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TowneBank increases lead in market share
Virginia Business// September 26, 2022//
For the most part, the most prominent banking institutions in Hampton Roads stayed the same in fiscal year 2021, with Suffolk-based TowneBank holding the top market share of 27.49% (up nearly 2% from the Federal Deposit Insurance Corp.’s June 30, 2020, report) and second-place holders Truist and Wells Fargo banks with just below 20% each. In August, TowneBank agreed to acquire Windsor-based Farmers Bankshares Inc., the parent company of Farmers Bank, which has 1.59% of the region’s market share. Although the $56 million deal won’t close until early 2023, it’s expected to create a combined company worth $17.5 billion in total assets. Meanwhile, Langley Federal still dominates the credit union list, picking up more than 40,000 new members and adding $500 million in assets since March 31, 2021.
