Apple REIT Eight
Apple REIT said it did not make the monthly payments in March and April on loans tied to four of its hotels in order to have the loans sent to a special servicer and be renegotiated. As a result, the company received default notices for the loans that carry a $36.7 million balance. The hotels are in North Carolina, Florida, South Carolina and Suffolk, Va. Apple REIT said it has begun negotiations with the special servicers, but does not have any information as to when and if the situation will be resolved.
Apple REIT Eight also disclosed that it entered into an agreement with Bank of America for a $20 million line of credit. The agreement is guaranteed by Apple REIT’s Chairman and CEO Glade Knight and secured by his assets.
Bank of Virginia
BofVA said Vice Chairman Frank Bell resigned from his position effective April 22. Bell had been CEO prior to a recent deal that sold majority ownership of the bank to an investment group that brought in a new leader.
Central Virginia Bankshares
The holding company for Central Virginia Bank released its proxy disclosing the total pay packages given to its top executives in 2010.
Larry Lyons, now the former president and CEO, received $367,399 in total pay in 2010, a $106,000 increase from 2009. His total package included a $224,744 base salary, $32,000 in directors fees, and $108,000 in excess paid time off compensation. Lyons retired from his post at year’s end.
CFO Charles Catlett III received $221,272 in total pay in 2010, up $68,000 from 2009. He received a $143,000 base salary and $78,000 in other compensation.
Leslie Cundiff, senior credit officer, received $181,838 in total pay last year. That was an increase of $34,000 from 2009. Cundiff’s total included a $137,800 base salary and other compensation.
CVB also said its annual shareholders meeting will be held May 24 at the bank’s main branch on Anderson Highway in Powhatan.
Michael Hughes, a director, bought 10,000 shares for $10.35 per share or a total of $103,500. He now owns more than 56,000 shares of Dynex stock.
James Wheat III, a director, bought 5,000 shares for $10.35 apiece or a total of $51,750. He owns 15,000 shares.
Director Barry Igdaloff exercised options to acquire 5,000 for $7.42 per share. He directly owns more than 294,000 Dynex shares.
Eastern Virginia Bankshares
The holding company of EVB is the first local bank to release its first quarter 2011 earnings. EVB recorded a $100,000 profit, down from $961,000 in the same period of 2010. Its non-performing assets increased to $37.7 million compared to $30 million in the first quarter last year. It had $1.08 billion in total assets at the end of the quarter, down from $1.1 billion. Its deposit base and loan portfolio also shrank compared to a year ago. EVB said it hired an independent consultant to help it work its way through the written agreement that it entered into with state and federal regulators in February.
James River Coal
JRC said that it closed on its $475 million all-cash acquisition of International Resource Partners LP.
JRC also said that it negotiated a $10 million increase on a line of credit it has with GE Capital to $75 million.
The Board of Directors of NewMarket Corporation declared a quarterly dividend in the amount of 60 cents per share on the common stock of the Corporation. The dividend is payable July 1, 2011 to NewMarket shareholders of record at the close of business on June 15, 2011. This is an increase of 16 cents per share from the previous level.
Village Bank & Trust Financial Corp.
The holding company for Village Bank released its proxy revealing the total compensation packages paid to its top executives in 2010.
President and CEO Tom Winfree received $236,777 in total pay in 2010. That included a $210,000 base salary, up $15,000 from 2009. However Winfree’s total pay was down from $315,437 in 2009.
CFO Harril Whitehurst received $207,847 in total compensation in 2010, up from $180,497. His pay package included a $175,000 base salary. Whitehurst received a $45,000 raise in his base salary from 2009 to 2010.
COO Raymond Sanders received $202,642 in total pay last year. That’s an increase from $180,288 in 2009, partially thanks to a $40,000 increase in his base salary to $170,000.
Village also said its annual shareholders meeting will be held May 24 at the bank’s Watkins Centre office on Midlothian Turnpike.