121 banks currently operate in the state of Virginia. These are banks that are also insured by the federal deposit insurance corporation. Of the banks operating within the state, 67 are also headquartered in the state. Therefore, these 67 banks can be considered Virginia-based banks though they might operate nationally or internationally. Banks operating within the state had in total $894 billion of assets, $726 billion of deposits and $427 billion of loans outstanding as of this writing. Looking at the asset composition of banks in Virginia, residential mortgages made up 4% of the assets managed by these banks. In addition to this, these banks in total employ 77,548 people within the state. This represents 0.9% of the population.

Density of Banks in Virginia

There are a total of 2,070 bank branches located within the state of Virginia. This works out to a ratio of approximately 2.4 branches per 10,000 people in Virginia.  Comparing the banks in Virginia to banks operating in other states on this measure, Virginia ranks 33rd out of 52 states and territories in terms of branches per capita.  Taking a different approach, let’s look at the physical density of branches within this state. When the total square mileage of a state is factored in, banks in Virginia had on average 5.2 branches per 100 square miles. Therefore, Virginia ranks 14th out of 52 states and territories in terms of the most branches per square mile.

Performance of Banks in Virginia

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  • Net Interest Margin – banks in this state are on average above the national average on this metric. In total the net interest margin for the banks in Virginia is ranked 3rd out of the 52 states and main territories in the country.
  • Return on Assets – in terms of this important return metric, banks in this state are on average higher than the national average. Altogether the Return on Assets for the banks in Virginia is ranked 4th out of the 52 states and main territories in the country.
  • Return on Equity – banks in the state of Virginia are on average generating a higher return on equity than the average bank in the United States. In total, the return on equity for banks in Virginia is ranked 9th out of the 52 states and main territories in the United States.
  • Loan to Deposit – this is an important metric to gauge the liquidity of a bank. Banks in this state are on average below the national average when it comes to loan to deposit. A lower loan to deposit ratio means the bank is more comfortably funding its loan activities using its deposit base. Overall, banks in Virginia are ranked 40th out of the 52 states and main territories in the country when it comes to loan to deposits.
  • Nonperforming Assets – this metric is a good way to compare the quality of the assets of a bank as well as the performance of the assets. Banks operating in the state of Virginia are on average better than the national average when it comes to nonperforming assets. The level of nonperformance is what is important as a higher figure indicates a lower quality or a lower performing asset base. In total, banks in Virginia are ranked 33rd out of the 52 states and main territories in the country on this metric.

5 Largest Banks in the state of Virginia

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Based on the latest available data, E*trade Bank is the largest bank operating in Virginia based on its deposit share. E*trade Bank currently has a 17% share of deposits within the state. Below is summary information on the top 5 largest banks in Virginia.

E*trade Bank

E*trade Bank currently has the largest share of deposits within the state and has $70.6 billion of deposits. In addition to this the bank also has 1 office within the state, which represents 100% of its total domestic offices.

Main Office Address: 671 N. Glebe Rd, 16th Fl. Arlington, VA 22203

Website: www.etrade.com

Capital One Bank

Capital One Bank currently has the second largest share of deposits within the state and has $69.7 billion of deposits. The bank also has 1 office within the state, which represents 100% of its total domestic offices.

Main Office Address: 4851 Cox Rd. Glen Allen, VA 23060

Website: www.capitalone.com

Truist Bank

Truist Bank currently has the third largest share of deposits within the state and has $54.7 billion of deposits. The bank also has 365 offices within the state, which represents 14% of its total domestic offices.

Main Office Address: 214 N Tryon St Charlotte, NC 28202

Website: www.BBT.com

Bank of America

Bank of America currently has the fourth largest share of deposits within the state and has $45.9 billion of deposits. Further, the bank also has 119 offices within the state, which represents 3% of its total domestic offices.

Main Office Address: 100 N Tryon St Charlotte, NC 28202

Website: www.bofa.com

Wells Fargo Bank

Wells Fargo Bank currently has the fifth largest share of deposits within the state and has $44.4 billion of deposits. In addition, the bank also has 232 offices within the state, which represents 5% of its total domestic offices.

Main Office Address: 101 N. Phillips Ave. Sioux Falls, SD 57104

Website: www.wellsfargo.com