asset bank.

Park Sterling in Charlotte, N.C., has agreed to buy First Capital Bancorp in Glen Allen, Va.

Cardinal Financial made a big push into wealth management a decade ago. Today, it remains an inconsistent business, though management is optimistic about the future.

The $2 billion-asset company said in a press release Wednesday that Douglas Glenn resigned as president and chief executive. Glenn, who was 48 as of the company's April 27 proxy, also resigned as a director. He had been the chief executive since August 2011.

Old Point Financial in Hampton, Va., has selected its chairman's son as chief executive of Old Point National Bank of Phoebus.

Two community banks — Community Bankers Trust in Richmond, Va., and Charter Financial in West Point, Ga. — have reached early terminations of loss-share agreements with the Federal Deposit Insurance Corp.

Bank of Fincastle in Virginia has named Charles “Scott” Steele chief executive, after its longtime CEO retired.

Banks are seeing steady growth in consumer loan demand nationwide, particularly in auto loans and mortgages, according to a report released Wednesday by the Federal Reserve Board.