Virginia Business Bank Appoints New Board Members
Richmond, Virginia (November 9, 2005) - Virginia Business Bank (“in organization”) has appointed Michael B. Cashwell and Elaine R. Jordan to its Board of Directors.
Michael Cashwell is the Chief Financial Officer of Union Theological Seminary & Presbyterian School of Christian Education in Richmond, a graduate school for theological education that was founded in 1836. In this position, Cashwell is responsible for managing a $15 million annual operating budget and total assets of approximately $160 million. He also oversees the school's finance and accounting, human resources, central services, information technology, the physical plant and campus security, as well as its $110 million endowment.
Cashwell also has previous banking experience, having served in senior management and consulting capacities for several state-chartered banks in North Carolina, including Carolina Commerce Bank and SterlingSouth Bank & Trust Company, as well as Bank of America.
Cashwell holds a B.S. in Electrical Engineering from North Carolina State University and a Master's in Business Administration from Harvard Business School.
Elaine Jordan is an attorney and shareholder with Sands Anderson Marks & Miller in Richmond. Her practice areas include construction and real estate litigation, as well as some corporate work for clients in the construction industry.
Jordan also brings banking experience to her Board position, having served as one of the founding board of directors for Metro County Bank, which later merged with Southern Financial Bank. While on Metro's board, she served on the loan committee and compensation committee.
Jordan holds a B.S. in Agriculture Business from University of Tennessee and a Juris Doctorate from the University of Virginia.
“We welcome Elaine and Michael to our growing Board of Directors,” says Merlin A. Henkel, president and chief executive officer of Virginia Business Bank. “Both bring impressive banking experience to Virginia Business Bank as it prepares to serve the Richmond business community.”
Virginia Business Bank is a new bank being organized to the meet lending and service needs of small and mid-sized businesses in Central Virginia. Pending approval from state and FDIC officials, it is slated to open in early 2006 and will focus on commercial and private investor customers whose borrowing needs for real estate development and investment, business expansion, private investment, and business acquisition are in the $1 million to $5 million range. Virginia Business Bank will be the only Richmond area bank dedicated solely to serving this target market. For more information, please call (804) 523-4400 or visit www.vabusinessbank.com.
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