John “Jay” Jones has joined First Bank & Trust Co. as a commercial lender.
Jones has over 21 years of financial experience, most recently with Ameriserv and Union Bank & Trust in Staunton, where he served as commercial relationship manager and private bank client advisor.
Jones will work with businesses to provide loan services as well as financial and business development solutions for customers in the Shenandoah Valley and surrounding area.
Jones is a former graduate of The University of the South in Sewanee, Tennessee, where he earned a bachelor of arts degree. He is also a former board member of the United Way of Greater Augusta, where he served as treasurer from 2008 to 2014.
Rappahannock Electric Cooperative returned over $3 million in capital credits to members on their November electric bills. Capital credits are a member’s share of the Cooperative’s margins assigned to an account in each member’s name.
Because REC is not-for-profit, margins the money left over after paying all expenses are credited back to members in the form of capital credits. This is a contrast to investor-owned utilities that use profits to pay shareholders.
Each member is assigned capital credits based on the usage of electricity purchased during the year. This invested amount represents the value of a member’s ownership in the Cooperative. Members who were eligible for 2016 Capital Credits will see “Capital Credit-General” on their November billing statement identifying the amount being returned.
Shenandoah Telecommunications Co. (Shentel) has announced that Earle MacKenzie, chief operating officer, will be a speaker at the fourth annual UBS Global Media and Communications Conference on Dec. 5 at the Grand Hyatt Hotel in New York.