| Virginia Financial Group Inc. |
102 S. Main St.
Culpeper, Va. 22701
Year founded: 1900
Net Income/Loss: $13.49 Million
Earnings per share: $1.88
Stockholder equity: $119.83 Million
Auditor: Yount, Hyde & Barbour PC
Assets: $1.39 Billion
Market capitalization: $246.77 Million
52-week high: 38.5 11/25/2003
52-week low: 27.43 6/30/2003
Chairman: Harry V. Boney Jr.
President and CEO: O.R. Barham Jr.
Local employees: 235
Description: Virginia Financial Group is a holding company that owns banks in the Shenandoah Valley and central Virginia. They include Planters Bank & Trust, Second Bank & Trust, Virginia Heartland Bank and Virginia Commonwealth Trust. The company was formed in 2002 by the merger of Virginia Financial and Virginia Commonwealth Financial.
Developments: Virginia Financial Group's strategy has been to acquire established community banks in small cities and rural areas but allow them to continue operating with much the same staff and practices. The holding company brings efficiences in back-office and other areas while leaving established customer relationships in place. The company has 38 branches focused along Interstate 95, Interstate 81 and the U.S. 29 corridor between Washington and Charlottesville and hopes to expand further along them. Last year the company bought eight branches from First Virginia, which was required to divest itself of them as part of its merger with BB&T bank. The branches are in Covington, Tazewell, Woodstock, Rocky Mount and Farmville. Earnings rose almost 10 percent last year to $13.5 million thanks in part to strong growth in the company's loan business.
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