Powell Valley National Bank
Powell Valley National Bank is an FDIC insured institution headquartered at
33785 Main Street, Jonesville, VA 24263.
It was founded in
1888 and has approximately $0 billion in
assets. Customers can open an account at one of its 7 branches.
Deposit Rates - March 19, 2024
SAVINGS RATES | APY | MIN | |
---|---|---|---|
Savings
|
0.10% | $2,500 | Compare |
CD RATES | APY | MIN | |
---|---|---|---|
6 Mo CD
|
0.65% | $10,000 | Compare |
6 Mo CD
|
0.65% | $100,000 | Compare |
12 Mo CD
|
0.75% | $10,000 | Compare |
12 Mo CD
|
0.75% | $100,000 | Compare |
18 Mo CD
|
0.90% | $10,000 | Compare |
18 Mo CD
|
0.90% | $100,000 | Compare |
24 Mo CD
|
1.00% | $10,000 | Compare |
24 Mo CD
|
1.00% | $100,000 | Compare |
30 Mo CD
|
1.10% | $10,000 | Compare |
30 Mo CD
|
1.10% | $100,000 | Compare |
36 Mo CD
|
1.15% | $10,000 | Compare |
36 Mo CD
|
1.15% | $100,000 | Compare |
48 Mo CD
|
1.20% | $10,000 | Compare |
48 Mo CD
|
1.20% | $100,000 | Compare |
60 Mo CD
|
1.30% | $10,000 | Compare |
60 Mo CD
|
1.30% | $100,000 | Compare |
MM RATES | APY | MIN | |
---|---|---|---|
Money Market
|
0.10% | $2,500 | Compare |
Money Market
|
0.10% | $10,000 | Compare |
Money Market
|
0.10% | $25,000 | Compare |
FIXED IRA RATES | APY | MIN |
---|---|---|
Fixed IRA
|
0.75% | $1 |
INT CHECKING RATES | APY | MIN |
---|---|---|
Int Ckg
|
0.05% | $2,500 |
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Overview 2024
General Bank Information
FDIC Insured | Yes |
FDIC Certificate | # 6863 |
Date Established | 1888 |
Assets | $ 483.01 million |
Loans | $ 334.44 million |
Deposits | $ 437.82 million |
Capital | $ 41.46 million |
Summary Balance Sheet as of June 30, 2023
ASSETS | |
Cash & Balances due from depository institutions | $ 61.14 million |
Interest-bearing balances | $ 56.84 million |
Total securities | $ 64.18 million |
Federal funds sold and reverse repurchase | N.A. |
Net loans and leases | $ 334.44 million |
Loan loss allowance | $ 4.52 million |
Trading account assets | N.A. |
Bank premises and fixed assets | N.A. |
Other real estate owned | $ 0.03 million |
Goodwill and other intangibles | $ 0.87 million |
All other assets | $ 10.78 million |
Total Assets | $ 441.55 million |
LIABILITIES | |
Total deposits | $ 437.82 million |
Interest-bearing deposits | $ 306.15 million |
Deposits held in domestic offices | $ 437.82 million |
% insured (estimated) | 70.39% |
Federal funds purchased and repurchase agreements | N.A. |
Trading liabilities | N.A. |
Other borrowed funds | N.A. |
Subordinated debt | N.A. |
All other liabilities | $ 2.67 millionn |
Total Liabilities | $ 441.55 million |
Shareholders’ Equity | $ 41.46 million |
Summary Income Statement as of June 30, 2023
INCOME AND EXPENSES | |
Total Interest Income | $ 15.51 million |
Total Interest Expense | $ 5.00 million |
Net interest income | $ 10.51 million |
Provision for loan and lease losses | $ 0.61 million |
Total non interest income | $ 1.39 million |
Total non interest expense | $ 9.24 million |
Pre-tax Net Operating Income | $ 2.28 million |
Powell Valley National Bank's History
The Powell Valley National Bank opened its doors in 1888 in Jonesville, Virginia. The earliest documented financial statement is dated for the year 1900. At that time the bank showed total assets of $89,000 and a 16.8% capital ratio. Even in its earliest years, the bank was strongly capitalized.
With bank headquarters remaining in Jonesville, Powell Valley National Bank also has branches in Pennington Gap, Wise, Big Stone Gap, Duffield, and Abingdon, Virginia and Kingsport, Tennessee.
With over 130 years of community banking experience, Powell Valley National Bank is the oldest bank in far Southwest Virginia, the 6th oldest bank in Virginia and the 6th oldest bank operating in Tennessee. The bank has prospered through 29 economic recessions, and continues to have one of the strongest capital ratios in the United States. According to the most recent FDIC deposit reports, Powell Valley National Bank is #1 in market deposit share for the Lee, Scott, and Wise county region.
With bank headquarters remaining in Jonesville, Powell Valley National Bank also has branches in Pennington Gap, Wise, Big Stone Gap, Duffield, and Abingdon, Virginia and Kingsport, Tennessee.
With over 130 years of community banking experience, Powell Valley National Bank is the oldest bank in far Southwest Virginia, the 6th oldest bank in Virginia and the 6th oldest bank operating in Tennessee. The bank has prospered through 29 economic recessions, and continues to have one of the strongest capital ratios in the United States. According to the most recent FDIC deposit reports, Powell Valley National Bank is #1 in market deposit share for the Lee, Scott, and Wise county region.
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Customer Reviews for Powell Valley National Bank
Branches
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Powell Valley National Bank Locations
Savings Comparison
This analysis is for demonstrative purposes only. Savings rates may go up or down, and CD rates may not be renewable for the length of the term of the analysis.
PRODUCT
BANK
BANK TYPE
STATE
AMOUNT
TERM
APY
VS.NATL'L AV.
MIN
MILES
Tax Rate: 30%
All calculations are for demonstration purposes only.
- 1LOCAL CDBankVIRGINIA$50,0006 Month0.65%1.64x (National Avg. - 0.40%)$10,000-SCENARIO
Year Rate
0.65%Annual
InterestAnnual Interest
(After Tax)1 50,000 325 228 2 50,325 327 229 3 50,652 329 230 4 50,981 331 232 5 51,313 334 233 6 51,646 336 235 7 51,982 338 237 8 52,320 340 238 9 52,660 342 240 10 53,002 345 241 11 53,347 347 243 12 53,693 349 244 13 54,042 351 246 14 54,394 354 247 15 54,747 356 249 16 55,103 358 251 17 55,461 360 252 18 55,822 363 254 19 56,185 365 256 20 56,550 368 257 TOTAL $6,917 $4,842 - 2LOCAL CDOnline Bank-$50,0006 Month5.15%13.01x (National Avg. - 0.40%)$1,000-SCENARIO
Year Rate
5.15%Annual
InterestAnnual Interest
(After Tax)1 50,000 2,575 1,803 2 52,575 2,708 1,895 3 55,283 2,847 1,993 4 58,130 2,994 2,096 5 61,123 3,148 2,203 6 64,271 3,310 2,317 7 67,581 3,480 2,436 8 71,062 3,660 2,562 9 74,721 3,848 2,694 10 78,569 4,046 2,832 11 82,616 4,255 2,978 12 86,870 4,474 3,132 13 91,344 4,704 3,293 14 96,049 4,946 3,463 15 100,995 5,201 3,641 16 106,196 5,469 3,828 17 111,665 5,751 4,026 18 117,416 6,047 4,233 19 123,463 6,358 4,451 20 129,821 6,686 4,680 TOTAL $86,507 $60,555 - 3LOCAL CDOnline Bank-$50,00012 Month5.20%9.42x (National Avg. - 0.55%)$1,000-SCENARIO
Year Rate
5.20%Annual
InterestAnnual Interest
(After Tax)1 50,000 2,600 1,820 2 52,600 2,735 1,915 3 55,335 2,877 2,014 4 58,213 3,027 2,119 5 61,240 3,184 2,229 6 64,424 3,350 2,345 7 67,774 3,524 2,467 8 71,298 3,708 2,595 9 75,006 3,900 2,730 10 78,906 4,103 2,872 11 83,009 4,316 3,022 12 87,326 4,541 3,179 13 91,867 4,777 3,344 14 96,644 5,025 3,518 15 101,669 5,287 3,701 16 106,956 5,562 3,893 17 112,518 5,851 4,096 18 118,369 6,155 4,309 19 124,524 6,475 4,533 20 130,999 6,812 4,768 TOTAL $87,811 $61,468
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