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Virginia: Banks’ Economic Impact

Banks support Virginia’s economy with consumer, business and other loans, and by providing more than 45,000 people with a rewarding place to work.

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  • 45,260Employees

  • $4.6 BTotal Annual Compensation & Benefits

  • $102,465Average Total Compensation & Benefits

  • 69Banks Headquartered in State

Celebrating Women in Leadership

Virginia Business introduced their inaugural Virginia Business Women in Leadership Awards, spotlighting a cohort of executives who have excelled in their careers and are paving the way for other women to follow their example. More than 200 leaders were nominated, making the list of 30 honorees an even higher accolade.

Source: FDIC Call Report year-end 2020, estimates based on ABA 2020/2021 survey data



  • $36.6 BNew Home Loans Booked in 2020

  • 112,273Number of New Home Loans in 2020

  • $255,000Median New Home Loan Size in 2020

  • $11.9 Bin Paycheck Protection Program (PPP) Loans Facilitated

  • 101,058PPP Loans

  • $29,779Median PPP Loan

  • 1.3 MJobs Supported by PPP

Lending a Hand to Small Businesses

Berlin, Maryland’s Taylor Bank helped its small business customer, Eastern Shore Rural Health, secure a Paycheck Protection Program loan for $3 million to help support the health center’s 300+ employees who work in nearby Virginia.

Source: HMDA, SBA PPP Loans, ABA analysis



  • 6.9 MCustomers

  • $426.8 BDeposits

  • 120Banks Operating Branches

  • 2,070Branches & Offices

  • 938Branches Offering Low Fee Bank On-certified Accounts

City National Bank's temporary drive-thru

Safely Serving Virginia Customers

City National Bank's temporary drive-thru

City National Bank’s Raphine, Virginia, branch, which serves a small rural town, created a temporary drive-thru since the building does not have one. This creative approach allowed the bank to safely meet customers’ needs during the COVID-19 pandemic.

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Source: Estimates based on ABA 2020/2021 survey data, FDIC Summary of Deposits (2021Q2), 2021 CFE Fund

Giving Back

Giving Back

  • 284 KVolunteer Hours

  • $77.1 MCommunity Donations

Freedom Bank veteran donation

Service Dogs for Veterans

Freedom Bank veteran donation

For every VA loan closed, Virginia's Freedom Bank makes a contribution to Veterans Moving Forward, an organization that provides service dogs and canine therapy to veterans with physical and/or mental health challenges.

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Source: Estimates based on ABA 2020/2021 survey data

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