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Virginia: Banks’ Economic Impact

Banks support Virginia's economy with consumer, business and other loans, and by providing more than 58,000 people with a rewarding place to work.

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Jobs

Jobs

  • 58,105Employees

  • $8.6 BTotal Annual Compensation & Benefits

  • $147,788Average Total Compensation & Benefits

  • 58Banks 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 2023Q4, Bureau of Labor Statistics 2023, ABA analysis

Lending

Lending

  • $32.9 BNew Home Loans Booked in 2023

  • 79,751Number of New Home Loans in 2023

  • $355,000Median New Home Loan Size in 2023

  • $14 BSmall Business Loans

  • 594.6 KNumber of Small Business Loans

  • $23,462Average Small Business Loan

  • $1.1 BSmall Farm Loans

  • 17,541Number of Small Farm Loans

  • $59,870Average Small Farm Loan

Source: FFIEC HMDA 2023, FFIEC CRA 2023, FDIC Call Report 2023Q4, ABA analysis

Customers

Customers

  • $303 BDeposits

  • 111Banks Operating Branches

  • 1,853Branches & Offices

  • 1,251Branches Offering Low Fee Bank On-certified Accounts

Source: FDIC Summary of Deposits 2023Q4, CFE Fund, ABA analysis

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