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November 8, 2018
Biz Buzz: 3Q profit up 104% at Oak View National Bank
Fauquier Chamber of Commerce “Business Person of the Year” Marie Washington.
Patrick Heijden returns to The Fauquier Bank as director of its Wealth Management Services division.
Pearmund’s “Heritage Red” earns 2018 “Made in Virginia” award.
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.
Warrenton-based Oak View National Bank reported net income of $492,145 for the third quarter. That represents an increase of 104.5 percent from a $240,659 profit in the same period last year.
Basic and diluted earnings per share rose to 17 cents, compared with 8 cents in the third quarter of 2017.
For the first nine months of 2018, the bank reported net income of $1.23 million, compared to $794,924 in same period last year. That represents an increase of 54.9 percent.
Earnings per share reached 43 cents versus 28 cents for the nine months of 2017.
“As previously indicated, increases in short term rates and local competition have combined to force the bank to become more aggressive in its deposit gathering efforts, which has impacted our net interest margin,” Vice Chairman and CEO Mike Ewing said. “At the same time, however, our increased revenues due to our asset growth and well controlled non-interest expenses have improved our efficiency ratio, resulting in increased profitability and higher returns on both assets and equity.”
Loans, net of unearned interest and deferred costs, increased 12.8 percent to $196.9 million at the end of the third quarter.
Credit quality remained sound, with just two non-performing loans totaling $68,690.
Total deposits ended the quarter at $194.3 million, an increase of 16.2 percent year-over-year.
Total assets grew 15 percent in a year to $240.8 million at the third quarter’s conclusion.
Locally owned and managed, Oak View has offices in Culpeper, Marshall and Warrenton.
Marie Washington “Business Person of the Year”
The Fauquier Chamber of Commerce presented its annual awards Saturday, Nov. 3:
• Business Person of the Year — Marie Washington, who practices law in Warrenton.
• Small Business of the Year — Discovery Publications, based in Warrenton.
• Large Business of the Year — Puffenbarger Insurance and Financial Services in Warrenton.
• Nonprofit Organization of the Year — The Mental Health Association of Fauquier County, headquartered in Warrenton.
The chamber’s 32nd Gala and Annual Meeting took place at the Stoneridge Events Center just north of town.
Heijmen heads TFB Wealth Management Services
Patrick Heijmen has joined The Fauquier Bank as director of its Wealth Management Services division.
Mr. Heijmen has more than 15 years of experience. He recently worked as a senior vice president and program manager at Middleburg Bank, a division of Access National Bank. Mr. Heijmen also previously worked at The Fauquier Bank and Morgan Stanley in Washington, D.C.
“We are excited to bring someone of Patrick’s caliber into our organization,” Fauquier Bank President/CEO Marc Bogan said. “He will be a great addition to our outstanding wealth management team, and will play a big role in moving our organization forward.”
Mr. Heijmen earned a bachelor’s degree from the University of Texas with a concentration in marketing and a minor in business. He also holds the Certified Financial Planner and Certified Trust and Financial Advisor designations.
“I am excited to be back at The Fauquier Bank and cannot wait to share the TFB story with our customers,” he said. “It is wonderful to be a part of a full-service, community oriented, financial institution. I want our clients to be aware of the breadth and depth of services our experienced team can provide.”
A 16-year resident of Warrenton, Mr. Heijmen enjoys spending his spare time with his wife, Elizabeth, and two children. Hobbies include traveling, playing golf and reading. He most recently served on the board of Saint James’ Episcopal School.
Allen Wayne creative director honored
The creative director of Vint Hill-based Allen Wayne Ltd. has won a MarCom platinum award for work on behalf of the American Apparel & Footwear Association.
Judges chose Robert Pace’s work among 6,000 print and digital entries in one of the world’s largest contests for branding and marketing professionals.
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“We were overjoyed to receive the news about being honored with a MarCom award, and congratulate Robert and the entire team at Allen Wayne,” said Susan Lapetina, a senior vice president with the apparel and footwear association. “Their commitment to originality, authenticity, and purpose shines through in every project.”
MarCom, one of the largest creative competitions in the world, judges approximately 6,000 print and digital entries each year from around the globe. MarCom honors “excellence in marketing and communication while recognizing the creativity, hard work, and generosity of industry professionals.”
Allen Wayne owner Roland Owens said: “Robert Pace never ceases to amaze me. I have watched him grow from a raw talented designer to the creative Director over the past 18 years. His success as a top-level designer and brand strategist is truly amazing and we are fortunate to have him on our team.”
The company specializes in branding, marketing, design and printing.
Belle Vodka, Pearmund Cellars win “Made in Virginia” awards
Belle Vodka, the product of Warrenton-based Old Dominion Spirits, and a wine from Pearmund Cellars near Broad Run have earned a 2018 “Made in Virginia” award from a statewide lifestyle magazine.
Virginia Living announced its seventh annual list of winners Nov. 1. The magazine’s editors selected 22 winners from hundreds of submissions, they said in a press release.
The selected products “celebrate innovation, entrepreneurship and craft in Food, Drink, and Home + Style,” the magazine said.
Fauquier native A. Townsend “Towny” Lunsford in 2015 launched Belle vodka, available in liquor stores and restaurants in Virginia and other states.
Mr. Lunsford has developed marketing alliances with horse racing organizations.
Veteran winemaker Chris Pearmund created Virginia Heritage Red to celebrate the commonwealth’s 400-year history of viticulture.
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