Earnings Up at Summit
The parent company of Loudoun National Bank in Leesburg, Peoples National Bank of Warrenton and Shenandoah Valley National Bank in Winchester reported that its earnings rose 16.5 percent over the past year.
West Virginia-based Summit Financial Group Inc. said it earned a little more than $3.1 million in the second quarter of this year compared with just under $2.7 million in the same period in 2004.
Summit Financial has 14 banking locations in Virginia and West Virginia and operates a residential loan company in Herndon and an insurance agency in West Virginia.
H. Charles Maddy III, the company's president and chief executive, attributed the increase in earnings largely to the Virginia operations.
"Community banking is growing at a solid pace, mainly from the recent investments we have made to expand our Virginia franchise," Maddy said in a statement. "We recently opened our sixth branch in Virginia [in Harrisonburg], and we are quite optimistic about opportunities going forward."
Summit's loan business was helped, he added, by "the robust Virginia economy."
Mixed News at Middleburg
There's mixed earnings news for Middleburg Financial Corp.
Its profits edged up 0.58 percent -- from $1.73 million in the second quarter of 2004 to $1.74 million in the same period this year.
But earnings for the first six months of this year were down 14.4 percent compared with the same period last year.
Middleburg attributed the decline, in part, to the costs of staffing its three new facilities: a financial service center that opened in Reston last November; a loan production office in Virginia Beach that opened in April; and a financial service center scheduled to open in Warrenton late this year.
All told, the company has added 21 full-time equivalent positions over the past year.
Middleburg said it also spent about $53,000 to renovate and expand its Purcellville branch.
The company's six banks serve Loudoun, Fairfax and western Fauquier counties. The company also has lending and investment advisory firms.
Middleburg's assets increased 24.3 percent to $672.2 million in the 12 months ended June 30.
Leadership Loudoun Board
Leadership Loudoun, a nonprofit group that trains current and emerging leaders, has elected new officers and directors.
The group's new president is Amy Bobchek, general sales manager at Adelphia Media Services; James Rohrbaugh, vice president and chief information officer of Inova Loudoun Hospital, is vice president; Loudoun County auditor Dwight Smith is secretary; and certified public accountant Tom Fischetti is treasurer.
The new directors include Randy Rains, director of finance at America Online Inc.; Elyse Galik, owner of Communications by Design Inc.; and Tom Houck, chairman of AuditWatch Inc.
Appointments at Orbital
The newest directors of Dulles-based Orbital Sciences Corp. received their marching orders at the company's board of directors' meeting last Thursday.
James G. Roche, former Air Force secretary, was appointed to Orbital's corporate governance and nominating committee and its markets and technology committee.
Ronald T. Kadish, former chief of the U.S. Missile Defense Agency, was assigned to the company's human resources and compensation committee and its markets and technology committee.
Athena Gets Defense Deal
Warrenton-based Athena Technologies Inc. has been awarded a Defense Department contract to develop a software-based program to help unmanned military aircraft survive enemy attacks.
"Damage tolerance capability is crucial for unmanned combat air vehicles . . . operating in extremely hazardous, high-threat environments," the company said in a statement.
Athena's technology "provides for virtually instantaneous, autonomous assessment of damage incurred, followed by an immediate response that alters the flight control system to compensate for the effects of that damage," the company said.
Athena, a privately held company founded in 1998, said its software program should work with all military aircraft operating in combat.
Athena did not disclose terms of its 31/2-year contract with the Joint Unmanned Combat Air Systems program, which is headed by the Navy, the Air Force and the Defense Advanced Research Projects Agency.
-- BILL BRUBAKER
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