Virginia Financial Group Inc. in Culpeper announced Tuesday that regulators have terminated the formal agreements under which two of its bank subsidiaries had been operating for the last 20 months.
The $791 million-asset Planters Bank and Trust Co. in Staunton City and the $258 million-asset Virginia Heartland Bank in Fredericksburg were cited in March of last year for deficiencies in complying with anti-laundering regulations and the Bank Secrecy Act. The Federal Reserve Bank of Richmond lifted the enforcement orders Oct. 28.
The $1.5 billion-asset Virginia Financial's other subsidiary, the $439 million-asset Second Bank and Trust in Culpeper, was not subject to any enforcement orders.
Freed from the enforcement order, Virginia Financial plans to start opening branches, starting with the conversion of loan production offices in Charlottesville and Lynchburg.
