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Essex Bank


Overview / Commentary
www.essexbank.com
804-443-9999
9954 Mayland Drive
Richmond, VA 23233

Essex Bank is headquartered in Richmond and is the 18th largest bank in the state of Virginia. It is also the 592nd largest bank in the nation. It was established in 1926 and as of June of 2020, it had grown to 244 employees at 24 locations. Essex Bank's money market rates are 59% higher than the national average, and it has an A health rating.

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Reviews (3)

Excellent Service

Posted by: |

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.

2

Poor Online Experience

Posted by: |

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.

6

WORST BANK! I RATHER USE A PREPAID DEBIT CARD

Posted by: |

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!

4


Health
A

Data as of Q2 2020

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #8675
Year Established1926
Employees244
Primary RegulatorFED
Profit Margin
Return on Assets - YTD0.78%
Return on Equity - YTD7.3%
Annual Interest Income$31.7MM
Assets and Liabilities
AssetsQ2 2020vs Q2 2019$1.61B$1.43B
LoansQ2 2020vs Q2 2019$1.18B$1.05B
DepositsQ2 2020vs Q2 2019$1.36B$1.22B
Equity CapitalQ2 2020vs Q2 2019$164.3MM$149.6MM
Loan Loss AllowanceQ2 2020vs Q2 2019$12.4MM$9.0MM
Unbacked Noncurrent LoansQ2 2020vs Q2 2019$5.5MM$13.0MM
Real Estate OwnedQ2 2020vs Q2 2019$4.5MM$983.00K
Rates
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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

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.25%--E-Kids Savings for Kids
0.25%--Christmas Club
0.20%*$50k*-Prosperity Savings
OTHER TIERS: 0.05% → $1k - $5k | 0.10% → $5k - $25k | 0.15% → $25k - $50k
0.20%*$50k*-Business Prosperity Savings
OTHER TIERS: 0.05% → $1k - $5k | 0.10% → $5k - $25k | 0.15% → $25k - $50k
0.15%*$5k*-Health Savings Account (HSA)
OTHER TIERS: 0.05% → Up to $1k | 0.10% → $1k - $5k

Essex Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.70%*$5m*-Maximum Money Market
OTHER TIERS: 0.25% → $250k - $1m | 0.45% → $1m - $5m
0.25%*$250k*-Prosperity Money Market
OTHER TIERS: 0.05% → Up to $5k | 0.10% → $5k - $25k | 0.15% → $25k - $50k | 0.20% → $50k - $250k
0.25%*$250k*-Business Prosperity Money Market
OTHER TIERS: 0.05% → Up to $5k | 0.10% → $5k - $25k | 0.15% → $25k - $50k | 0.20% → $50k - $250k

Essex Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.30%*$50k*-Cash Back Checking
OTHER TIERS: 0.10% → $1.5k - $25k | 0.20% → $25k - $50k
0.15%$50-Business Community First Checking

Essex Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.90%$500-60 Month CD
0.65%$500-36 Month CD
0.50%$500-24 Month Flex CD
0.45%$500-18 Month Flex CD
0.45%$500-19 Month CD
0.40%$25-365 Day Steady Saver CD
0.40%$500-365 Day CD Special
0.35%$500-14 Month Flex CD
0.30%$2.5k-365 Day No Penalty CD
0.25%$500-182 Day CD Special
0.20%$500-91 Day CD

Essex Bank IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.90%$500-60 Month IRA CD
0.65%$500-36 Month IRA CD
0.50%$500-24 Month Flex IRA CD
0.45%$500-18 Month Flex IRA CD
0.45%$500-19 Month IRA CD
0.40%$500-365 Day IRA CD
0.35%$500-14 Month Flex IRA CD
0.25%$500-182 Day IRA CD
0.20%$500-91 Day IRA
0.15%$500-1 Month Variable Liquid IRA
Locations

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