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.
Flexible terms, redraw up to 100%, borrow $20k-$400k
Approval in as little as 5 minutes. Funding in as few as 5 days.
Use to consolidate debt or finance your next home project
Data provided by Brown Bag Marketing, Inc. Payments do not include amounts for
taxes and insurance premiums. Click here for more information on rates and product details.
Data provided by Brown Bag Marketing, Inc. Payments do not include amounts for
taxes and insurance premiums. Click here for more information on rates and product details.
Overview 2024
General Bank Information
FDIC Insured
Yes
FDIC Certificate
# 6863
Date Established
1888
Assets
$ 491.99 million
Loans
$ 335.91 million
Deposits
$ 445.52 million
Capital
$ 42.99 million
Summary Balance Sheet as of June 30, 2023
ASSETS
Cash & Balances due from depository institutions
$ 74.45 million
Interest-bearing balances
$ 69.60 million
Total securities
$ 58.71 million
Federal funds sold and reverse repurchase
N.A.
Net loans and leases
$ 335.91 million
Loan loss allowance
$ 4.40 million
Trading account assets
N.A.
Bank premises and fixed assets
N.A.
Other real estate owned
$ 0.08 million
Goodwill and other intangibles
$ 0.87 million
All other assets
$ 10.78 million
Total Assets
$ 449.00 million
LIABILITIES
Total deposits
$ 445.52 million
Interest-bearing deposits
$ 325.52 million
Deposits held in domestic offices
$ 445.52 million
% insured (estimated)
69.32%
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
$ 449.00 million
Shareholders’ Equity
$ 42.99 million
Summary Income Statement as of June 30, 2023
INCOME AND EXPENSES
Total Interest Income
$ 21.40 million
Total Interest Expense
$ 7.64 million
Net interest income
$ 13.76 million
Provision for loan and lease losses
$ 0.61 million
Total non interest income
$ 1.78 million
Total non interest expense
$ 12.68 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.
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