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First Virginia Community Bank history
First Virginia Community Bank company history timeline
The history of First Bank stretches back more than a hundred years, when the bank first opened under the name Peoples National Bank of Strasburg in 1907.
Two decades later in 1928, the bank moved into a new office building on the corner of King and Holliday streets, becoming known as First National Bank of Strasburg.
The company's history may be traced to Edwin T. Holland, who, in 1944, became the director and shareholder of Old Dominion Bank, a small Arlington, Virginia, institution with three branches in the greater Washington, D.C. area.
Vernon Insurance Agency to insure bank customers' car loans in 1949.
Incorporated: 1949 as Mt.
By 1960, First Virginia had four banks with eight branch offices and $68 million in assets.
Real estate investment trusts (REITs) had started to gain popularity after 1960, when Congress improved the tax advantages of these investment vehicles.
The firm acquired a mortgage subsidiary in 1968 to originate, package, and sell conventional and government-insured first mortgages.
Consolidation culminated in a roster of 21 banks with 168 offices in 1980.
In 1986, First Virginia ventured north, acquiring The Commercial Bank in Bel Air, Maryland.
In 1993, as rivals struggled to unload commercial real estate holdings gone bad, First Virginia held no foreclosed property in the Washington/Baltimore region and had no foreign or highly leveraged transactions in its portfolio.
In 1993, First Virginia's 56 percent efficiency ratio (a comparison of non-interest overhead to net operating revenue) was significantly better than the industry average of over 60 percent.
In 1993, First Virginia recorded its 17th consecutive year of dividend increases, and its capital ratio (a key banking indicator) ranked first in the top five percent of the United States' largest banking companies.
Then, in 1994, the bank converted from a national bank to a state bank and adopted its new name, First Bank.
The increase is attributed to the July 2013 expansion and now a full year of the Bank’s newest branch location in Springfield, Virginia.
Record earnings and record loan growth were reported, including a net income increase to $4.1 million, a $1.9 million increase, or 85.5% compared with $2.2 million in 2013.
Deposits totaled $504.2 million as of December 31, 2014.
FVCbank (OTCBB: FRCV), one of the 50 fastest-growing companies in the state of Virginia, continues to live up to their reputation today reporting that the Bank ended 2014 with its strongest financial performance in its seven-year history.
For Immediate Release — February 19, 2015
The Company reported consolidated assets of $2.80 billion as of December 31, 2019.
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First Virginia Community Bank competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Community Trust Ban | 1903 | $210.0M | 750 | 24 |
| Guidant Financial | 2003 | $29.4M | 50 | 1 |
| Farmers & Merchants Bank | 1907 | $70.0M | 815 | 80 |
| The Peoples Bank | 1934 | $1.4B | 7,692 | 130 |
| Family First Mortgage | - | $3.0M | 50 | - |
| First Bancorp | 1948 | $1.2B | 3,000 | 183 |
| Heritage Bank | 1927 | $247.4M | 767 | 97 |
| Hingham Institution for Savings | 1834 | $65.3M | 86 | 3 |
| American National Bank Of Texas | - | $140.0M | 480 | 20 |
| Cornerstone Community Bank | 1990 | $8.4M | 20 | - |
First Virginia Community Bank history FAQs
Zippia gives an in-depth look into the details of First Virginia Community Bank, including salaries, political affiliations, employee data, and more, in order to inform job seekers about First Virginia Community Bank. The employee data is based on information from people who have self-reported their past or current employments at First Virginia Community Bank. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by First Virginia Community Bank. The data presented on this page does not represent the view of First Virginia Community Bank and its employees or that of Zippia.
First Virginia Community Bank may also be known as or be related to First Virginia Community Bank and Fvcbank.