BizSense Beat: July 28, 2023
BizSense Beat is a weekly collaboration between VPM News and Richmond BizSense that brings you the top business stories during NPR's Morning Edition on Fridays.
Here’s a recap of the top stories for the week of July 28, 2023:
Deal for Danville bank marks Atlantic Union’s first acquisition since 2019
Reported by Richmond BizSense’s Michael Schwartz
With its first acquisition in four years, Richmond’s biggest bank is buying its way into new territory.
Atlantic Union Bank on Tuesday announced a pending deal to purchase American National Bank & Trust Co., a $3 billion, 114-year-old institution based in Danville.
It’s American National’s footprint and two dozen branches in Southwest and Southside Virginia, and sought-after markets in North Carolina, that helped drive the all-stock transaction, which is valued at $416.8 million and is targeted for a first quarter 2024 closing.
Do-over casino referendum appears to be a go with Tuesday court order
Reported by Richmond BizSense’s Jonathan Spiers
After narrowly rejecting the question two years ago, it appears that Richmond voters in November will be asked a second time whether the city should host a multimillion-dollar casino and resort.
A Richmond Circuit Court judge on Tuesday entered an order effectively placing the casino question on the Nov. 7 ballot via a referendum. The order followed a needed approval from the Virginia Lottery last week that likewise sets the stage for a do-over referendum on the proposed venue, a $562 million entertainment complex planned off Walmsley Boulevard in the city’s Southside.
Pending any say on the matter from Virginia legislators as they work to finalize a revised state budget, the referendum would give the city another chance at the project voters rejected in 2021 with 51.4 percent voting thumbs-down.
The Richmond region’s first dedicated cornhole lounge is a toss or two away from opening in Short Pump.
NES Cornhole Lounge is set to launch this fall at 2443 Old Brick Road in West Broad Village.
Owner Catina Downey leased nearly 10,000 square feet for the venue, which will host cornhole courts for casual play and tournaments, a private event space for VIP members and a lounge area with snacks, beer and wine.
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