Monday, December 27, 2010;
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.
100 N. Tryon St.
Charlotte, N.C. 28255
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
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.
1680 Capital One Dr.
McLean, Va. 22102
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
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.
HSBC Bank USA
425 Fifth Ave.
New York, N.Y. 10018
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.
One M&T Plaza
Buffalo, N.Y. 14203
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
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.
303 Peachtree St. NE
Atlanta, Ga. 30308
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
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.
420 Montgomery St.
San Francisco, Calif. 94104
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
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
Washington, D.C. 20006
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
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
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
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.