The company entered into a contract to purchase a hotel under construction in Nassau Bay, Texas, for $14.6 million. The hotel is planned to be a 124-room Courtyard by Marriott.
Bank of Virginia
The Midlothian bank’s shareholders voted in favor of giving its board the ability to carry out a reverse stock split. The bank has said it is considering a reverse split between now and November in an attempt to increase the lagging share price of its stock.
Eastern Virginia Bankshares
The bank’s top six executives were granted shares of restricted stock. CEO Joe Shearin received 12,000 such shares. The grants had to be approved according to the provisions of TARP because of the bank’s participation in the TARP Capital Purchase Program.
Union First Market Bankshares
Union named Robert Gorman as its new CFO, effective July 23. He replaces Tony Peay, who was recently named Union’s chief banking officer. Gorman, 54, had been with SunTrust since 2002.
CFO David Moore exercised options for 4,200 shares at $35.30 per share or $148,000. He then sold 3,492 shares for $47 per share for a total of $164,000. He owns more than 67,000 shares of Universal stock.