EVB moved up in Bauer’s ratings to 3.5 stars. Photos by Michael Schwartz.
Most local banks are feeling healthier these days. And a well-known bank ratings firm seems to agree with that prognosis.
Two local banks took a step up in the ratings of their second-quarter performance by Bauer Financial, a Florida firm that rates all federally insured financial institutions.
Bauer’s quarterly ratings are based on an institution’s capital levels, profits and nonperforming assets. The agency uses a five-star ranking system.
In a continued sign of their positive momentum, locally-based Essex Bank and EVB each saw their ratings jump up during the second quarter.
Essex earned a four-star “excellent” rating from Bauer for the second quarter, up from 3.5 stars in the first quarter of the year.
EVB went from a three-star “adequate” rating to a to a 3.5-star “good” rating for its second-quarter performance.
Banks receiving four or five stars are “recommended” by Bauer. Those with two or fewer stars are considered problematic or troubled.
Essex earned an “excellent” rating from Bauer.
Both Essex and EVB have continued to put recession-era issues behind them. In addition to recent steady profits, Essex recently moved into a new headquarters that’s double the size of its previous home, while EVB has an acquisition in the works.
Most of the market’s other local banks all held steady with healthy ratings for the second quarter.
Five local banks earned five-star “superior” ratings: Xenith Bank, C&F Bank, New Horizon Bank, Bank of McKenney and Bank of Southside Virginia.
Essex Bank was joined in the four-star category by Union First Market Bank, the largest community bank headquartered in Richmond.
Along with EVB at 3.5 stars were First Capital, Franklin Federal Savings and Virginia Commonwealth banks.
Only one area bank had a rating of two stars or fewer by Bauer for the second quarter.
Midlothian-based Village Bank earned a one-star “troubled” rating from Bauer, the same rating it had in the first quarter.
Village, which is in the middle of a turnaround plan that could include raising more capital, remains one of the lowest-rated banks in the state and the only one with a one-star rating.
First State Bank in Danville is the only bank in the state with a zero-star rating.
Bauer also rated the area’s 29 locally-based credit unions.
Fourteen of them earned five-star ratings for the second quarter, and seven received four stars. Among those, Richmond Postal CU jumped to five stars from four.
Partners Financial Federal Credit Union in Glen Allen fell down one level to two stars. Virginia State University FCU also had two stars.
The lowest-rated credit union in the state was Hampton Roads Postal CU, which had a zero-star rating.
The local 5-star credit unions are:
Argent FCU
Hopewell Chemical FCU
Kraftsman FCU
Petersburg Fed Ref Credit Union Inc.
Vantage Point FCU
Fort Lee FCU
Cadmus Credit Union Inc.
Call FCU
Dominion Credit Union
Richmond Fire Department Credit Union Inc.
Richmond Police Department Credit Union
Richmond Postal Credit Union
Virginia Boxer FCU
Virginia Credit Union Inc.
EVB moved up in Bauer’s ratings to 3.5 stars. Photos by Michael Schwartz.
Most local banks are feeling healthier these days. And a well-known bank ratings firm seems to agree with that prognosis.
Two local banks took a step up in the ratings of their second-quarter performance by Bauer Financial, a Florida firm that rates all federally insured financial institutions.
Bauer’s quarterly ratings are based on an institution’s capital levels, profits and nonperforming assets. The agency uses a five-star ranking system.
In a continued sign of their positive momentum, locally-based Essex Bank and EVB each saw their ratings jump up during the second quarter.
Essex earned a four-star “excellent” rating from Bauer for the second quarter, up from 3.5 stars in the first quarter of the year.
EVB went from a three-star “adequate” rating to a to a 3.5-star “good” rating for its second-quarter performance.
Banks receiving four or five stars are “recommended” by Bauer. Those with two or fewer stars are considered problematic or troubled.
Essex earned an “excellent” rating from Bauer.
Both Essex and EVB have continued to put recession-era issues behind them. In addition to recent steady profits, Essex recently moved into a new headquarters that’s double the size of its previous home, while EVB has an acquisition in the works.
Most of the market’s other local banks all held steady with healthy ratings for the second quarter.
Five local banks earned five-star “superior” ratings: Xenith Bank, C&F Bank, New Horizon Bank, Bank of McKenney and Bank of Southside Virginia.
Essex Bank was joined in the four-star category by Union First Market Bank, the largest community bank headquartered in Richmond.
Along with EVB at 3.5 stars were First Capital, Franklin Federal Savings and Virginia Commonwealth banks.
Only one area bank had a rating of two stars or fewer by Bauer for the second quarter.
Midlothian-based Village Bank earned a one-star “troubled” rating from Bauer, the same rating it had in the first quarter.
Village, which is in the middle of a turnaround plan that could include raising more capital, remains one of the lowest-rated banks in the state and the only one with a one-star rating.
First State Bank in Danville is the only bank in the state with a zero-star rating.
Bauer also rated the area’s 29 locally-based credit unions.
Fourteen of them earned five-star ratings for the second quarter, and seven received four stars. Among those, Richmond Postal CU jumped to five stars from four.
Partners Financial Federal Credit Union in Glen Allen fell down one level to two stars. Virginia State University FCU also had two stars.
The lowest-rated credit union in the state was Hampton Roads Postal CU, which had a zero-star rating.
The local 5-star credit unions are:
Argent FCU
Hopewell Chemical FCU
Kraftsman FCU
Petersburg Fed Ref Credit Union Inc.
Vantage Point FCU
Fort Lee FCU
Cadmus Credit Union Inc.
Call FCU
Dominion Credit Union
Richmond Fire Department Credit Union Inc.
Richmond Police Department Credit Union
Richmond Postal Credit Union
Virginia Boxer FCU
Virginia Credit Union Inc.