Virginia

On Tuesday, the Fed reported the formal actions it took against $242 million-asset American Bancorp. of Minnesota Inc. in Baxter, $1.2 billion-asset Eastern Virginia Bankshares Inc and its EVB bank unit in Tappahannock, $1.5 billion-asset Marquette Financial Cos. in Minneapolis and $541 million-asset National Bancorp Inc. in Schaumburg, Ill.

Eastern Virginia Bankshares in Tappahannock said Friday that it had suffered an $8.1 million loss in the fourth quarter as its borrowers struggled to make payments.

Pentagon Federal Credit Union has hired a former bank executive to run one of the most active funders of military charities in the U.S.

The Federal Reserve Board said Thursday that it had issued a prompt-corrective-action order to Virginia Business Bank in Richmond.

Virginia Heritage Bank in Fairfax reported $1.3 million of fourth-quarter net income, an 86.5% increase from a year earlier.

Virginia Commerce Bancorp Inc.'s fourth-quarter earnings rose, but fell short of analysts' expectations.

The president and chief executive of Pinnacle Bankshares Corp. in Altavista, Va., is retiring. Robert Gilliam Jr., will leave in a "midyear 2011 time frame," the $303.5 million-asset company said Tuesday in a press release.

Cardinal Financial Corp. in McLean, Va., said Friday that it probably incurred a goodwill impairment charge of $2.6 million in the fourth quarter.

Central Virginia Bankshares Inc. in Powhatan said Monday that it promoted Herbert Marth Jr. to president and chief executive.

Several banks rushed to repay investments under the Troubled Asset Relief Program in December, but hundreds head into the new year desperate for an exit strategy, even if it means selling.

Pinnacle Bankshares Corp. in Altavista, Va., said Friday that it is looking for a new president and chief executive. The $334.7 million-asset company said in a filing with the Securities and Exchange Commission that Robert H. Gilliam Jr. plans to retire from the company and its First National Bank unit "in a midyear 2011 time frame."

American National Bankshares Inc. in Danville, Va., announced it is buying MidCarolina Financial Corp. for $38.8 million.

Private investment-backed Cordia Bancorp Inc. has received regulatory approvals to buy a majority stake in the $219.3 million-asset Bank of Virginia.

Cardinal Bankshares Corp. in Floyd, Va., said Friday that its third-quarter earnings nearly tripled year over year, to $829,000.

Union First Market Bankshares said Tuesday that it has completed the integration of two affiliate banks, making it the largest community bank in Virginia.

Raising capital through the stock market has become a dicey prospect for banking companies, with a growing number delaying such offerings while others are pursuing alternate funding routes.

Bank of Virginia in Midlothian said it expects to record a huge increase in its loan-loss provision when it reports third-quarter earnings.

Hampton Roads Bankshares Inc. said late last week that it closed $235 million of the previously announced $255 million private placement that would lift its banking subsidiaries back into "well capitalized."

Central Virginia Bankshares Inc. in Powhatan has called off its rights and stock offering amid concerns about market conditions.

The $2.8 billion-asset company announced Friday that it had signed agreements with several institutional investors for a direct placement of $10 million of common equity. The shares are to be sold at $5.25 a share, a 7% discount to Thursday's closing price.