Thursday, February 22, 2024

Business Briefs for Jan. 25

HISTORIC TRIANGLE — Business news and notes from in and around the Historic Triangle.

Breeden Construction Announces Construction Completion of High Street Apartments

(Breeden Construction)

Breeden Construction recently announced the completion of the High Street multi-family project in Williamsburg. Undertaken for Commonwealth Properties LLC, the project features 32 apartment homes and six townhomes. Breeden Construction served as general contractor for the community.

The $8.6 million project began in December 2022. It is the third phase of construction for the community. The development includes four stories of wood-framed apartments above a parking garage level. The building’s facade showcases a blend of brick, CMU and Hardie board siding, according to the company.

Atlantic Union Bank Offers 30 Paid Internship Grants for Community-Based Organizations

Atlantic Union Bank opened its Future Community Impact Makers grant application process to nonprofits and community-based organizations to support 2024 summer paid internship programs. This year, the program has doubled the number of grants available with the goal of doubling the impact. Thirty grants of $4,000 will be awarded across the bank’s service area, it said.

Organizations must be community-based (e.g. nonprofits, government entities, community foundations, etc.), located in an Atlantic Union Bank service area, and commit to hosting an undergraduate or graduate level student in an eight-week, direct-permanent hire, paid internship program. All intern positions are expected to begin no later than June 15 and end no later than Aug. 15.

Grant applications are due by 11:59 p.m. on Feb. 1. Awards will be announced by email no later than Feb. 15. Interested organizations can find more information and apply here.

Chesapeake Financial Shares Reports Earnings and Declares Dividend

Jeffrey M. Szyperski, Chairman of the Board and CEO of Chesapeake Financial Shares, Inc. (parent company of both Chesapeake Bank and Chesapeake Wealth Management), recently reported earnings for calendar year 2023 of $10,119,738 representing a 42.6% decrease from 2022 earnings.

The reported earnings per share were $2.151 fully diluted as compared to $3.730 in 2022. Chesapeake Financial Shares ended the year Dec. 31 with total assets of $1,471,046,795 — a 10.7% increase over year-end 2022.  Nonperforming assets were 0.255% as of Dec. 31, compared to 0.539% at Dec. 31, 2022.

At the Jan. 19, Chesapeake Financial Shares Board of Directors meeting, the Board declared a quarterly dividend of $0.155 per share effective March 1, payable on or before March 15. The company has increased its dividend for 31 consecutive years. The stock currently has a 3.06% dividend yield.

For more information about Chesapeake Financial Shares stock (CPKF), or to receive daily e-mail alerts of our stock price, see chesapeakefinancialshares.com. To receive investor news updates, visit its page on Proactive Investors.

WAVY-TV 10 Coats for Families 2023/24 a Success

WAVY-TV 10’s Coats for Families drive, now in its 35th year, collected and distributed more than 8,000 new and gently used coats, the campaign announced.

Casey Auto Group, 1st Advantage Federal Credit Union, Hampton Roads Honda Dealers, Grand Furniture, West Shore Home, McDonalds of Hampton Roads and Northeast North Carolina, Patrick Henry Mall, along with Walmart, Red Mill Commons, Marketplace at Hilltop, and Albano Cleaners took part, serving as drop-off locations for coats. Harrison’s by Apple Moving served as the official pickup partner, making weekly stops to collect donations and sorting coats for those in need. Albano Cleaners ensured that the coats were cleaned and ready for their next owner.

WAVY-TV 10 thanked its partners, volunteers, and donors who made this year’s drive a success.

Rochambeau Motel Sold for Re-development to a Boutique-Style Motel

Cushman & Wakefield | Thalhimer announced the sale of approximately 4.98 acres of land, including a 22-unit motel, at 929 Capitol Landing Road in Williamsburg.

Two Rivers Acquisitions, LLC purchased the property from 929 Rochambeau, LP for $467,000 for a re-development project to convert the property into a boutique-style motel.

David Butchello of Cushman & Wakefield | Thalhimer handled the sale negotiations on behalf of the seller.

Bank of America Welcomes new Senior Relationship Manager for Business Banking

(Bank of America)

Bank of America recently welcomed Chris Willetts to the Bank of America Hampton Roads Market team as a Senior Relationship Manager for Business Banking.

Willetts’s banking background includes roles in commercial banking, employee wellness, and financial center management. His experience and commitment to community improvement, seen through his work on the board for Ronald McDonald House Charity in Norfolk, also makes him a valuable addition to the Bank of America Hampton Roads team, the bank said. 

Beyond finance, his journey includes playing and coaching college football at William and Mary, where he graduated in 2001.

Langley Employees Volunteer at Nonprofits on Martin Luther King Jr. Day

Volunteers built beds for children experiencing housing insecurity at Sleep in Heavenly Peace in Hampton. (Langley Federal Credit Union)

About 220 Langley Federal Credit Union employees volunteered at nonprofit organizations on Martin Luther King Jr. Day in honor of the civil rights leader’s legacy of service, it announced.

Volunteers completed a variety of projects across Hampton Roads and in Raleigh, North Carolina, and Richmond for Langley’s fifth annual Day of Service, including Newport News, Norfolk, Gloucester, Virginia Beach and Hampton

Langley also donated about $12,000 in supplies and materials to support the nonprofit organizations hosting Day of Service projects.

For more information, visit langleyfcu.org.

Construction Hiring Expo to be Held on January 30 in Hampton

(Hampton Roads Connector Partners)

Hampton Roads Connector Partners (HRCP) and the Virginia Department of Transportation Hampton Roads District (VDOT) are hosting a joint career event: Build Your Future! Hampton Roads Construction Hiring Expo on Tuesday, Jan. 30 from 9 a.m. to 1 p.m. at Virginia Peninsula Community College in Hampton.

The event is being held in partnership with the Hampton Roads Workforce Council and Virginia Peninsula Community College. Looking to fill over 300 positions, the event will offer on-the-spot interviews, resume building, and online application assistance. The available positions include various skilled trades, on-the-job training opportunities, professional engineering positions, and more. Recent high school, college, and trade school graduates as well as general local career seekers are all encouraged to attend.
Click here to register.

Norfolk International Airport Reports on December 2023 Activity

Norfolk International Airport (ORF) reported a 17.4% increase in passenger activity for the month of December, with 379,936 passengers. This figure compares to a December 2022 passenger count of 323,669.

 

Calendar year 2023 was the busiest year in the airport’s history with the January to December total passenger count increasing 10.6% representing 4,552,582 passengers. That’s compared to 4,115,535 passengers during the same period in 2022.

In other activity, 4,335,823 pounds of cargo were shipped in and out of the airport in December, a 28.2% decrease compared to December 2022, which saw 6,042,195 pounds of cargo shipped. January to December 2023 cargo pounds shipped has decreased 12.1% representing 56,073,967 cargo pounds. That is compared to 63,819,911 cargo pounds during the same period in 2022.

The above-mentioned figures reflect service by scheduled airlines Allegiant, American, Breeze, Delta, Frontier, Southwest, Spirit, United and their airline partners, as well as charter airlines. All-cargo carriers include Federal Express and UPS.

Chesapeake Wealth Management Strengthens Announces Hirings

Missy Mullins (Chesapeake Wealth Management)

Chesapeake Wealth Management (CWM) recently announced the hiring of Elizabeth M. “Missy” Mullins, who joined Chesapeake in December.

As the new Vice President Trust Officer, Mullins will be based out of CWM’s Kilmarnock office. She has over 15 years of experience in the trust and wealth management industry working with individuals, families, and institutions. Most recently, Mullins worked at BRB Trust in Kilmarnock and prior to that worked for the law firm of Tidewater Trusts & Estates (Rumsey & Bugg, P.C.) in Irvington and WLR Foods, Inc. in Timberville as Director of Shareholder Services/Assistant Corporate Secretary.

Kemp Gaskill (Chesapeake Wealth Management)

The hiring comes a few months after CWM also brought in Kemp Gaskill to the Northern Neck team. Gaskill will be taking over as lead in the Northern Neck market in the coming months.

The Northern Neck’s team office is located at the Chesapeake branch at 97 North Main Street in Kilmarnock.

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