EVB has joined the group of highest-rated local banks. Photos by Michael Schwartz.
Another quarter, another step up for the local banking market.
The Richmond region is now home to nine top-rated banks, according to the most recent findings of a well-known bank rating firm.
That’s due to EVB becoming the latest local financial institution to move up a rung in the eyes of Bauer Financial, a Florida-based company that each quarter rates all federally insured banks and credit unions.
EVB received a five-star rating, the highest Bauer gives out, based on its second-quarter performance. That’s up from four stars it received in the first quarter.
Bauer’s ratings are based on an institution’s capital levels, profits and nonperforming assets from a given quarter. Banks with two stars or fewer are considered by the firm to be “troubled” or “problematic.” Those with four or five stars are considered “recommended.”
First Capital bank operates a branch at 901 E. Cary St.
In addition to EVB, the other five-star banks headquartered around Richmond are Bank of Southside Virginia, C&F Bank, First Capital Bank, Bank of McKenney, Community Bankers Bank, New Horizon Bank, Union Bank & Trust, and Xenith Bank
In the first quarter, two other local banks also made leaps in the rankings: Midlothian-based Bank of Virginia was bumped up to four stars, and First Capital Bank in Glen Allen jumped up to five stars. Both of those banks maintained those rankings in this quarter’s report.
Virginia Commonwealth Bank in Petersburg remained at a 3.5-star rating, and Essex Bank in Glen Allen stayed at four stars.
The lone straggler was Midlothian-based Village Bank, which received a two-star rating and remained the lowest-rated bank headquartered in the local market.
Village was one of three banks in the state to receive two stars, the others being New Peoples Bank in Honaker and Old Dominion National in Northgarden.
Several out-of-town five-star banks operate in Richmond including Middleburg Bank, Park Sterling Bank and TowneBank.
Of the big four national banking giants that have a significant presence in Richmond – BB&T, Wells Fargo,SunTrust and Bank of America – only BB&T had five stars. The rest received four stars based on their second quarters.
BB&T was the only large national bank with a presence here to receive five stars.
As was the case last quarter, Virginia is home to only one zero-star rated bank: First State Bank in Danville.
Tumbling down on the credit union side was Virginia State University Federal Credit Union in South Chesterfield, which fell from a one-star rating to zero stars.
The $8.6 million institution has 2,300 members but was in the red for the second quarter and for the full year in 2014. It has the highest percentage of nonperforming assets to total assets among its local peers, as well as the lowest capital ratio.
VSU FCU was one of four credit unions in the state to receive Bauer’s lowest rating. The others were Centra Health Credit Union in Lynchburg, Northern Piedmont FCU in Warrenton and Winchester Community FCU in Winchester, all of which had been at zero stars since at least the first quarter.
The Richmond market is home to 28 credit unions. Twelve of those received five stars from Bauer:
Argent FCU
Hopewell Chemical FCU
Kraftsman FCU
Petersburg Fed Ref CU
Vantage Point FCU
Peoples Advantage FCU
Fort Lee FCU
Call FCU
Dominion CU
Richmond Postal CU
Virginia Boxer FCU
Virginia CU
EVB has joined the group of highest-rated local banks. Photos by Michael Schwartz.
Another quarter, another step up for the local banking market.
The Richmond region is now home to nine top-rated banks, according to the most recent findings of a well-known bank rating firm.
That’s due to EVB becoming the latest local financial institution to move up a rung in the eyes of Bauer Financial, a Florida-based company that each quarter rates all federally insured banks and credit unions.
EVB received a five-star rating, the highest Bauer gives out, based on its second-quarter performance. That’s up from four stars it received in the first quarter.
Bauer’s ratings are based on an institution’s capital levels, profits and nonperforming assets from a given quarter. Banks with two stars or fewer are considered by the firm to be “troubled” or “problematic.” Those with four or five stars are considered “recommended.”
First Capital bank operates a branch at 901 E. Cary St.
In addition to EVB, the other five-star banks headquartered around Richmond are Bank of Southside Virginia, C&F Bank, First Capital Bank, Bank of McKenney, Community Bankers Bank, New Horizon Bank, Union Bank & Trust, and Xenith Bank
In the first quarter, two other local banks also made leaps in the rankings: Midlothian-based Bank of Virginia was bumped up to four stars, and First Capital Bank in Glen Allen jumped up to five stars. Both of those banks maintained those rankings in this quarter’s report.
Virginia Commonwealth Bank in Petersburg remained at a 3.5-star rating, and Essex Bank in Glen Allen stayed at four stars.
The lone straggler was Midlothian-based Village Bank, which received a two-star rating and remained the lowest-rated bank headquartered in the local market.
Village was one of three banks in the state to receive two stars, the others being New Peoples Bank in Honaker and Old Dominion National in Northgarden.
Several out-of-town five-star banks operate in Richmond including Middleburg Bank, Park Sterling Bank and TowneBank.
Of the big four national banking giants that have a significant presence in Richmond – BB&T, Wells Fargo,SunTrust and Bank of America – only BB&T had five stars. The rest received four stars based on their second quarters.
BB&T was the only large national bank with a presence here to receive five stars.
As was the case last quarter, Virginia is home to only one zero-star rated bank: First State Bank in Danville.
Tumbling down on the credit union side was Virginia State University Federal Credit Union in South Chesterfield, which fell from a one-star rating to zero stars.
The $8.6 million institution has 2,300 members but was in the red for the second quarter and for the full year in 2014. It has the highest percentage of nonperforming assets to total assets among its local peers, as well as the lowest capital ratio.
VSU FCU was one of four credit unions in the state to receive Bauer’s lowest rating. The others were Centra Health Credit Union in Lynchburg, Northern Piedmont FCU in Warrenton and Winchester Community FCU in Winchester, all of which had been at zero stars since at least the first quarter.
The Richmond market is home to 28 credit unions. Twelve of those received five stars from Bauer:
Argent FCU
Hopewell Chemical FCU
Kraftsman FCU
Petersburg Fed Ref CU
Vantage Point FCU
Peoples Advantage FCU
Fort Lee FCU
Call FCU
Dominion CU
Richmond Postal CU
Virginia Boxer FCU
Virginia CU