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Virginia: Banks’ Economic Impact

Banks support Virginia's economy with consumer, business and other loans, and by providing more than 55,000 people with a rewarding place to work.

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Jobs

Jobs

  • 55,278Employees

  • $7.2 BTotal Annual Compensation & Benefits

  • $130,418Average Total Compensation & Benefits

  • 68 Banks 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 branch deposit data (2021 Q2), FDIC Call Report 2Q2021, 2021 BLS/US Census Quarterly Census of Employment and Wages (QCEW) for Credit Intermediation and Related Activities, and ABA Analysis

Lending

Lending

  • $35.6 BNew Home Loans Booked in 2021

  • 104,034Number of New Home Loans in 2021

  • $245,000Median New Home Loan Size in 2021

  • $11.0 BSmall Business Loans

  • 624.6 KNumber of Small Business Loans

  • $17,548Average Small Business Loan

  • $1.5 BSmall Farm Loans

  • 25,140Number of Small Farm Loans

  • $60,622Average Small Farm Loan

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: CFPB HMDA data, year-end 2021; FDIC Call Report 2Q2021 and Year-End 2021; 2021 USDA Quarterly Farm data and USDA/Census Data from 2017 State of Ag Survey; 2021 SBA/Census Data and ABA analysis

Customers

Customers

  • 5.7 MCustomers

  • $426.8 BDeposits

  • 121Banks Operating Branches

  • 2,070Branches & Offices

  • 1,014Branches 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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Sources: Estimates based on ABA 2020/2021 survey data; FDIC Summary of Deposit (SOD) 2021Q2 Data; Cities for Financial Empowerment Fund

Giving Back

Giving Back

  • 284.0 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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