Essex Bank is headquartered in Richmond and is the 18th largest bank in the state of Virginia. It is also the 585th largest bank in the nation. It was established in 1926 and as of March of 2019, it had grown to 251 employees at 26 locations. Essex Bank's money market rates are 5X the national average, and it has an A health rating.
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Excellent Service
I have been a customer since 2013 and have found every encounter to be positive: staff contacts and surroundings have been pleasant, positive events. I agree that the online stuff is not smooth so I avoid it and visit the bank personally. Staff have been extremely helpful at every level, and I have already recommended to friends who live near a branch.
Poor Online Experience
We have been Essex customers/account holders since they acquired Bank of Goochland. The online experience is very clunky. Our son has had an adult account for over a year and he still cannot set up an online account. We tried again tonight, and the web page returned "service not available." The IT department is abysmal and has never improved. The number of frustrations and let downs have far outnumbered the "home town" benefits of this bank. Cannot recommend.
WORST BANK! I RATHER USE A PREPAID DEBIT CARD
No one answers the customer service number when you need help! No one contacts you back when you leave messages! Their direct deposit processing is late, you won't get paid on your payday! The bank is VERY inconvenient, VERY limited in their banking options and VERY misleading! I would discourage my worst enemy from banking here, because NO ONE deserves this type of amateur and incompetent handling of their money!
Data as of Q1 2019
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 8675 |
| Year Established | 1926 |
| Employees | 251 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.04% |
| Return on Equity - YTD | 10.29% |
| Annual Interest Income | $15.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2019vs Q1 2018 | $1.40B$1.35B |
| Loans | Q1 2019vs Q1 2018 | $1.03B$997.4MM |
| Deposits | Q1 2019vs Q1 2018 | $1.17B$1.10B |
| Equity Capital | Q1 2019vs Q1 2018 | $144.3MM$127.1MM |
| Loan Loss Allowance | Q1 2019vs Q1 2018 | $8.8MM$9.2MM |
| Unbacked Noncurrent Loans | Q1 2019vs Q1 2018 | $12.4MM$11.6MM |
| Real Estate Owned | Q1 2019vs Q1 2018 | $1.2MM$3.2MM |
Always verify rates and promotions with the bank or credit union. We are not Essex Bank; we are a rate comparison website and cannot provide official rates or promotions.
* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
Essex Bank Savings Account Rates
Essex Bank Money Market Rates
Essex Bank Checking Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 0.30%* | $50k* | - | Cash Back Checking | ||
| OTHER TIERS: 0.10% → $1.5k - $25k | 0.20% → $25k - $50k | |||||
| 0.25% | $50 | - | Community First Checking | ||
| 0.25% | $50 | - | Business Community First Checking | ||
