Charlottesville Breaking News

Bank feud: Chairman Giles quits VNB with other directors

A feud over corporate governance compounded an already painful December for a major Central Virginia financial institution. Virginia National Bank has experienced a leadership shake-up that has seen nearly one third of the board of trustees quit including the chairman, Mark Giles.

"My resignation is effective immediately," Giles tells President Glenn Rust in a December 19 letter that followed an apparently contentious meeting earlier that day. Neither Rust nor Giles, who spent nearly a decade as the Bank's first president and who chaired the board since 2005, returned repeated telephone messages.

Two other board members, Ms. Claire Gargalli and Mr. Leslie Disharoon, also quit that same Monday in what the bank concedes was a disagreement over the composition of its board of directors. A fourth director on the 13-person board, Neal Kassell, resigned two days later for unstated reasons.

In recent days, the usual discussions of loans and strategic growth at the home-grown but publicly-held  financial institution (VABK.OB) may have been compounded by the financial struggles of two board members and the death of the bank's longtime chief financial officer.

On December 3, ...

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Unclouded: Sabato predicts for 2012

Political pundit and Crystal Ball-meister Larry Sabato is the go-to guy in an election year, but as much as the Hook tried to lure him into some early prognosticating, Sabato likens any predictions at this point to flipping coins. He did give us some dish about the 2012 election, but where we really got the dirt was about fireplaces in pavilions on the Lawn– and whether the world will end.

Who do you pick in the Kaine-Allen U.S. Senate race, and what should we look for?
The odds are the Senate contest will go the way of the presidential election in Virginia. We live in a highly polarized era.

Which way do you see Virginia going in the presidential race?
Let's see which candidate the Republicans choose as their nominee. Some are stronger and others much weaker. That matters a great deal in Virginia and in other swing states.

Will Attorney General Ken Cuccinelli's disregard of Lieutenant Governor Bill BollIing as heir-apparent hurt him in 2013?
Bolling hopes so. Governor Bob McDonnell hopes so. But I'm not sure the GOP activists who vote in a primary care about such niceties.

Your prediction for Democratic candidates for governor?
So far, Terry McAuliffe is the only one I have heard is running. But if the nomination looks to be truly worth having, someone else may jump in.

Rob Bell's chances against Mark Obenshain...

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Year in review: The best and worst of 2011

December 22, 2011 Since the Hook started doing a year-in-review issue 10 years ago, we've always wanted to say that this is the best year ever: The economy is on a roll, employers are hiring as fast as they can, partisanship is passé, elected officials value compromise to make our country a better place to live, people feel optimistic about their future, and that of their kids.

Alas, that would not be 2011.

But there were some interesting rumblings. The Arab Spring and Occupy Wherever suggest an awakening and a weariness of the status quo. Whether these incidents of "I'm mad as hell and not going to take it anymore" will amount to lasting change remains to be seen. But having the masses willing to rise up peacefully is always a refreshing development.

Also good news is that the long war in Iraq is over for American troops.

Meanwhile, the uncertainty that has mired us since 2008 continues. Maybe our home values have stopped plunging quite so much, but what's going on in Greece and the European money markets makes us uneasy, as does the brinksmanship that recently put the U.S on the brink of default.

The year's natural disasters frankl...

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The year in Charlottesville-Albemarle real estate

As the New Year approaches, questions about the future of the housing market are more abundant than ever. Has the market hit bottom? Are hopes of recovery realistic? Will prices continue to drop as inventory continues to rise? And what about interest rates– are they going to go up, come down, or remain the same? With conflicting indications from market reports and continuing uncertainty over recovery, professionals and laymen alike wonder what’s in store for our area in the coming year.

With December drawing to a close, a number of national and state forecasts are being released citing predictions for 2012. In most cases, however, these reports are subject to the same variance in interpretation that has characterized the market reports provided throughout 2011. Credit reporting agency TransUnion foresees a significant drop in the number of delinquent mortgages over the coming year. Analysts at Goldman Sachs predict that home prices will– finally– hit bottom by summer of 2012. Lawrence Yun, chief economist for the National Association of Realtors, provides a similarly optimistic outlook in his ...

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What's your New Year's resolution?

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