Bobber Flats nears completion

Another former factory in Shockoe Bottom has been converted into apartments.

Located at 20th and Franklin, Bobber Flats will bring 41 one- and two-bedroom units to the neighborhood when it is completed in December. There is also a 700-square-foot office space.

Sensei Development and Monument Construction have spent $4.7 million so far. The project is part of an entire rehabilitation of the block bounded by Main and 21st streets — which is projected to cost $35 million. Read more

Deal’s off

Two local banks are calling off their merger.

Eastern Virginia Bank and First Capital Bank are no longer going to combine operations in a $27 million deal, as they agreed to in April. The reason, according to a news release, is the series of delays caused by regulation. Read more

Discount mortgages encouraging buyers

Local banks might have found the key to getting homebuyers back into the market and helping out the builders they lent money to.

In May, First Market Bank began offering mortgages of 3.99 percent to people buying homes or lots from builders who have loans from the bank. The average rate for a 30-year fixed-rate mortgage in the area is about 5.2 percent, according to Bankrate.com. Read more

Monday Q&A: Why are local banks merging like crazy?

For the most part, local banks didn’t engage directly in the sub-prime fiasco. But they did lend heavily to developers who were selling units based on buyers getting loans, buyers flush with cash from a refinancing or buyers with a job in an industry that relied on consumers spending like mad.

Then late last year they looked in the mirror and had an “uhh ohh” moment. Now they want to make sure you can pay back your loan, and want to make sure a business is on solid footing. And within the last month, six Virginia banks have paired up faster than high schoolers on prom night. Read more

Three years for bank to become profitable

Pour a round of the good stuff.

After three years in operation, Virginia Business Bank recorded its first quarterly profit in this year’s first quarter. Read more