Virginia Financial Group Inc. / VFGI

About Virginia Financial Group Inc.

102 S. Main St., Culpeper, Va. 22701
www.vfgi.net | 540-829-1633 | Founded: 1900

Industry: Banking | Category: Banks

Having bought community banks in small Virginia cities and rural areas, Virginia Financial continued its strategy of allowing those banks to operate with much the same staff and practices that were in place previously. The holding company brings efficiencies to back-office and other areas while leaving established customer relationships in place.
The strategy paid off anew in 2005, as profit rose nearly 20 percent to a record $18.2 million.
On Oct. 28, federal regulators lifted restrictions under which two of Virginia Financial's subsidiaries had been operating for the previous 20 months. Planters Bank & Trust, which is based in Staunton, and Virginia Heartland Bank, based in Fredericksburg, had been cited in March 2004 for deficiencies in complying with anti-money-laundering regulations and the Bank Secrecy Act. But the Federal Reserve Bank of Richmond lifted the enforcement order after determining that the deficiencies had been addressed, giving the Virginia Financial affiliates more leeway in opening branches.
The company is in the process of opening two branches in Charlottsville and another two in Lynchburg.

President and CEO: O.R. Barham Jr.

CFO and EVP: Jeffrey W. Farrar

2005 Financial Data

Net Income: $18,216,000
Asssets: $1,505,184,000 | Earnings Per Share: $2.52
Stockholder Equity: $136,105,000 | Annual Dividend: $0.84
Total employees: 502 | Local employees: 235