Thursday, July 25, 2024

Business Briefs for April 28

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

Riverside Doctors’ Hospital Williamsburg Medical Office Building Ribbon Cutting

(Riverside Health System)

Williamsburg Mayor Doug Pons, Williamsburg Vice Mayor W. Dent, Virginia State Delegate Amanda Batten, Williamsburg City Council Member Barbara Ramsey, Riverside leadership, team members and community members attended a ribbon cutting to mark the opening of a new, 67,000-square-foot facility housing more than 30 medical and surgical specialists supported by Riverside care teams.

Visit Williamsburg Welcomes Selena Coles as New Public Relations Specialist

Visit Williamsburg recently welcomed Selena Coles as its newest Public Relations Specialist, effective April 23.

With expertise in communication strategies, Coles brings a wealth of experience to her new role, Visit Williamsburg said, bringing a background in public relations and journalism, combined with a dedication to promoting tourism, to the position.

Her responsibilities include media relations, promoting Visit Williamsburg’s initiatives and attractions to a global audience, and collaborating on developing strategic communications plans.

Coles can be reached at selena.coles@visitwilliamsburg.com or 757-920-3128 for media inquiries.

Chesapeake Financial Shares Reports First Quarter Earnings and Declares Dividend

Chesapeake Financial Shares reported earnings for the first quarter of 2024 of $2,749,988, a 303.9% increase from the fourth quarter of 2023.

The reported earnings per share were $0.583 fully diluted as compared to $0.192 for the fourth quarter of 2023. Total assets ended the quarter at $1,511,866,477, up $40.8 million from year-end. Nonperforming assets were 0.187% as of March 31, 2024 compared to 0.255% for the fourth quarter of 2023, it said.

At its April 19 Chesapeake Financial Shares Board of Directors meeting, the board declared a quarterly dividend of $0.155 per share effective June 1, payable on or before June 15. The company has increased its dividend for 31 consecutive years, it said, and the stock currently has a 3.76% dividend yield.

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

Lackey Clinic Celebrates National Volunteer Week

Dr. Joseph Legan (Lackey Clinic)

Lackey Clinic recognizied Dr. Joseph Legan for National Volunteer Week, April 21-27:

Legan is an orthopedic surgeon and has practiced for 30 years. When he retired from the Air Force in 2014, he took a job with Sentara Health Systems as the Chief Medical Officer of Princess Anne Hospital and volunteered at a Free Clinic in Newport News for two years.
Shortly after retiring from Sentara, he began volunteering at Lackey Clinic, and has been volunteering with Lackey Clinic for three years. Dr. Legan volunteers twice a month and has a full schedule of patient visits.

The clinic noted that data from the Virginia Association of Free and Charitable Clinics (VAFCC) shows volunteerism at its member health clinics has decreased by 50%, from approximately 11,600 volunteers at clinics in 2018 to only 5,800 volunteers in 2022, mirroring national nonprofit trends.

AJ Johnson Named Gold New Agent 

AJ Johnson (Virginia Farm Bureau Insurance)

Virginia Farm Bureau Insurance named AJ Johnson a Gold New Agent during its annual sales conference at Williamsburg Lodge and Conference Center in Williamsburg. 

In his second year with Virginia Farm Bureau, AJ was recognized by his peers for outstanding sales and service to his members.

For more information about Virginia Farm Bureau Insurance, visit vafb.com.

Langley Federal Credit Union Commits $125,000 to Norfolk State Scholarships

Audrey Douglas-Cooke, vice chair of the Langley Board and a professor at Norfolk State University, left, is shown next to NSU President Javaune Adams-Gaston, right, holding a $125,000 scholarship check from Langley Federal Credit Union presented on March 8. (courtesy photo)

Langley Federal Credit Union has donated $125,000 to establish a demand scholarship fund at Norfolk State University to help students finance their college education.

Langley presented a check in the presence of NSU President Javaune Adams-Gaston after the senior night ceremonies for the women’s basketball team and cheerleaders on March 8, signifying a five-year commitment, it said.

Last year, Langley and its foundation donated $1.7 million to over 170 nonprofit organizations in the communities Langley serves. Langley is working with the NSU alumni association on other ideas to continue its partnership and help support NSU students, it said.

Langley Federal Credit Union has a long history of community involvement and charitable giving dating back to the founding of the credit union in the 1930s.

For more information about Langley Federal Credit Union, visit langleyfcu.org.

Atlantic Union Bankshares Corporation Completes Acquisition of American National Bankshares Inc.

Atlantic Union Bankshares Corporation recently announced today that it completed its previously announced merger with American National Bankshares Inc. effective April 1.
Under the terms of the merger agreement, American National shareholders will receive 1.35 shares of Atlantic Union common stock in exchange for each share of American National common stock, with cash paid in lieu of fractional shares. Based on the closing price of Atlantic Union common stock of $35.31 on Thursday, March 28, the aggregate transaction value was approximately $507 million.
In accordance with the merger agreement, Nancy Howell Agee and Joel R. Shepherd have been appointed to the Boards of Directors of Atlantic Union and Atlantic Union Bank.

Norfolk International Airport Runway 05/23 Rehabilitation Project

Norfolk International Airport (ORF) is undertaking a runway rehabilitation project to repair aging asphalt and concrete portions of the primary air carrier Runway 05/23 in two separate phases.

Important dates:

  • November 2023 — Phase 1 Construction of Runway 23 was completed.
  • April 1 — Phase 2 construction of Runway 05 begins. This will require night time runway closures occurring from April 1-Nov. 15. During this time Runway 05/23 will be closed to all airline operations between 12:15 a.m. and 5:15 a.m. each night to allow work to take place on the airfield. This will be regularly communicated via NOTAMs (Notice to Air Missions).
  • April 18-Oct. 31 — Temporary threshold relocation takes place, and the length of Runway 05/23 will be reduced to 6,800’.
  • November 2024 – Phase 2 construction of Runway 05 is complete.

Planning for the project has been underway for over a year with participation by the airlines and associated suppliers. All considerations have been made to minimize the impact to airline operations and passenger/cargo air service, Norfolk Airport Authority said. Completion of this project will extend the life of the primary commercial Runway 05/23 by more than 20 years.

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