Post 200: Banks and credit unions

Monday, December 27, 2010; 36

Large, out-of-state institutions make up most of the region's banking businesses, while many of the nation's largest credit unions are based here. For The Post 200, we included the biggest banks based on their share of the D.C. area market and added the largest credit unions based on their assets. They are all listed alphabetically here.

Bank of America

100 N. Tryon St.

Charlotte, N.C. 28255

(704) 386-5681

Founded: 1904

President and CEO: Brian T. Moynihan

Employees (local): 285,822 (3,000)

By midyear 2010, Bank of America returned to profitability and had a drop in losses tied to defaulting loans. Yet new federal regulations on credit and debit cards contributed to a third-quarter loss of some $7 billion. Late in the year, Bank of America was among several banks accused of failing to sufficiently review foreclosure documents. Locally, the second-largest bank in the area is gearing up to launch a program to improve small-business lending.


200 West Second St.

Winston-Salem, N.C. 27101

(336) 733-2000

Founded: 1872

Chairman and CEO: Kelly S. King

Employees (local): 30,716 (1,677)

All of this company's non-real-estate-loan portfolios have grown substantially in the past year, with auto financing and specialized lending leading the way with double-digit growth. BB&T has been aggressively shedding its nonperforming assets, disposing of more than $1 billion in loans through September.

Capital One

1680 Capital One Dr.

McLean, Va. 22102

(703) 720-1000

Founded: 1988

Chairman and CEO: Richard D. Fairbank

Employees (local): 26,500 (3,700)

September marked the official rebranding of all 211 Chevy Chase Bank branches, as the bank took up the Capital One name. That changeover included increases in some retail banking fees, along with more product lines. Capital One has made a notable push to bulk up its small-business offerings, adding more banking specialists, loan syndicators and call center operators. As it stands, the bank is the fifth-largest in the metropolitan Washington area with roughly 9.9 percent market share.


399 Park Ave.,

New York, N.Y 10043

(212) 559-1000

Founded: 1812

CEO: Vikram Pandit

Employees (local): 258,000 (1,550)

The seventh-largest bank in the Washington area reported three consecutive quarters of profit this year, due, in part, to the release of some capital reserves. Citigroup exited the student loan business, selling a portion of its holdings to Sallie Mae for $1.2 billion and the remainder to Discovery Financial Services for $600 million. In the Washington area, the bank launched a wealth management program geared to the area's affluent community.


425 Fifth Ave.

New York, N.Y. 10018

(800) 975-4722

Founded: 1999

President and CEO: Irene Dorner

Employees (local): 27,000 (1,670)

This division of the British institution HSBC Holdings, counting some $2.6 billion in deposits in the Washington area, opened its 14th regional branch in 2010, in Potomac. Like many of its competitors, HSBC renewed its efforts to attract the region's business and affluent customers. The bank has beefed up its team of bankers and enhanced its personal banking platform for the globe-trotting, upper-income set.

M&T Bank

One M&T Plaza

Buffalo, N.Y. 14203

(716) 842-5445

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.

PNC Financial Services Group

One PNC Plaza

249 Fifth Ave.

Pittsburgh, Pa. 15222

(412) 762-2000

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

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.

Virginia Commerce Bancorp

5350 Lee Hwy.

Arlington, Va. 22207

(703) 534-0700

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

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

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

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

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

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

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.

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