Location: Hampton, Va.
Assets: $897 million
Employees: 272
Chairman, President and CEO: Robert Shuford Sr.
Popular with employees: Old Point employees with excellent attendance for six months can earn extra time off.
Activities to relieve stress/promote fun: The bank organizes golf outings for employees to meet after work and play a few rounds together.
Communication tool/practice: A suggestion box is used to solicit employee input. Management answers all submitted questions.
The 2.0 version, expected to launch next year, will provide more detailed responses based on more complex, humanlike thought processes.
The breach, which occurred earlier in November, did not directly impact customer operations, but a threat actor stole data meant for customers.
The North Carolina-based bank rolled out a multiyear program to provide loans, investments and philanthropic support to communities in the western part of the state.
Consumer Financial Protection Bureau Director Rohit Chopra said the FICO credit-scoring model has drawbacks in price, predictiveness and market competition, and stakeholders should develop a more open-sourced model that uses artificial intelligence.
Analysts say lenders' shares could rally on deregulation, lighter tax burdens and a resurgence of M&A. Declining interest rates and lower loan losses could further bolster bottom lines and attract investor interest.
The contract gives the nation's oldest bank access to more than $3 billion in deposits a month. Comerica, the current administrator, has received a three-year extension of service to help with the transfer.
