Deposits at banks in Northern Virginia increased nearly 11 per cent in the past 12 months to a total of $2.69 billion on Sept. 30, according to a Washington Post Survey.
Despite the rapid rate of annual growth, the third-quarter deposits were below the record high of $2.72 billion on June 30. In general, area banks have reported the greatest gains in deposits since the boom years of the 1960s, in the past year.
As reporter earlier, D.C. bank deposits expanded by 13 per cent in the 12 months ended Sept. 30. As with their competitors in Virginia, the D.C. banks held a smaller total of deposits at the end of the third quarter than at mid-year, howere.
Some of the higher deposits reflect time savings and certificate of deposit accounts that have grown in recent months as interest rates have increased.
Major increases in the past year among Virginia institutions included Alexandria National ($11 million), Arlington Trust ($35 million), Bank of Virginia/Potomac ($26 million), Clarendon Bank & Trust ($12 million), Dominion National ($42 million), First Virginia ($41 million), National Bank of Fairfax ($23 million), Northern Virginia Bank ($15 million), United Virginia Bank/National ($38 million) and Virginia National's area offices ($63 million).