Making bank

TowneBank, Langley Federal lead region’s financial institutions

Published September 28, 2020 by Virginia Business

Suffolk-based TowneBank maintains its dominance among Hampton Roads financial institutions, holding nearly a quarter of the market share. In late June, TowneBank and Children’s Hospital of the King’s Daughters jointly purchased the 22-story Norfolk Southern tower in downtown Norfolk for $30 million. TowneBank’s market share increased slightly from last year, when it had 22.29% of deposits. Wells Fargo Bank, National Association, takes a close second with a 19.13% market share. Among credit unions, Langley Federal surpassed the $3 billion asset mark this year, compared to $2.9 billion last year.