Virginia

Bank of the James Financial Group (BOTJ) in Lynchburg, Va., has raised $10 million through a private placement of unregistered debt.

The Federal Reserve Board has terminated a written agreement with Valley Financial that required the Roanoke, Va., company to serve as a source of strength for its bank.

Hampton Roads Bankshares (HMPR) is on the verge of a $45 million rights offering, the second phase of the Norfolk, Va., company's $95 million capital-raising effort.

Hampton Roads Bankshares's (HMPR) second-quarter loss narrowed from a year earlier as improveed credit quality aided the Norfolk, Va., company.

Virginia Commerce Bancorp (VCBI) is delaying its planned exit from the Troubled Asset Relief Program following discussions with the Federal Reserve Bank of Richmond regarding its repayment plan.

The Federal Reserve Board has put the kibosh on Virginia Commerce Bancorp's plan to start paying back the Treasury Department this summer.

The former chief executive officer of Virginia's Bank of the Commonwealth was among six people indicted for an alleged fraud conspiracy involving a coverup of the bank's financial condition from 2008 to 2011.

Cardinal Bankshares Corp. in Floyd, Va., has settled a dispute with a former executive it claims was conspiring with an investor to force its sale.

The Federal Reserve Bank of Richmond has ordered Village Bank and Trust Financial in Midlothian, Va., to serve as a source of strength for its ailing bank subsidiary.

Regulators shuttered four banks Friday evening — totaling $676 million of assets — that combined are estimated to cost the Federal Deposit Insurance Corp. about $80 million.

The Treasury Department announced Tuesday that it plans to sell off its shares in seven more community banks as part of its ongoing effort to wind down the Troubled Asset Relief Program.

The Virginia company will have a retooled ownership, a new director and more capital after a private placement and rights offering. While Hampton Roads' private equity investors will own 90% of the company following those moves, early indications are that those companies are content with management's progress purging bad loans and cutting costs.

StellarOne (STEL) in Charlottesville, Va., is planning to eliminate about 4% of its workforce, or 34 full-time jobs, as part of an overall cost-cutting effort that it says would save the company up to $2.4 million a year.

ROCKVILLE, Md. — Branchless-Realtors FCU, billed as the first virtual credit union when it was chartered by the National Association of Realtors three years ago, is throwing in the towel and plans to merge into Northwest FCU, the $2.2 billion credit union in nearby Herndon, Va.

First National Corporation in Strasburg, Va., is planning to raise up to $11.8 million in a rights offering and intends to use the proceeds to bolster its capital levels, invest in its expansion and perhaps buy back preferred shares issued under the Troubled Asset Relief Program.

Five months after terminating its planned merger with one suburban Washington, D.C., bank, Alliance Bancshares in Chantilly, Va., has struck a deal to team up with another.

A surge in mortgage lending powered Cardinal Financial (CFNL) in McLean, Va., to a $7.7 million profit in the first quarter, an increase of nearly 47% from the same period in 2011.

C&F Financial (CFFI) in West Point, Va., has repurchased all the shares it issued to the Treasury Department in 2009 and now just needs to buy back its warrant to exit the Troubled Asset Relief Program.

Southern National Bancorp of Virginia (SONA) has received a warning from the Nasdaq that the McLean company is not in compliance with listing requirements after it failed to file an annual report.

A Virginia investor who has co-founded and sold three community banks in the past decade may buy up to a 45% share in First Capital Bancorp Inc. in Glen Allen, Va.