Continuing its comeback streak, a local bank that was once among the lowest rated financial institutions in the state has taken another step up.
A Bank of Virginia branch at 10501 Patterson Ave.
Midlothian-based Bank of Virginia received an improved rating for its third-quarter performance from Bauer Financial, a Florida firm that rates all federally insured financial institutions.
Bauer’s ratings are based on 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.
Bank of Virginia, which in 2010 received a zero-star rating from Bauer, rose to a three-star “adequate” rating for the three-month period ending Sept. 30. The bank has continued to recover from the recession thanks to a new management team that brought in fresh capital.
For most other area banks, their third quarter ratings from Bauer held steady from the previous period.
Five area banks maintained their five-star “superior” ratings from Bauer during the third quarter: Xenith Bank, C&F Bank, New Horizon Bank, Bank of Southside Virginia and Bank of McKenney.
Union First Market Bank, the largest bank headquartered in Richmond, held steady with a four-star “excellent” rating.
Receiving three-and-a-half-star “good” ratings were Franklin Federal Savings Bank, Community Bankers Bank and Essex Bank.
Joining Bank of Virginia with three stars were EVB, First Capital Bank, Virginia Community Bank and Virginia Commonwealth Bank.
The long-struggling Central Virginia Bank worked its way up to two stars for the third quarter, just before being acquired by C&F Bank in October.
Village Bank of Midlothian, fresh off a capital raise, maintained a one-star “troubled” rating, which it has had for at least the past two quarters.
Bauer also rated local credit unions for their third-quarter performance.
Of the 32 credit unions headquartered in the Richmond region, 11 received five stars from Bauer: Argent Federal Credit Union, Hopewell Chemical FCU, Kraftsman FCU, Petersburg Fed Ref Credit Union, Vantage Point FCU, Fort Lee FCU, Call FCU, Dominion CU, Nabisco Employees CU, Resources FCU and Richmond Police Dept. CU.
Thirteen local credit unions received four-star ratings.
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.
Continuing its comeback streak, a local bank that was once among the lowest rated financial institutions in the state has taken another step up.
A Bank of Virginia branch at 10501 Patterson Ave.
Midlothian-based Bank of Virginia received an improved rating for its third-quarter performance from Bauer Financial, a Florida firm that rates all federally insured financial institutions.
Bauer’s ratings are based on 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.
Bank of Virginia, which in 2010 received a zero-star rating from Bauer, rose to a three-star “adequate” rating for the three-month period ending Sept. 30. The bank has continued to recover from the recession thanks to a new management team that brought in fresh capital.
For most other area banks, their third quarter ratings from Bauer held steady from the previous period.
Five area banks maintained their five-star “superior” ratings from Bauer during the third quarter: Xenith Bank, C&F Bank, New Horizon Bank, Bank of Southside Virginia and Bank of McKenney.
Union First Market Bank, the largest bank headquartered in Richmond, held steady with a four-star “excellent” rating.
Receiving three-and-a-half-star “good” ratings were Franklin Federal Savings Bank, Community Bankers Bank and Essex Bank.
Joining Bank of Virginia with three stars were EVB, First Capital Bank, Virginia Community Bank and Virginia Commonwealth Bank.
The long-struggling Central Virginia Bank worked its way up to two stars for the third quarter, just before being acquired by C&F Bank in October.
Village Bank of Midlothian, fresh off a capital raise, maintained a one-star “troubled” rating, which it has had for at least the past two quarters.
Bauer also rated local credit unions for their third-quarter performance.
Of the 32 credit unions headquartered in the Richmond region, 11 received five stars from Bauer: Argent Federal Credit Union, Hopewell Chemical FCU, Kraftsman FCU, Petersburg Fed Ref Credit Union, Vantage Point FCU, Fort Lee FCU, Call FCU, Dominion CU, Nabisco Employees CU, Resources FCU and Richmond Police Dept. CU.
Thirteen local credit unions received four-star ratings.
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.