Virginia

F&M Bank Corp. (FMBM) in Timberville, Va., has raised $12 million in a private placement.

ALEXANDRIA, Va. — After switching to a new analytics vendor, $16.8 billion Pentagon Federal Credit Union reports that it has improved the application process for its branded credit card, increasing the conversion rate on applications.

ROANOKE, Va. — In an effort to roll out an enhanced strategic integration plan between its technology team and business units, Member One Federal Credit Union needed to find a new core provider.

Xenith Bankshares (XBKS) in Richmond, Va., has agreed to buy Colonial Virginia Bank in Gloucester, Va.

Timothy Mullen, the company's former chief investment officer, wants management to informally evaluate the "best avenue to enhance long-term shareholder value," including any benefits from finding a buyer.

ALEXANDRIA, Va. — Total projected assessments from the NCUA's Temporary Corporate Credit Union Stabilization Fund dropped by $2.2 billion during the second half of 2013, the regulator announced Tuesday, adding it was "hopeful" that no future CU assessments would be necessary.

CHARLOTTESVILLE, Va. — Credit unions continued to grow assets, loans and leases, and shares and deposits in 2013 — once again led by the largest institutions — according to new analysis by SNL Financial.

ALEXANDRIA, Va. — The Temporary Corporate Credit Union Stabilization Fund received a fifth consecutive clean audit opinion, NCUA said Monday.

Virginia National Bankshares (VABK) in Charlottesville, Va., is facing pressure from an activist investor to consider selling itself.

ALEXANDRIA, Va. — After switching to a new analytics vendor, $16.8 billion Pentagon Federal Credit Union reports that it has improved the application process for its branded credit card, increasing the conversion rate on applications.

Cardinal Financial (CFNL) in Tysons Corner, Va., has merged its two banks.

The majority of Americans who will be receiving a tax refund in 2014 will spend the funds, not save them, according to a new survey released by Capital One Financial (COF).

Capital One (COF) has appointed Daniel deBrauwere head of business credit, a newly created role at the bank's asset-based commercial lending and specialty finance unit.

The Office of the Comptroller of the Currency shuttered the $130 million-asset Millennium Bank in Sterling, Va., while Pennsylvania state regulators closed the $63 million-asset Vantage Bank in Horsham, Pa.

EagleBank in Bethesda, Md., has hired three former Virginia Commerce Bank executives.

The Federal Reserve Bank of Richmond and the Virginia Bureau of Financial Institutions have terminated their regulatory agreement with Hampton Roads Bankshares (HMPR) in Virginia Beach and its subsidiary the Bank of Hampton Roads.

Park Sterling (PSTB) in Charlotte, N.C., has added to its recently established team in Virginia.

The $176 billion-asset company will close the center in the summer of 2015, the Roanoke Times reported, citing a BB&T spokesman.

Southern National Bancorp of Virginia (SONA) in McLean has agreed to buy Prince George's Federal Savings Bank in Upper Marlboro, Md.

Activist investor PL Capital has taken a $3.5 million stake in Old Point Financial (OPOF) in Hampton, Va.