The Company in Depth

Detailed Statistics
  • By Category
  • By Year

    Latest on Wall Street
  • SEC Filings
         (from www.sec.gov)
  • Stock Quote & Chart

    Company in the News?
  • Check for Post Articles
  • Check for AP Articles



    Search The Post 200
    The Top 100 Public Cos.
    Top 35 Financial Institutions
    Beyond the Beltway: Top 35 VA
    Beyond the Beltway: Top 30 MD
    Post 200 Home


    Spacer
  • Spacer
    Washington Post.com: Post 200 -- Top 35 Financial Institutions

    First Virginia Banks Inc.
    list rank
    From the April 28, 1997, Washington Post


    '96 (in $ 000s) '95 (in $ 000s)
    Assets 8,236,056 8,221,536
    Net Income 116,341 111,599
    Rank Last Year: 7

    Description:
    First Virginia Banks is a holding company that owns 17 banks that operate 355 branches, including 273 offices in Virginia, 57 in Maryland and 25 in East Tennessee. First Virginia has subsidiaries that handle mortgage banking, insurance and consumer automobile loans.

    Business Resume:
    • Contact Info --
      6400 Arlington Blvd.
      Falls Church, Va. 22042
      703-241-4000
    • Main Business --
      Banking
    • Founded --
      1949
    • Chairperson --
      Barry J. Fitzpatrick (CEO)
    • President --
      Barry J. Fitzpatrick
    • Employees --
      4,895
    • D.C.-Area Employees --
      2,446
    Developments:
    First Virginia joined many of its banking brethren in the acquisition game last year. Last fall the company announced it had agreed to acquire Premier Bankshares Corp., the largest bank holding company in Southwest Virginia, for $160.4 million in stock. The deal, which is still subject to regulatory approval, will significantly expand the company's market share in Virginia. After the merger, the company will rank first or second in nine Virginia communities. The bank expects to complete the merger next month.

    Premier, based in Bluefield, has $761 million in assets and 36 branches. The three Premier banks will merge into existing First Virginia banks, and all Premier directors will become members of the boards of the merged banks.

    Once the acquisition is completed, about 35 percent of First Virginia's franchise will be in small, rural markets. Although these communities have lower median household incomes than the state as a whole, First Virginia's strategy is to develop a strong and dominant franchise in markets with few banking competitors.

    Copyright 1997 The Washington Post

    Back to the top


    Spacer

    WashingtonPost.com
    Navigation image map
    Home page Site Index Search Help!