1 star ratingAverage User Rating:
1 star rating based on 2 reviews.

SONABANK

SONABANK Locations
6830 Old Dominion Drive
Mclean, VA 22101
www.sonabank.com

SONABANK is headquartered in Mclean and is the 33rd largest bank in the state of Virginia. It is also the 1,095th largest bank in the nation. It was established in 2005 and as of March of 2012, it had grown to 112 employees at 13 locations. SONABANK has a 4-star health rating.

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Data for Q1 2012


Institution Statistics


SONABANK
FDIC Certificate #57968
BankRate ReportView
Year Established2005
Employees112
Primary RegulatorFED

Assets and Liabilities

Assets$610.61 million
Loans$484.28 million
Deposits$456.52 million
Equity Capital$97.37 million
Loan Loss Allowance$6.90 million
Unbacked Noncurrent Loans$2.37 million
Real Estate Owned$12.31 million

Historic Data - March 2011

Assets$590.30 million
Equity Capital$96.89 million
Loan Loss Allowance$5.70 million
Unbacked Noncurrent Loans$4.53 million
Real Estate Owned$7.23 million

Profit Margin - Quarterly

Net Interest Margin5.73%
Return on Assets1.22%
Return on Equity7.75%
Interest Income$9.07 million

Institution Health


Overall Score:
4 out of 5
4
Texas Ratio4
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of March 31, 2012 SONABANK had $14.68 million in non-current loans and owned real-estate with $104.28 million in equity and loan loss allowances on hand to cover it. This gives SONABANK a Texas Ratio of 14.08% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend3
The Texas Ratio for SONABANK held steady from 11.08% as of March 31, 2011 to 14.08% as of March 31, 2012, resulting in a negative change of 27.08%. This indicates that the balance sheet and financial strength for SONABANK has held steady in recent periods.
Deposit Growth4
In the past year, SONABANK has increased its total deposits by $19.82 million, resulting in 4.54% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth SONABANK has shown is above average.
Capitalization5
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. SONABANK has $610.61 million in assets with $104.28 million in equity, resulting in a capitalization level of 17.08%, which is excellent.
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WARNING: SONABANK
1 stars - JEWEY - Tuesday, May 8, 2012 - 4:44 PM

This bank is a JOKE and so is the FDIC.  I had a HELOC with a bank the FDIC "Turned Over" to SONA.  Now SONA will not subordinate my HELOC for my re-fi.  This is standard practice at any other bank.  They told me they don't want to be in the consumer mortage business - Really... Then why do you have consumer loans. I just read the FDIC handed over Harvest bank to SONA also.  WARNING TO HARVES BANK CUSTOMERS - GET READY TO GET FKD!

3

Is Sonabank A Legitimate Bank?
1 stars - DSpencer - Thursday, May 3, 2012 - 9:10 PM

This bank is a "preferred lender" for the SBA. Does anyone know how to get a list of their business foreclosures? There is no one in charge at the bank - very odd organization.

 

 

2
 
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