68 banks currently operate in the state of West Virginia. These are banks that are also insured by the federal deposit insurance corporation. Of the banks operating within the state, 46 are also headquartered in the state. Therefore, these 46 banks can be considered West Virginia-based banks though they might operate nationally or internationally. Banks operating within the state had in total $41 billion of assets, $34 billion of deposits and $25 billion of loans outstanding as of this writing. Looking at the asset composition of banks in West Virginia, residential mortgages made up 21% of the assets managed by these banks. In addition to this, these banks in total employ 6,442 people within the state. This represents 0.4% of the population.

Density of Banks in West Virginia

There are a total of 586 bank branches located within the state of West Virginia. This works out to a ratio of approximately 3.3 branches per 10,000 people in West Virginia.  If we take the data on the banks in West Virginia and compare it with the banks operating in other states, we find that on this metric, banks in West Virginia rank 15th out of the 52 states and territories. This is ranked in order of most to least branches per capita.  Another way to view this is by looking at the physical accessibility. On this basis, banks in West Virginia had on average 2.4 branches per 100 square miles. As a result, West Virginia ranks 32nd out of 52 states and territories in terms of most branches per square mile.

Performance of Banks in West Virginia

performance-of-banks-in-West Virginia

  • Net Interest Margin – banks in the state of West Virginia are on average above the average bank’s net interest margin in the United States. This is for FDIC-insured banks only. Overall, the net interest margin for banks in West Virginia is ranked 18th out of the 52 states and main territories in the United States.
  • Return on Assets – banks in the state of West Virginia are on average higher the average bank’s Return on Assets in the United States. Overall, the Return on Assets for banks in West Virginia is ranked 21st out of the 52 states and main territories in the United States.
  • Return on Equity – banks in this state on average have a lower return on equity than the national average. Overall, the Return on Equity for banks in West Virginia is ranked 44th out of the 52 states and main territories in the country.
  • Loan to Deposit – Banks in this state are on average below the national average when it comes to loan to deposit. Loan to deposit ratio is a good way to assess the liquidity of a bank. Lower is better as it means that a bank is funding more of its lending activities with its deposit base. Banks in West Virginia are ranked 20th out of the 52 states and main territories in the country when it comes to loan to deposits.
  • Nonperforming Assets – this metric gives us an idea of the quality of a bank’s assets and their performance. Banks in this state are on average better than the national average when it comes to nonperforming assets. We’re specifically looking at the level of nonperformance among the asset base. A higher figure indicates lower quality. Overall, banks in West Virginia are ranked 28th out of the 52 states and main territories in the country when it comes to the percentage of their assets that are nonperforming.

5 Largest Banks in the state of West Virginia

deposit-market-share-of-banks-in-West Virginia

As of this writing Truist Bank is the largest bank operating in West Virginia and this is based on its share of deposits within the state. Truist Bank currently has a 16% share of the deposits within the state. Below is summary information on the top 5 largest banks in West Virginia.

Truist Bank

Truist Bank currently has the largest share of deposits within the state and has $6.8 billion of deposits. In addition to this the bank also has 52 offices within the state, which represents 2% of its total domestic offices.

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

Website: www.BBT.com

United Bank

United Bank currently has the second largest share of deposits within the state and has $6.1 billion of deposits. The bank also has 50 offices within the state, which represents 24% of its total domestic offices.

Main Office Address: 11185 Fairfax Blvd Fairfax, VA 22030

Website: www.bankwithunited.com

Wesbanco Bank, Inc.

Wesbanco Bank, Inc. currently has the third largest share of deposits within the state and has $4.0 billion of deposits. The bank also has 43 offices within the state, which represents 20% of its total domestic offices.

Main Office Address: One Bank Plaza Wheeling, WV 26003

Website: http://www.wesbanco.com

City National Bank of West Virginia

City National Bank of West Virginia currently has the fourth largest share of deposits within the state and has $3.2 billion of deposits. Further, the bank also has 58 offices within the state, which represents 61% of its total domestic offices.

Main Office Address: 3601 Maccorkle Ave, Se Charleston, WV 25304

Website: www.bankatcity.com

JPMorgan Chase Bank

JPMorgan Chase Bank currently has the fifth largest share of deposits within the state and has $2.4 billion of deposits. In addition, the bank also has 17 offices within the state, which represents 0% of its total domestic offices.

Main Office Address: 1111 Polaris Pkwy. Columbus, OH 43240

Website: www.jpmorganchase.com