The CVB headquarters.
While waiting to be acquired, a local bank took a step up in state bank ratings.
Central Virginia Bank improved its standing during the first quarter, according Bauer Financial, a Florida firm that each quarter rates all federally insured financial institutions.
CVB received a two-star “problematic” rating from Bauer for the first quarter. That’s an improvement from its previous one-star “troubled” rating.
The Powhatan-based bank had been one of the lowest rated banks in the state. It announced last week a pending deal to be bought out for about $855,000.
Its acquirer, C&F Bank, also moved up a notch during the first quarter.
C&F joins Xenith Bank, Bank of Southside Virginia and Bank of McKenney as the only locally based five-star banks on Bauer’s list.
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.
The ratings of the other 14 community banks headquartered in the region were largely unchanged from the fourth quarter.
Midlothian-based Village Bank remained the lowest rated bank in the area with one star. Bank of Virginia held steady with two stars.
First Capital Bank, Virginia Community Bank, EVB and Virginia Commonwealth Bank each received a three-star “adequate” rating.
Franklin Federal Savings Bank, Community Bankers Bank and Essex Bank received 3½-star “good” ratings.
New Horizon Bank and Union First Market Bank each received four stars.
Bauer also rated the 32 credit unions headquartered across Richmond.
Eleven received five stars: Argent Federal Credit Union, Hopewell Chemical FCU, Petersburg Federal Ref Credit Union, Vantage Point FCU, Fort Lee FCU, Call FCU, Dominion CU, Nabisco Employees CU, RF&P Richmond FCU, Resources FCU and Richmond Police Dept. CU.
Another 14 received four stars from Bauer.
Richmond-based Life Line Credit Union remained 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.
The CVB headquarters.
While waiting to be acquired, a local bank took a step up in state bank ratings.
Central Virginia Bank improved its standing during the first quarter, according Bauer Financial, a Florida firm that each quarter rates all federally insured financial institutions.
CVB received a two-star “problematic” rating from Bauer for the first quarter. That’s an improvement from its previous one-star “troubled” rating.
The Powhatan-based bank had been one of the lowest rated banks in the state. It announced last week a pending deal to be bought out for about $855,000.
Its acquirer, C&F Bank, also moved up a notch during the first quarter.
C&F joins Xenith Bank, Bank of Southside Virginia and Bank of McKenney as the only locally based five-star banks on Bauer’s list.
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.
The ratings of the other 14 community banks headquartered in the region were largely unchanged from the fourth quarter.
Midlothian-based Village Bank remained the lowest rated bank in the area with one star. Bank of Virginia held steady with two stars.
First Capital Bank, Virginia Community Bank, EVB and Virginia Commonwealth Bank each received a three-star “adequate” rating.
Franklin Federal Savings Bank, Community Bankers Bank and Essex Bank received 3½-star “good” ratings.
New Horizon Bank and Union First Market Bank each received four stars.
Bauer also rated the 32 credit unions headquartered across Richmond.
Eleven received five stars: Argent Federal Credit Union, Hopewell Chemical FCU, Petersburg Federal Ref Credit Union, Vantage Point FCU, Fort Lee FCU, Call FCU, Dominion CU, Nabisco Employees CU, RF&P Richmond FCU, Resources FCU and Richmond Police Dept. CU.
Another 14 received four stars from Bauer.
Richmond-based Life Line Credit Union remained 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.