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Post 200: Banks and credit unions
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Buffalo, N.Y. 14203
(716) 842-5445
www.mtb.com
Founded: 1856
Chairman and CEO: Robert G. Wilmers
Employees (local): 12,380 (950)
The company snapped up Wilmington Trust for $351 million in November. The deal allows the bank to beef up its wealth management business, but will place Wilmington's credit woes on its lap. M&T has been the most active Small Business Administration lender in the Washington area based on the number of loans it underwrote, 78, through September.
One PNC Plaza
249 Fifth Ave.
Pittsburgh, Pa. 15222
(412) 762-2000
www.pnc.com
Founded: 1852
Chairman and CEO: James E. Rohr
Employees (local): About 50,000 (did not report)
PNC continued to add branches, and was approved for 25 new sites throughout the Washington area in 2010. PNC has grown from 57 to 171 locations in the region in the past five years. In October, the bank unveiled its modish redevelopment of a new downtown headquarters. PNC, the sixth-largest bank in the region, repaid its $7.6 billion government bailout in February.
SunTrust Bank
303 Peachtree St. NE
Atlanta, Ga. 30308
(404) 588-7711
www.suntrust.com
Founded: 1891
Chairman and CEO: James M. Wells III
Employees (local): 27,923 (2,010)
The company registered its first profit since 2008, with $153 million in net income in the third quarter, fueled by a rebound in revenue and a continued decline in credit-related costs. The housing crisis hurt the bank, and it accepted $4.9 billion in federal bailout funds. Nevertheless, SunTrust, the third-largest bank in the Washington area, maintained its status as the sixth-largest Small Business Administration lender in the Washington area.
5350 Lee Hwy.
Arlington, Va. 22207
(703) 534-0700
www.vcbonline.com
Founded: 1988
CEO: Peter A. Converse
Employees (local): 304 (304)
The company has raised roughly $10 million in capital to shore up its balance sheet and reported four consecutive quarters of profitability through the end of September. At that date, Virginia Commerce, still had $82.4 million in nonperforming assets to unwind, down from $123.5 million a year prior. Having suffered significant losses from defaulting construction loans, the bank has retreated from the sector, placing more attention on government contractor lending.
Wells Fargo
420 Montgomery St.
San Francisco, Calif. 94104
(866) 878-5865
www.wellsfargo.com
Founded: 1852
Chairman, president and CEO: John G. Stumpf
Employees (local): 278,000 (5,600)
The official transformation in the Washington area is still months away, but Wells Fargo's presence can already be felt at Wachovia, which now benefits from 80 product lines. The company has been focused on cross-selling those products to its customers and plans to increase the marketing of its insurance line in the coming year.
Apple Federal Credit Union
4029 Ridge Top Rd.
Fairfax, Va. 22030
(703) 788-4800
www.applefcu.org
Founded: 1956
President and CEO: Larry Kelly
Employees (local): 270 (270)
Assets at this teachers' credit union grew 7.5 percent in the first half of 2010, as it extended its membership to Prince William County public schools. The move helped expand Apple's membership to 111,469 people. For the first six months of the year, lending at Apple increased 3 percent overall. Unsecured credit card loans, in particular, rose 11 percent, to $55 million.
Bank-Fund Staff Federal Credit Union
1750 H St. NW
Suite 300
Washington, D.C. 20006
(202) 212-6400
www.bfsfcu.org
Founded: 1947
Managing director and CEO: Stephen D. Breed
Employees (local): 300 (300)
This credit union for the World Bank and International Monetary Fund increased its total assets by 6.7 percent by the end of June 2010 over a year earlier, while upping its total loans by 7 percent to $1.86 billion. Bank-Fund Staff has added a few new product offerings, including a person-to-person payment service for its 65,594 members.
Navy Federal Credit Union
820 Follin Lane
Vienna, Va. 22180
(888) 842-6328
www.navyfederal.org
Founded: 1933
President and CEO: Cutler Dawson
Employees (local): 6,811 (3,214)
As the nation's largest credit union, with more than 3.5 million members, Navy Federal recorded a 3 percent drop in overall year-over-year lending by midyear. Navy Federal expanded its reach this year by acquiring USA Federal Credit Union, which had eight branches in Southern California and 11 others on military bases in South Korea and Japan.
Pentagon Federal Credit Union
2930 Eisenhower Ave.
Alexandria, Va. 22314
(800) 247-5626
www.penfed.org
Founded: 1935
President and CEO: Frank R. Pollack
Employees (local): 1,110 (430)
Serving about 1 million members of the armed forces, this institution largely maintained its lending levels, offering $12.8 billion in loans, a less than 1 percent decrease from the previous year. Pentagon Federal recently announced plans to expand its realty business in 2011, with six new offices in the Washington area and the addition of roughly 100 real estate agents.
State Department Federal Credit Union
1630 King St.
Alexandria, Va. 22314
(703) 706-5000
www.sdfcu.org
Founded: 1935
President and CEO: Jan N. Roche
Employees (local): 190 (190)
State Department Federal, which has 68,248 members, has been expanding its product lines. Most recently, the credit union debuted a new interest accruing checking account and expanded its rewards program to include debit card transactions. Overall, the institution increased its assets by 9.8 percent in the first half of this year, while registering a slip in lending of 3.6 percent.
