Posted by Shawn Maclauchlan
RICHMOND, VA (WWBT) - Bank of Virginia still has poor credit - now it plans to take a third-quarter loss of $5.5 million.
According to the Times-Dispatch, the loss will include write-offs for bad loans and increases to credit reserves.
The president and CEO tells the paper that the bank is reporting the loss now to take a proactive approach to turn the bank around.
The bank is working with regulators to improve its financial status.
Bank of Virginia has five branch offices in Chesterfield and Henrico.