Virginia

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.

ECB Bancorp Inc. will no longer buy the deposits and certain assets of seven North Carolina branches from Hampton Roads Bankshares Inc. in Norfolk, Va., after funding for the deal fell through.

ALEXANDRIA, Va. — The NCUA Board this morning approved the proposed merger of Tennessee's Volunteer Corporate CU with West Virginia Corporate CU, accelerating the pace of the corporate restructuring.

StellarOne Corp. in Charlottesville, Va., has repurchased the remaining $22.5 million in preferred stock it issued under the Troubled Asset Relief Program.

A Virginia lawmaker is urging his colleagues in Richmond to consider creating a state-owned bank that would use deposits from residents and state agencies to lend to local businesses and stimulate economic growth.

Hampton Roads Bankshares Inc. in Norfolk, Va., has shuffled its management ranks and created several new divisions as it aims to regain its footing after suffering steep losses on real estate loans.

Union First Market Bankshares Corp. in Richmond, Va., said Thursday that it will redeem preferred stock issued to the Treasury Department as part of the Troubled Asset Relief Program.

The companies said in a press release Monday that "irreconcilable differences of opinion regarding a number of matters" had developed and, as such, the boards had decided to terminate their agreement.

Cardinal Financial Corp. in Tysons Corner, Va., on Wednesday said that third-quarter earnings rose 46% from a year earlier, to $8.6 million, due largely to improved credit trends and balance sheet growth.

FJ Capital Management said Thursday that it had received a "significant investment" by Bridge Equities LLC.

TowneBank in Suffolk, Va., is buying a Raleigh, N.C., insurance agency and merging it into its insurance subsidiary.