Welcome to McLean Patch’s weekly Biz Buzz column. We’ll keep you up-to-date on news, and goings and comings of McLean’s business neighbors. McLean happens to be the address of several Fortune 500 companies – Hilton, Mars, SAIC, Capital One, Freddie Mac, as well as many beloved hometown businesses like McLean Family Restaurant, and Flowers and Plants. Let us hear from you.
DOJ Ends Investigation of Cardinal Bank.
The ten-month investigation into Cardinal Bank’s lending practices was wrapped up this week, according to a posting by the Capital Business Blog. Cardinal Bank, a $2.6 billion business with 27 branches, was being investigated for “failing to serve minority communities equitably following its 2004 acquisition of George Mason Mortgage,” according to the Capital Business Blog. The Justice Department concluded that it had “no intentions of filing a lawsuit,” and informed the bank on May 11.
Bernard Clineberg, chief executive of Cardinal Bank, was surprised by the Justice Department’s initial decision to investigate the bank, since two similar investigations by the FDIC resulted in a “Satisfactory Community Reinvestment Act rating – a gauge of whether banks are lending to minorities” according to the Capital Business Blog.
Check Your Local Movie Listings
McLean movie-goers may not notice much at first, but there will soon be huge changes behind the scenes at our local AMC theaters in Tysons Corner. Chinese company, Dalian Wanda Group, Corp, recently acquired the Kansas City-based AMC movie theater chain for $2.6 billion.
AMC Entertainment is the second-largest theater chain in the U.S., according to USA TODAY. It operates 5,034 screens in 346 theaters in the United States and Canada, according to an AMC press release. The acquisition is now awaiting approval from U.S. and Chinese regulators.
Primus executive wins communications award
Primus Telecommunications Group, Inc. announced this week that Senior Vice President and Chief Communications Officer Richard Remlall won a 2012 Bulldog Media Relations Award in the category of the Best Integration of PR and IR in a Business Campaign.
"I’ve known and worked with Richard for many years so I can personally attest to his expertise, savvy, diverse skills and outstanding results. PTGi and myself salute and congratulate him,” said PTGi Chairman, President and CEO Peter Aquino in a PTGi press release issued this week.
The Bulldog Media Relations Awards are judged by journalists and bloggers, and well-respected in the communications industry. This is the second national Bulldog Media Relations Award presented to Remlall.