FINANCE Making bank TowneBank, Langley Federal lead region’s financial institutions


Suffolk-based TowneBank maintains its dominance among Hampton Roads financial institutions, holding nearly a quarter of the market share. In late June, TowneBank and Children’s Hospital of the King’s Daughters jointly purchased the 22-story Norfolk Southern tower in downtown Norfolk for $30 million. TowneBank’s market share increased slightly from last year, when it had 22.29% of deposits. Wells Fargo Bank, National Association, takes a close second with a 19.13% market share. Among credit unions, Langley Federal surpassed the $3 billion asset mark this year, compared to $2.9 billion last year.


Largest banks in Hampton Roads Local Institution TowneBank


Wells Fargo Bank, National Association SunTrust Bank (Truist Financial Corp.)2 BB&T Corp. (Truist Financial Corp.)2 Bank of America, National Association Atlantic Union Bank


The Old Point National Bank of Phoebus Chesapeake Bank


Southern Bank and Trust Co. Farmers Bank


PNC Bank, National Association Fulton Bank, National Association Citizens and Farmers Bank SONABANK


Dollar Bank, Federal Savings Bank


Headquarters Suffolk


San Francisco Atlanta


Winston Salem, North Carolina Charlotte, North Carolina Richmond Hampton


Kilmarnock


Mount Olive, North Carolina Windsor


Pittsburgh


Lancaster, Pennsylvania West Point Glen Allen Pittsburgh


1 As of June 30, 2019 2 BB&T and SunTrust merged into Truist Financial Corp. in December 2019. Largest regional credit unions Institution


Langley Federal Chartway Federal Bayport


1st Advantage ABNB Federal Bronco Federal NAE Federal


Beach Municipal Federal


Virginia Beach Schools Federal Northern Star


Virginia Educators NMA Federal


Source: National Credit Union Administration Headquarters


Newport News Virginia Beach Newport News Yorktown


Chesapeake Franklin


Chesapeake Virginia Beach Virginia Beach Portsmouth


Newport News Virginia Beach


Members 274,523 192,243 144,217 61,886 67,765 18,741 15,625 9,540 7,088 8,752 5,244 7,992


Assets


$3,443,847,340 2,346,343,924 1,945,014,921 818,890,652 724,943,067 197,606,676 129,698,445 129,486,325 102,324,726 89,087,060 72,849,190 59,752,853


offices


Deposits ($000)1


27 $6,286,059 44 31 41 31 24 22 8


11 7


10 6 6 7 5


5,026,412 3,947,332 3,269,194 3,208,070 981,141 849,605 465,433 444,846 368,857 362,193 237,574 222,600 193,838 169,506


Market share1


23.92% 19.13 15.02 12.44 12.21 3.73 3.23 1.77 1.69 1.40 1.38 0.90 0.85 0.74 0.65


Source: Federal Deposit Insurance Corp.


HAMPTON ROADS BUSINESS - 2020


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