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 18^th largest bank in the state of Virginia. It is also the 580^th largest bank in the nation. It was established in 1926 and as of December of 2019, it had grown to 245 employees at 24 locations. Essex Bank's money market rates are 2X the national average, and it has an A health rating.

View all posts from:

2016
2009
2006

10/1 - Essex Bank (VA/MD) Adds 13-Month CD Promo Rate With Checking

3/10 - 3.03% 13-Month CD & Other High CD Rates at Bank of Essex in MD & VA
1/30 - 5.30% 12-Month CD at a Maryland Bank (Suburban Federal Savings).

9/2 - 6.00% 24-Month CD at a Virginia Bank (Goochland).

Reviews (3)

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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.

Comment

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.

Comment

WORST BANK! I RATHER USE A PREPAID DEBIT CARD

Posted by: Thatis Mrthot Toyou | Jan 1, 2015

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!

Comment

Health

Data as of Q4 2019

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #	8675
Year Established	1926
Employees	245
Primary Regulator	FED

Profit Margin
Return on Assets - YTD	1.15%
Return on Equity - YTD	10.89%
Annual Interest Income	$65.4MM

Assets and Liabilities
Assets	Q4 2019vs Q4 2018	$1.43B$1.39B
Loans	Q4 2019vs Q4 2018	$1.08B$1.02B
Deposits	Q4 2019vs Q4 2018	$1.16B$1.17B
Equity Capital	Q4 2019vs Q4 2018	$158.5MM$139.0MM
Loan Loss Allowance	Q4 2019vs Q4 2018	$8.6MM$9.1MM
Unbacked Noncurrent Loans	Q4 2019vs Q4 2018	$6.8MM$11.3MM
Real Estate Owned	Q4 2019vs Q4 2018	$4.5MM$1.1MM

Rates

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Savings
Money Market
Checking
CD
IRA

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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

APY	MIN	MAX	ACCOUNT NAME
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

APY	MIN	MAX	ACCOUNT NAME
1.00%^*	$5m^*	-	Maximum Money Market
OTHER TIERS: 0.25% → $250k - $1m \| 0.75% → $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

APY	MIN	MAX	ACCOUNT NAME
0.30%^*	$50k^*	-	Cash Back Checking
OTHER TIERS: 0.10% → $1.5k - $25k \| 0.20% → $25k - $50k
0.25%	$50	-	Business Community First Checking

Essex Bank CD Rates

APY	MIN	MAX	ACCOUNT NAME
1.00%	$500	-	60 Month CD
0.75%	$500	-	36 Month CD
0.60%	$500	-	24 Month Flex CD
0.55%	$500	-	18 Month Flex CD
0.55%	$500	-	19 Month CD
0.50%	$25	-	365 Day Steady Saver CD
0.50%	$500	-	365 Day CD Special
0.45%	$500	-	14 Month Flex CD
0.40%	$2.5k	-	365 Day No Penalty CD
0.40%	$500	-	182 Day CD Special
0.25%	$500	-	91 Day CD

Essex Bank IRA Rates

APY	MIN	MAX	ACCOUNT NAME
1.00%	$500	-	60 Month IRA CD
0.75%	$500	-	36 Month IRA CD
0.60%	$500	-	24 Month Flex IRA CD
0.55%	$500	-	18 Month Flex IRA CD
0.55%	$500	-	19 Month IRA CD
0.50%	$500	-	365 Day IRA CD
0.45%	$500	-	14 Month Flex IRA CD
0.40%	$500	-	182 Day IRA CD
0.30%	$500	-	1 Month Variable Liquid IRA
0.25%	$500	-	91 Day IRA

Locations

Availability

Richmond Area

Richmond Area bank & credit union details

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