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
Virginia Financial regards its banks as community institutions that offer a full range of business and consumer financial services, including trust and asset management. Each subsidiary operates independently, with the holding company offering common back-office services.
All told, the company opened five branches in 2006, continuing its expansion into the Charlottesville, Lynchburg and Harrisonburg markets. The company says growth into surrounding markets, either through acquisitions or building branches, would continue to be part of its strategy, though its president and chief executive, O.R. Barham Jr., warned in January that earnings are not likely to grow as fast in 2007 as they have in past years. He cited competitive pressures and the prospect for lower margins as depositors seek higher interest rates and borrowers chase lower ones.
In October, the company announced a reorganization to eventually combine Second Bank & Trust with Virginia Heartland Bank and eliminate the Virginia Heartland name.
President and CEO: O.R. Barham Jr.
CFO and EVP: Jeffrey W. Farrar
2006 Financial Data
Net Income: $19,497,000Asssets: $1,625,989,000 | Earnings Per Share: $1.80
Stockholder Equity: $150,652,000 | Annual Dividend: $0.61
Total employees: 580 | Local employees: 580
Did You Know
Virginia Financial Group Inc. is a holding company that owns banks with 41 branches in the Shenandoah Valley and north-central Virginia. The banks include Planters Bank & Trust, Second Bank & Trust and Virginia Commonwealth Trust.
