Appalachian Bancshares Inc. in Ellijay, Ga., said it will restate its fourth-quarter results to show a bigger net loss after a routine Federal Deposit Insurance Corp. examination found additional loan problems.

Eastern Virginia Bankshares Inc. of Tappahannock said Friday that it has agreed to buy First Capital Bancorp Inc. of Glen Allen, Va., for $27 million in stock.

RIVERSIDE, Calif. – Altura Credit Union, which posted a $6.1-million loss in 2008, said it will shutter two branches and convert a third to an electronic branch, in the process cutting 35 jobs, or 15% of its workforce.Overall, the $958-million Altura CU has also chosen not to fill an additional 27 open positions over the past 12 months. The total number of eliminated and unfilled positions represents 20% of Altura’s staff.Mark Hawkins, Altura’s president and CEO, told Credit Union Journal the troubles in the regional economy have led to hardships for the credit union, but the recent special assessment from NCUA to bolster the corporate credit unions followed by the conservatorship of San Dimas-Calif.-based WesCorp have proven to be too much to handle without making reductions. “This has been tough,” he said. “Our area certainly has had its challenges during the economic downturn. The final straw was having to pay the NCUSIF and the corporates. We will have to pay more than $9 million, and that is on top of our loan losses. We sat down and looked at those branches we could live without, and those positions that were not absolutely critical to our moving forward.”Sixteen branch positions and 19 positions at Altura’s headquarters were eliminated as part of the downsizing. In an effort to minimize layoffs, Altura said it has implemented a series of cost-cutting measures. These include reducing benefits and compensation for all employees, including the senior management team. “Just like our members, every one of us is having to sacrifice during this economic downturn,” Hawkins said.

What Gets Measured, Gets Done: The following article is one of six that, as part of Credit Union Journal's ongoing series on growth, takes a look at measurement metrics. The other articles can be found in the related links box on the right.

What Gets Measured, Gets Done: The following article is one of six that, as part of Credit Union Journal's ongoing series on growth, takes a look at measurement metrics. The other articles can be found in the related links box on the right.

What Gets Measured, Gets, Done: The following article is one of six that, as part of Credit Union Journal's ongoing series on growth, takes a look at measurement metrics. The other articles can be found in the related links box on the right.

I recently kidded with manager groups that one small positive from the present economy is that it has turned "customer appreciation" from a catch phrase into an honest-to-goodness fact for many businesses.

Protective Life Corp. of Birmingham, Ala., has lost its deal for a struggling Florida banking company.

Peoples Community Bancorp in West Chester, Ohio, blamed the local economy and its nonperforming assets for its inability to meet the April 1 deadline for filing its annual report.

The shareholder votes needed for Yadkin Valley Financial Corp. of Elkin, N.C., to complete its acquisition of American Community Bancshares Inc. in Charlotte are back on.

More banking companies are warning they might not survive.

MIDDLE ATLANTIC

At least four banking companies announced Tuesday that they had returned the government's capital.

The deal announced Monday by Union Bankshares Corp. of Bowling Green, Va., to buy First Market Bank in Richmond for $105.4 million in stock is the largest of the year by far.

For Bank of the Wichitas in Snyder, Okla., picking a handle for its new Internet bank was not as simple as attaching "direct" to the end of its own name, because the owners wanted a unique name that would play both inside and outside its home state.

Guaranty Financial Group Inc. said Tuesday that its capital ratios have likely fallen below the levels required by its regulator.

At least four banking companies announced Tuesday that they had returned the government's capital.

City Bank in Lynwood, Wash., restated its fourth-quarter results Tuesday, widening the net loss to $64.9 million from the previously reported loss of $39.9 million.

Great Southern Bancorp Inc. was not a buyer of other institutions for most of its 86-year history, but a few months ago the Springfield, Mo., company saw an unusual opportunity across state lines.

NORMAN, Okla.– FAA CU has opened a new branch here in the former home of Fazoli's restaurant, which was the city’s first McDonald's location.