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October 24, 2018

Biz Buzz: PATH will house Fauquier Chamber offices

Photo/PATH Foundation
PATH President/CEO Christy Connolly (right in blue suit) announced at the foundation’s Oct. 10 open house that the Fauquier Chamber of Commerce will move into part of this space early next year.
Todd Savage, who owned a competing business, recently joined Salon Emage in Warrenton.
Business News
Please, send business news releases, photos and story suggestions to Editor Lawrence “Lou” Emerson at .(JavaScript must be enabled to view this email address) or call him at 540-270-1845.
Business organization will move next year

The Fauquier Chamber of Commerce will move into new offices early next year.

The PATH Foundation will house the business organization rent-free at 321 Walker Drive in Warrenton. PATH moved in earlier this year, after purchasing, finishing and furnishing two floors — totaling about 20,000 square feet — of the new three-story building.

The idea of donated office space started with PATH leaders, according to chamber President Joe Martin.

“We believe that having the Fauquier Chamber located in the PATH Resource Center creates a comprehensive area, focused on strengthening our community,” foundation President/CEO Christy Connolly said. “With the PATH Volunteer Hub, PATH Community Link, the Center for Nonprofit Excellence, conference space and the chamber in a central space, the connections between and for nonprofits, businesses and community members will yield many great things for the area.

“We’re excited to be able to offer the chamber the space, and thrilled that they want to be a part of it.”

Mr. Martin said, “It was awesome news to us,” when PATH leaders approached the chamber with the offer.

The chamber’s five-year lease for 1,500 square feet in the office building at 98 Alexandria pike will expire in June, he said.

The move will save the 500-member organization about $25,000 a year. The chamber, with an annual budget of $300,000, also will have access to a range of meeting and conference rooms, wired with great audiovisual systems.

Martin noted that nonprofit organizations account for about 10 percent of the chamber’s membership. Proximity to the PATH’s staff and resources for nonprofits should benefit those members, in particular, he said.

The chamber has two full-time employees and two contract employees, who manage events. PATH will build out two offices for the business organization, which will pay for its own telecom services.

PATH and the chamber — also a not-for-profit, 501(c)(6) entity — have a three-year agreement for the office space. The plan calls for occupancy to start in February.

At its new headquarters, PATH also provides office space for the Mental Health Association of Fauquier County, the Northern Piedmont Community Foundation and the Charlottesville-based Center for Nonprofit Excellence. Meanwhile, the foundation provides space for other community nonprofits in its former offices on Alexandria Pike.


Home sales prices up 10% year-over-year

The average sale price of a Fauquier County home in the third quarter rose to $478,404 up 10.3 percent from the same period a year earlier, according to Greater Piedmont Realtors.

During the three-month period that ended Sept. 30, Fauquier sales totaled 287 units, down 3.4 percent from from a year earlier.

The average home sold remained on the market 74 days, up six days form 2017.

The average sales price for the quarter represented 95 percent of the original list price, up 1.2 percent.

“In the Greater Piedmont Region (five counties), there are some early signs of a slowdown, however it’s too early to early to tell if it’s here to stay,” market analyst Lisa Sturtevant wrote in her report. “Sales declined in the region for the second quarter in a row.

“Flattening sales have also occurred in the national housing market, which could suggest a softening of demand.

“Despite declining sales, home prices in the region continue to rise, a reflection of the low level of active listings available and continued buyer demand locally.”


Fauquier Bankshares 3Q profit $1.3 million

Warrenton-based Fauquier Bankshares Inc. (Nasdaq: FBSS) reported net income of $1.3 million, or 35 cents per diluted share, for the quarter ended Sept. 30.

In the same quarter last year, The Fauquier Bank’s parent company also reported a $1.3-million profit.

For the first nine months of 2018, the company reported net income of $4.6 million, or $1.21 per diluted share, compared with $3 million, or 81 cents per share, for the same period a year earlier.

“While financial performance in the third quarter of 2018 was good, it was slightly below the previous two quarters, based on one-time events in each of those quarters,” President/CEO Marc Bogan said. “Loan growth was strong during the quarter, which we expect will contribute to future earnings.

“However, deposit growth was a challenge due to rising interest rates, competitive markets, and deposit alternatives. As we look to the fourth quarter, we will continue to focus on achieving our strategic goals and objectives for the year.”

Fauquier Bankshares’ total assets stood at $670 million on Sept. 30, compared with $631.7 million a year earlier. Net loans increased $42.5 million in a year to $527.8 million.

Total deposits stood at $566.2 million on Sept. 30, versus $556.2 million a year earlier.

Nonperforming assets stood at $9 million when the third quarter closed, down $1.8 million in a year. The nonperforming assets included $7.6 million of nonperforming loans and $1.4 million of other real estate owned.

Shareholders’ equity reached $58.3 million on Sept. 30, compared with $57.2 a year earlier. Common stock had book value of $15.44 per share, up 24 cents from Sept. 30, 2017.

The independent banking company has 11 offices in Fauquier and Prince William counties.


Veteran hair stylist joins Salon Emage

The former owner of a competing business, Todd Savage has joined Salon Emage Day Spa in Warrenton.

Mr. Savage, founder of Warrenton’s Sherpa Color and Design Studio, has exited salon ownership to focus full-time on serving clients. He has than 25 years of hair-care experience.

“I am thrilled to welcome Todd to our team and work alongside him again,” said Salon Emage Day Spa owner Melanee Montalvo said. “Todd and I worked together several years ago, and we both share a passion for providing every one of our clients with luxurious, creative and personalized service. He has long been an asset to our community, and we're honored that he has chosen to continue practicing his craft at Salon Emage Day Spa.”

Mr. Savage said: “Joining Salon Emage Day Spa is the perfect step for me at this point in my career. I am so grateful to the clients who supported me at Sherpa, and I promise that this new opportunity means that I will be able to focus even more on serving both my current clients and many new ones, too.”

At 51 E. Lee St., the Salon Emage offers hair, nails, waxing, skin, makeup, massage and spa services.


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