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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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  • 45,452Employees

  • $4.2 BTotal Annual Compensation & Benefits

  • $92,929Average Total Compensation & Benefits

  • 71Banks Headquartered in State

Reaching Customers Through Video

Virginia's Fauquier Bank uses the power of video to remind customers that they are still there for them during the COVID-19 pandemic. Photos of bank staff working remotely and branch employees practicing social distancing emphasize humor and teamwork, two qualities that help the bank's employees stay positive. The video also reminds customers about the bank's online and mobile services.

Source: Estimates based on ABA 2019/2020 survey data



  • $13.8 BSmall Business Loans Outstanding

  • $23.5 BNew Home Loans Booked in 2018

  • 81,591Number of New Home Loans in 2018

  • $195,000Median New Home Loan Size in 2018

  • $1.8 BSmall Farm Loans Outstanding

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: Estimates based on ABA 2019/2020 survey data, HMDA



  • 6.8 MTotal Customers

  • $335.3 BDeposits

  • 5.4 MConsumer

  • 1.1 MSmall Business

  • 58.7 KSmall Farm

  • 121Banks Operating Branches

  • 2,224Branches & Offices

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.

More stories on Serving Customers #

Source: Estimates based on ABA 2019/2020 survey data, FDIC branch deposit data

Giving Back

Giving Back

  • 274 KVolunteer hours

  • $77.2 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.

More stories on Giving Back #

Source: Estimates based on ABA 2019/2020 survey data. Does not include individual employee donations.

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