Virginia

Alexandria, Va. — Pentagon Federal Credit Union (PenFed), the $18.6-billion institution based in Alexandria, Va. has introduced a new financial product for its membership: the "Access America" checking account.

ALEXANDRIA, Va. — NCUA announced that Peggy Sherry has been named as the agency's deputy chief financial officer, effective today.

Nationwide the number of bank branches fell by about 1.7% last year. But some cities and states were hit harder than others, according to data from the Federal Deposit Insurance Corp. and research firm BankRegData.

The company said in a press release Thursday that it redeemed preferred shares worth $76.46 million that were issued under the program to the Treasury Department.

VIENNA, Va. — In a sign that the nation's largest credit union plans to expand its member business lending, Navy Federal has created a dedicated commercial participation loan position.

WashingtonFirst Bankshares in Reston, Va., has raised $20 million through a private placement.

MainStreet Bank in Fairfax, Va., has raised nearly $13 million by issuing common stock.

ALEXANDRIA, Va. — NCUA announced Tuesday it has approved a charter to Lutheran Federal Credit Union, making it the third new federally chartered CU of this year.

ALEXANDRIA, Va. — NCUA has filed suit against another big banking company over mortgage-backed securities.

The $1.3 billion-asset company said in a press release that Thomas Cherry will succeed Larry Dillon, who will remain chairman and chief executive. The company added that Cherry is expected to eventually succeed Dillon as CEO.

ALEXANDRIA, Va. — NCUA is encouraging low-income credit unions to apply for the agency's latest round of technical assistance grants.

ALEXANDRIA, Va. — NCUA said it has filed suit in federal court against U.S. Bank N.A. and Bank of America N.A., alleging these institutions violated state and federal laws by failing to fulfill their duties as trustees for 99 residential mortgage-backed securities trusts.

ALEXANDRIA, Va. — Detroit-based Health One CU Friday was liquidated by the Michigan Department of Insurance and Financial Services, with NCUA named as liquidating agent.

ALEXANDRIA, Va. — At NCUA's final board meeting of 2014, Chairman Debbie Matz announced the formation of two working groups, one focused on field-of-membership issues and the other on supplemental capital.

ARLINGTON, Va. — NAFCU has appointed Alicia Nealon as director of regulatory affairs.

ALEXANDRIA, Va. — Median loan growth rates were up by 3.5% for the year ending in the third quarter of 2014, according to new state-by-state analysis from NCUA.

Hampton Roads Bankshares in Virginia Beach, Va., has agreed to pay $200,000 to address an investigation by the Securities and Exchange Commission into the company's accounting practices.

ALEXANDRIA, Va. — Loan balances at credit unions are by more than 10% year-over-year for the third quarter, according to new data released Thursday by NCUA.

The Freedom Bank of Virginia has extended the deadline for its $4 million stock offering in response to investors' requests for more time.

HERNDON, Va. — A discovery process during a core conversion uncovered the ability of Northwest Federal Credit Union to enhance its online mortgage servicing capability, resulting in a nearly 50% increased user rate.