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Banking in the Roanoke Area
Roanoke is a city of about 100,000 people in southwest Virginia near the border with West Virginia. Roanoke's wider metropolitan area, which includes the cities of Lynchburg, Danville, Salem, Christiansburg, Blacksburg, Martinsville, Vinton, Bedford, and Wytheville, has a little over 300,000 people.
Roanoke is the economic hub of southwest Virginia and southern West Virginia. For a small city, it has a fairly diverse economy, with strong healthcare, retail and manufacturing industries. The Roanoke Shops, now a Norfolk Southern maintenance facility, built nearly 500 steam locomotives for the Norfolk & Western railroad over a course of 80 years.
For its size, Roanoke has a fairly large banking industry. There are 26 banks and 39 credit unions that have their headquarters in the Roanoke region. Notable institutions headquartered in and around Roanoke include Carter Bank & Trust, Franklin Community Bank, N.A., The National Bank of Blacksburg, Valley Bank, and Member One Federal Credit Union. The Bank of Fincastle, which was established 1875, is the oldest financial institution still operating in the Roanoke area. Overall, the city and surrounding areas have a presence from nearly 50 banks and 45 credit unions with a total of about 600 branches.
