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Posted June 13, 2009 | Copyright © The Northern Virginia Daily
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Two local banks on 'Top 200' list
The holding companies for First Bank and Bank of Clarke County once again made U.S. Banker magazine's "Top 200 Community Banks" list.
Strasburg-based First National Corp. was No. 29 on the 2008 list, which is based on a three-year average return on equity, or how much profit a company generates with the money its shareholders have invested. First Bank had a three-year average ROE of 15.22 percent.
First Bank, with $548 million in assets and a market value of $43.8 million, was No. 25 on last year's list. Many banks on the list saw a decrease in ROE between 2007 and 2008, mostly due to the real estate collapse, the report states.
Eagle Financial Services, the parent company of Bank of Clarke County, was No. 118 in 2008, with a three-year average ROE of 12.11 percent. The bank, which has $528 million in assets and a market value of $47.7 million, was No. 101 last year.
"It is our commitment to sound banking that has allowed us to remain well capitalized and turn down available [Troubled Assets Relief Program] money, thereby avoiding potential shareholder dilution," John R. Milleson, president and CEO of Eagle Financial, said in a statement.
First Bank recently accepted $13.9 million in federal funds through the Treasury's Capital Purchase Program, which falls under the broader TARP program.
-- Daily Staff Report
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