Dynex says it raised $120M in stock offering
Dynex Capital Inc. said Wednesday that it raised about $120 million in a public offering of its stock.
The Henrico County-based real estate investment trust sold 13.3 million shares of its common stock, including 832,487 shares exercised by the underwriters. The public offering price was $9.12 per share.
The company said it intends to use the proceeds to acquire additional investments and for general corporate purposes, which may include repayment of maturing obligations.
It announced the stock offering last week.
Bank of Virginia appoints president
Richard Dickinson was promoted to president of Bank of Virginia.
He has served as the executive vice president since joining the bank in May and will continue as chief operating officer.
Jack Zoeller, who has served as president since December 2010, will remain chairman and chief executive officer.
"His leadership has helped put Bank of Virginia on a far sounder footing, particularly on the regulatory front," Zoeller said.
The Midlothian-based bank is under regulatory watch to improve its financial condition.
Before joining Bank of Virginia, Dickinson spent his career with SunTrust Bank. Most recently, he was senior credit officer and executive vice president of commercial real estate at SunTrust.
Dickinson, 52, received his bachelor's degree from the University of Richmond in 1982.
Tredegar closing plant in Ind. that employs 146
Tredegar Corp. said it is closing an aluminum extrusion plant in Kentland, Ind.
The plant, operated by Tredegar's Bonnell Aluminum subsidiary, employs 146 people. It is slated to shut by Sept. 30.
The Richmond-based maker of film products and aluminum extrusions said it will recognize charges related to the shutdown of about $8 million, including accelerated depreciation on fixed assets of about $4 million, severance-related charges of about $1 million and other shutdown-related charges of about $3 million.
The Kentland plant had about $38 million in sales in 2010 and has been operating at a loss for the past several years, the company said.
From staff and wire reports
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