First Capital bank operates a branch at 901 E. Cary St. Photo by Michael Schwartz.
The Richmond banking market continues to get healthier, according to recently released findings of a popular bank rating firm.
Two more local banks improved their standings during the first quarter in the eyes of Bauer Financial, a Florida firm that each quarter rates all federally insured financial institutions.
Midlothian-based Bank of Virginia and First Capital Bank in Glen Allen each jumped up a rung in Bauer’s ratings based on the banks’ performances for the first three months of the year.
First Capital was bumped up from a four-star rating to five stars, the highest rank on Bauer’s scale.
Bank of Virginia, which for the last few years has continued to improve under new ownership, moved up to a four-star rating from 3½ stars.
Bauer’s ratings are based on an institution’s capital levels, profits and nonperforming assets. 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.”
Eleven of the 13 community banks headquartered in the Richmond market are now considered recommended by Bauer. That steady improvement follows a trend across the state and nationwide, Bauer found.
Of the 140 banks operating in Virginia and rated by Bauer, 112 received four or five stars. That’s up 17 percent from the first quarter last year.
Locally, Union Bank, Bank of Southside Virginia, Xenith Bank, Bank of McKenney, Community Bankers Bank, New Horizon Bank and C&F Bank all remained at five stars.
Essex Bank and EVB maintained their previous four-star ratings. Virginia Commonwealth Bank in Petersburg held steady at 3½ stars.
Village Bank, headquartered on Midlothian Turnpike, has recently improved in the Bauer rankings. Photo courtesy of CBRE.
Midlothian-based Village Bank once again received a two-star rating after taking a step up to that level in the fourth quarter of 2014. It is one of two banks in the state with a two-star rating.
First State Bank in Danville remained the lowest-rated bank in the state and the only one with zero stars.
Bauer also rates federally insured credit unions, of which the Richmond market has 28.
Twelve locally based credit unions received five stars from Bauer based on their first quarter performances. They are:
Argent Federal Credit Union
Hopewell Chemical Federal Credit Union
Kraftsman Federal Credit Union
Petersburg Fed Ref Credit Union
Vantage Point Federal Credit Union
Peoples Advantage Federal Credit Union
Fort Lee Federal Credit Union
Call Federal Credit Union
Dominion Credit Union
Richmond Postal Credit Union
Virginia Boxer Federal Credit Union
Virginia Credit Union Inc.
Nine others received four stars.
Virginia State University FCU in South Chesterfield was one of the lowest-rated credit unions in the state with a one-star rating.
Four credit unions in the state received a zero-star rating. That includes Sperry Marine FCU of Charlottesville, which was recently merged into Richmond-based Virginia Credit Union.
First Capital bank operates a branch at 901 E. Cary St. Photo by Michael Schwartz.
The Richmond banking market continues to get healthier, according to recently released findings of a popular bank rating firm.
Two more local banks improved their standings during the first quarter in the eyes of Bauer Financial, a Florida firm that each quarter rates all federally insured financial institutions.
Midlothian-based Bank of Virginia and First Capital Bank in Glen Allen each jumped up a rung in Bauer’s ratings based on the banks’ performances for the first three months of the year.
First Capital was bumped up from a four-star rating to five stars, the highest rank on Bauer’s scale.
Bank of Virginia, which for the last few years has continued to improve under new ownership, moved up to a four-star rating from 3½ stars.
Bauer’s ratings are based on an institution’s capital levels, profits and nonperforming assets. 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.”
Eleven of the 13 community banks headquartered in the Richmond market are now considered recommended by Bauer. That steady improvement follows a trend across the state and nationwide, Bauer found.
Of the 140 banks operating in Virginia and rated by Bauer, 112 received four or five stars. That’s up 17 percent from the first quarter last year.
Locally, Union Bank, Bank of Southside Virginia, Xenith Bank, Bank of McKenney, Community Bankers Bank, New Horizon Bank and C&F Bank all remained at five stars.
Essex Bank and EVB maintained their previous four-star ratings. Virginia Commonwealth Bank in Petersburg held steady at 3½ stars.
Village Bank, headquartered on Midlothian Turnpike, has recently improved in the Bauer rankings. Photo courtesy of CBRE.
Midlothian-based Village Bank once again received a two-star rating after taking a step up to that level in the fourth quarter of 2014. It is one of two banks in the state with a two-star rating.
First State Bank in Danville remained the lowest-rated bank in the state and the only one with zero stars.
Bauer also rates federally insured credit unions, of which the Richmond market has 28.
Twelve locally based credit unions received five stars from Bauer based on their first quarter performances. They are:
Argent Federal Credit Union
Hopewell Chemical Federal Credit Union
Kraftsman Federal Credit Union
Petersburg Fed Ref Credit Union
Vantage Point Federal Credit Union
Peoples Advantage Federal Credit Union
Fort Lee Federal Credit Union
Call Federal Credit Union
Dominion Credit Union
Richmond Postal Credit Union
Virginia Boxer Federal Credit Union
Virginia Credit Union Inc.
Nine others received four stars.
Virginia State University FCU in South Chesterfield was one of the lowest-rated credit unions in the state with a one-star rating.
Four credit unions in the state received a zero-star rating. That includes Sperry Marine FCU of Charlottesville, which was recently merged into Richmond-based Virginia Credit Union.