Virginia

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.

Capital One Financial Corp. in McLean, Va., reopened its Chevy Chase Bank branches Monday as Capital One Bank branches.

Eastern Virginia Bankshares of Tappahannock said Friday that it is consolidating two branches in King William County.

Premier Financial Bancorp Inc. in Huntington, W.Va., plans to roll up five of its unit banks into one. The $1.1 billion-asset multibank holding company said Tuesday it would merge these units: Boone County Bank in Madison, W.Va.; First Central Bank in Philippi, W.Va.; Traders Bank in Ravenswood, W.Va.; Adams National Bank in Washington; and Consolidated Bank and Trust in Richmond, Va. The combined entity would have $800 million of assets.

The $3 billion-asset company filed an exchange offer memorandum Monday with the Securities and Exchange Commission, commencing offers to exchange newly issued shares of common stock for outstanding shares of Series A and B preferred stock.

ShoreBank, the country's first community development bank, failed Friday night after months of struggling to find a way to stay afloat. However, it will continue in a different form.

Less than two years after it became the first "blank-check" acquirer to take over failed banks, Community Bankers Trust Corp. is reeling.

Profits grew faster than credit problems among the first batch of community banks to post second-quarter results — another tentative sign the sector is recovering.

Cardinal Financial Corp. of McLean, Va., posted a 120% jump in net earnings in the second quarter compared with a year earlier, outpacing analysts' expectations.

Commonwealth Bankshares Inc. in Norfolk, Va., has entered into a written agreement with state and federal regulators. The $1.2 billion-asset company did not disclose details in a press release Friday, but said it had consented to strengthen the bank's financial condition and "maintain effective control over and supervision of" major operations.

Hampton Roads Bankshares Inc. in Norfolk, Va., announced that it raised $255 million through a fully subscribed private placement of its common stock.