Union Bank & Trust has moved up the ladder of quarterly ratings.
Richmond’s biggest bank has jumped up to the top rung in a well-known set of bank ratings.
Union Bank’s fourth-quarter performance earned it five stars from Bauer Financial, a Florida firm that each quarter rates all federally insured financial institutions.
Bauer’s ratings are based on an institution’s capital levels, profits and nonperforming assets. The Florida-based firm uses a five-star ranking system.
Union had been steadily rated at a four-star “excellent” rating for the last few years. The bump up to the highest rating gives Richmond seven five-star “superior” rated banks.
Union joins Xenith Bank, C&F Bank, Bank of McKenney, New Horizon Bank, Bank of Southside Virginia and Community Bankers Bank at the top.
Another local bank that stepped up a notch based on its fourth-quarter numbers was EVB, which jumped up from 3.5 stars to four. The Tappahannock-based bank recently completed an acquisition in the Hampton Roads market.
EVB joins First Capital Bank and Essex Bank at four stars.
Holding steady at a 3.5-star “good” rating were Bank of Virginia in Midlothian and Petersburg-based Virginia Commonwealth Bank.
Village Bank, which is in the midst of a major capital raise, remained the lowest-rated locally based bank. The Midlothian bank stayed put at a two-star “problematic” rating based on its fourth-quarter performance. The bank is trying to raise more than $14 million from investors to help it finally get on solid ground after the recession.
The lowest-rated bank in the state remains Danville-based First State Bank. It was the only bank in Virginia with a zero-star rating.
Bauer also keeps an eye on credit unions around the country, including the three dozen headquartered around the Richmond region.
The market is home to 12 five-star credit unions, according to Bauer. They are:
Hopewell Chemical FCU
Kraftsman FCU
Petersburg Fed Ref CU
Vantage Point FCU
Fort Lee FCU
Cadmus CU
Call FCU
Dominion CU
Richmond Fire Dept CU
Richmond Postal CU
Virginia Boxer FCU
Virginia CU
Nine others received four stars.
Virginia State University FCU was the lowest-rated credit union in the area and was among the lowest-rated in the state with a one-star rating for its fourth-quarter performance.
Four credit unions in the state received a zero-star rating for the fourth quarter: Centra Health CU in Lynchburg, Northern Piedmont FCU in Warrenton, WJC FCU in Damascus and Winchester Community FCU in Winchester.
Union Bank & Trust has moved up the ladder of quarterly ratings.
Richmond’s biggest bank has jumped up to the top rung in a well-known set of bank ratings.
Union Bank’s fourth-quarter performance earned it five stars from Bauer Financial, a Florida firm that each quarter rates all federally insured financial institutions.
Bauer’s ratings are based on an institution’s capital levels, profits and nonperforming assets. The Florida-based firm uses a five-star ranking system.
Union had been steadily rated at a four-star “excellent” rating for the last few years. The bump up to the highest rating gives Richmond seven five-star “superior” rated banks.
Union joins Xenith Bank, C&F Bank, Bank of McKenney, New Horizon Bank, Bank of Southside Virginia and Community Bankers Bank at the top.
Another local bank that stepped up a notch based on its fourth-quarter numbers was EVB, which jumped up from 3.5 stars to four. The Tappahannock-based bank recently completed an acquisition in the Hampton Roads market.
EVB joins First Capital Bank and Essex Bank at four stars.
Holding steady at a 3.5-star “good” rating were Bank of Virginia in Midlothian and Petersburg-based Virginia Commonwealth Bank.
Village Bank, which is in the midst of a major capital raise, remained the lowest-rated locally based bank. The Midlothian bank stayed put at a two-star “problematic” rating based on its fourth-quarter performance. The bank is trying to raise more than $14 million from investors to help it finally get on solid ground after the recession.
The lowest-rated bank in the state remains Danville-based First State Bank. It was the only bank in Virginia with a zero-star rating.
Bauer also keeps an eye on credit unions around the country, including the three dozen headquartered around the Richmond region.
The market is home to 12 five-star credit unions, according to Bauer. They are:
Hopewell Chemical FCU
Kraftsman FCU
Petersburg Fed Ref CU
Vantage Point FCU
Fort Lee FCU
Cadmus CU
Call FCU
Dominion CU
Richmond Fire Dept CU
Richmond Postal CU
Virginia Boxer FCU
Virginia CU
Nine others received four stars.
Virginia State University FCU was the lowest-rated credit union in the area and was among the lowest-rated in the state with a one-star rating for its fourth-quarter performance.
Four credit unions in the state received a zero-star rating for the fourth quarter: Centra Health CU in Lynchburg, Northern Piedmont FCU in Warrenton, WJC FCU in Damascus and Winchester Community FCU in Winchester.