In the tale of two Powhatan banks, one is on the rise while the other has fallen back, according to a popular bank ratings system.
Upstart New Horizon Bank for its second-quarter performance received the highest rating from Bauer Financial, a Florida firm that each quarter rates all federally insured financial institutions. That’s a bump up from the previous quarter for the almost four-year-old bank.
The CVB headquarters.
Nearby Central Virginia Bank, which has languished in the lower rungs of the ratings for the past couple of years and is waiting to be acquired by another local bank, fell to one of Bauer’s lowest scores based on its second-quarter financials.
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 “recommended” by Bauer. Those with two or fewer stars are considered problematic or troubled.
New Horizon, a $47 million bank founded in late 2009, joined the five-star club after getting a bump up from its previous four-star rating.
CVB, waiting to be acquired by C&F Bank for $0.32 per share, received a one-star “troubled” rating for the second quarter. That was after having taken a step up to two stars in the first quarter.
CVB isn’t alone. Midlothian-based Village Bank, once again profitable but still working its way back from the real estate crash, held steady with a one-star rating.
Bank of Virginia, headquartered in Midlothian and also on the rise after a few tough years, held steady at a two-star “problematic” rating.
Joining New Horizon with five stars were Bank of Southside Virginia, Bank of McKenney, Xenith Bank and C&F. All four have had five stars for some time.
Union First Market Bank, the region’s largest locally based bank, received a four-star rating. That was on par with its ranking from previous quarters.
Earning 3.5-start “good” ratings were Franklin Federal Savings Bank, Community Bankers Bank and Essex Bank.
First Capital Bank, Virginia Community Bank, Virginia Commonwealth Bank and EVB all once again received three stars from Bauer.
Two banks in Virginia received zero stars: First State Bank of Danville and Millennium Bank in Sterling.
Performance held steady at the majority of the region’s 31 credit unions, which Bauer also rates.
Richmond-based Life Line Credit Union once again was the only credit union in the area and one of only three 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.
Local credit unions that were rated five stars include: Argent Federal Credit Union, Hopewell Chemical FCU, Petersburg Fed Ref CU, Vantage Point FCU, Call FCU, Dominion CU, Nabisco Employees CU, RF&P Richmond FCU, Resources FCU and Richmond Police Dept. CU.
Fourteen local credit unions received four stars from Bauer.
In the tale of two Powhatan banks, one is on the rise while the other has fallen back, according to a popular bank ratings system.
Upstart New Horizon Bank for its second-quarter performance received the highest rating from Bauer Financial, a Florida firm that each quarter rates all federally insured financial institutions. That’s a bump up from the previous quarter for the almost four-year-old bank.
The CVB headquarters.
Nearby Central Virginia Bank, which has languished in the lower rungs of the ratings for the past couple of years and is waiting to be acquired by another local bank, fell to one of Bauer’s lowest scores based on its second-quarter financials.
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 “recommended” by Bauer. Those with two or fewer stars are considered problematic or troubled.
New Horizon, a $47 million bank founded in late 2009, joined the five-star club after getting a bump up from its previous four-star rating.
CVB, waiting to be acquired by C&F Bank for $0.32 per share, received a one-star “troubled” rating for the second quarter. That was after having taken a step up to two stars in the first quarter.
CVB isn’t alone. Midlothian-based Village Bank, once again profitable but still working its way back from the real estate crash, held steady with a one-star rating.
Bank of Virginia, headquartered in Midlothian and also on the rise after a few tough years, held steady at a two-star “problematic” rating.
Joining New Horizon with five stars were Bank of Southside Virginia, Bank of McKenney, Xenith Bank and C&F. All four have had five stars for some time.
Union First Market Bank, the region’s largest locally based bank, received a four-star rating. That was on par with its ranking from previous quarters.
Earning 3.5-start “good” ratings were Franklin Federal Savings Bank, Community Bankers Bank and Essex Bank.
First Capital Bank, Virginia Community Bank, Virginia Commonwealth Bank and EVB all once again received three stars from Bauer.
Two banks in Virginia received zero stars: First State Bank of Danville and Millennium Bank in Sterling.
Performance held steady at the majority of the region’s 31 credit unions, which Bauer also rates.
Richmond-based Life Line Credit Union once again was the only credit union in the area and one of only three 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.
Local credit unions that were rated five stars include: Argent Federal Credit Union, Hopewell Chemical FCU, Petersburg Fed Ref CU, Vantage Point FCU, Call FCU, Dominion CU, Nabisco Employees CU, RF&P Richmond FCU, Resources FCU and Richmond Police Dept. CU.
Fourteen local credit unions received four stars from Bauer.