Essex Bank


Overview / Commentary
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 579th largest bank in the nation. It was established in 1926 and as of December of 2018, it had grown to 265 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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Reviews (3)

Excellent Service

Posted by: silverlady | Sep 3, 2018

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

Posted by: csa13 | Oct 30, 2016

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!



Health

Health Grade Components

Overall
FDIC Certificate #8675
Year Established1926
Employees265
Primary RegulatorFED
Profit Margin
Return on Assets - YTD1.04%
Return on Equity - YTD10.78%
Annual Interest Income$59.2MM
Assets and Liabilities
AssetsQ4 2018vs Q4 2017$1.39B$1.34B
LoansQ4 2018vs Q4 2017$1.02B$977.2MM
DepositsQ4 2018vs Q4 2017$1.17B$1.10B
Equity CapitalQ4 2018vs Q4 2017$139.0MM$126.2MM
Loan Loss AllowanceQ4 2018vs Q4 2017$9.1MM$9.2MM
Unbacked Noncurrent LoansQ4 2018vs Q4 2017$11.3MM$11.3MM
Real Estate OwnedQ4 2018vs Q4 2017$1.1MM$2.8MM
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
0.50%*$5k*-Health Savings Account (HSA)
OTHER TIERS: 0.10% Up to $1k | 0.25% $1k - $5k
0.50%$500-Variable Liquid IRA
0.35%*$50k*-Prosperity Savings
OTHER TIERS: 0.05% $1k - $5k | 0.10% $5k - $25k | 0.15% $25k - $50k
0.25%$5-E-Kids Savings for Kids
0.25%$5-Christmas Club

Essex Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.12%*$5m*-Maximum Money Market
OTHER TIERS: 1.26% $250k - $1m | 1.76% $1m - $5m
0.35%*$250k*-Prosperity Money Market
OTHER TIERS: 0.05% Up to $5k | 0.10% $5k - $25k | 0.15% $25k - $50k | 0.25% $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
0.25%$50-Community First Checking

Essex Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.68%$500-60 Month CD
2.45%$500-19 Month CD Special
2.42%$500-36 Month CD
2.35%$500-13 Month CD Special
2.25%$500-182 Day CD Special
2.12%$500-24 Month Flex CD
1.91%$500-18 Month Flex CD
1.81%$500-365 Day CD
1.41%$2.5k-365 Day No Penalty CD
1.10%$500-14 Month Flex CD
1.00%$25-365 Day Steady Saver CD

Essex Bank IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.68%$500-60 Month IRA CD
2.45%$500-19 Month IRA Special
2.42%$500-36 Month IRA CD
2.35%$500-13 Month IRA Special
2.25%$500-182 Day IRA Special
2.12%$500-24 Month Flex IRA CD
1.91%$500-18 Month Flex IRA CD
1.81%$500-365 Day IRA CD
1.10%$500-14 Month Flex IRA CD
Locations

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