For banks these days, stable is A-okay.
And the latest assessment of the financial health of local banks by a Florida ratings firm found that Richmond-based banks held steady in their performance during the third quarter.
Of the 15 banks headquartered in Richmond, the ratings for all but one remain unchanged from the second quarter, according to Bauer Financial, a Coral Gables, Fla., firm that each quarter rates all federally insured financial institutions.
The results follow an upward trend from the second quarter, when many local banks continued on a path back to steadier profits.
The only change among the recent local bank ratings was a positive one: Xenith Bank, which has been in business since late 2009, saw its rating improve from four stars to five stars, the highest mark Bauer gives out.
Bauer’s ratings are based on financial information such as capital levels, profits and nonperforming assets. The agency uses a five-star ranking system.
Banks receiving four or five stars are considered “recommended” by Bauer. Those with two or fewer stars are considered problematic or troubled.
Xenith joined Bank of Southside Virginia, which also received a five-star “superior” rating.
Two of the area’s largest banks, Union First Market Bank and C&F Bank, along with Bank of McKenney and New Horizon Bank in Powhatan, received four-star “excellent” ratings.
For the third consecutive quarter, Village Bank was among the lowest rated banks in the state.
The Midlothian-based bank was one of three banks in Virginia to receive zero stars from Bauer. The $500 million bank for the past two years has been working its way out of heavy losses and high levels of nonperforming loans. Village did manage to trim its losses during the third quarter. It reported a loss of $588,000, compared with a loss of $5.46 million in the same quarter last year.
The other Virginia banks with zero stars were First State Bank in Danville and Millennium Bank in Sterling.
First Capital Bank, Virginia Community Bank, EVB and Essex Bank held steady at three-star “adequate” ratings.
Franklin Federal Savings Bank and Community Bankers Bank each received 3.5-star “good” ratings.
And Bank of Virginia of Midlothian and Powhatan-based Central Virginia Bank, both continuing to stabilize after years of losses, held steady with two-star “problematic” ratings.
Bauer also rates credit unions.
Of the 30 credit unions based in Richmond, 12 received five stars each: Argent Federal Credit Union, Hopewell Chemical Federal Credit Union, Kraftsman Federal Credit Union, Petersburg Federal Credit Union, Vantage Point Federal Credit Union, Call Federal Credit Union, Dominion Credit Union, Nabisco Employees Credit Union, New Generations Federal Credit Union, RF&P Richmond Federal Credit Union, Resources Federal Credit Union and Richmond Police Dept. Credit Union.
Another 12 credit unions received four stars.
Locally based Life Line Credit Union remained the only credit union in the state with a zero-star rating. It has been at that level for at least two years.
The $8 million institution’s members include employees and volunteers of area medical organizations.
For banks these days, stable is A-okay.
And the latest assessment of the financial health of local banks by a Florida ratings firm found that Richmond-based banks held steady in their performance during the third quarter.
Of the 15 banks headquartered in Richmond, the ratings for all but one remain unchanged from the second quarter, according to Bauer Financial, a Coral Gables, Fla., firm that each quarter rates all federally insured financial institutions.
The results follow an upward trend from the second quarter, when many local banks continued on a path back to steadier profits.
The only change among the recent local bank ratings was a positive one: Xenith Bank, which has been in business since late 2009, saw its rating improve from four stars to five stars, the highest mark Bauer gives out.
Bauer’s ratings are based on financial information such as capital levels, profits and nonperforming assets. The agency uses a five-star ranking system.
Banks receiving four or five stars are considered “recommended” by Bauer. Those with two or fewer stars are considered problematic or troubled.
Xenith joined Bank of Southside Virginia, which also received a five-star “superior” rating.
Two of the area’s largest banks, Union First Market Bank and C&F Bank, along with Bank of McKenney and New Horizon Bank in Powhatan, received four-star “excellent” ratings.
For the third consecutive quarter, Village Bank was among the lowest rated banks in the state.
The Midlothian-based bank was one of three banks in Virginia to receive zero stars from Bauer. The $500 million bank for the past two years has been working its way out of heavy losses and high levels of nonperforming loans. Village did manage to trim its losses during the third quarter. It reported a loss of $588,000, compared with a loss of $5.46 million in the same quarter last year.
The other Virginia banks with zero stars were First State Bank in Danville and Millennium Bank in Sterling.
First Capital Bank, Virginia Community Bank, EVB and Essex Bank held steady at three-star “adequate” ratings.
Franklin Federal Savings Bank and Community Bankers Bank each received 3.5-star “good” ratings.
And Bank of Virginia of Midlothian and Powhatan-based Central Virginia Bank, both continuing to stabilize after years of losses, held steady with two-star “problematic” ratings.
Bauer also rates credit unions.
Of the 30 credit unions based in Richmond, 12 received five stars each: Argent Federal Credit Union, Hopewell Chemical Federal Credit Union, Kraftsman Federal Credit Union, Petersburg Federal Credit Union, Vantage Point Federal Credit Union, Call Federal Credit Union, Dominion Credit Union, Nabisco Employees Credit Union, New Generations Federal Credit Union, RF&P Richmond Federal Credit Union, Resources Federal Credit Union and Richmond Police Dept. Credit Union.
Another 12 credit unions received four stars.
Locally based Life Line Credit Union remained the only credit union in the state with a zero-star rating. It has been at that level for at least two years.
The $8 million institution’s members include employees and volunteers of area medical organizations.