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Commonwealth Bankshares, Inc. More Information:
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Commonwealth Bankshares, Inc. More Information from FINVIZ.COM:
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ABOUT COMMONWEALTH BANKSHARES, INC:
Commonwealth Bankshares, Inc., incorporated on June 6, 1988, serves as a holding company for Bank of the Commonwealth (the Bank). The Bank operates four branches in Norfolk, six branches in Virginia Beach, four branches in Chesapeake, two branches in Portsmouth, one branch in Suffolk, one branch in Powells Point, North Carolina, one branch in Waves, North Carolina, one branch in Moyock, North Carolina and one branch in Kitty Hawk, North Carolina. The Bank has five subsidiaries: BOC Title of Hampton Roads, Inc., BOC Insurance Agencies of Hampton Roads, Inc., Commonwealth Financial Advisors, LLC, Community Home Mortgage of Virginia, Inc., and Commonwealth Property Associates, LLC. It conducts mortgage funding services through its wholly owned subsidiary Bank of the Commonwealth Mortgage, brokerage and investment advisory services through its wholly owned subsidiary Commonwealth Financial Advisors, LLC, insurance activities through its wholly owned subsidiary BOC Insurance Agencies of Hampton Roads, Inc., title insurance services through its 91% owned subsidiary Executive Title Center and commercial leasing services through its 61% owned subsidiary Commonwealth Property Associates, LLC.
Through its network of banking facilities, the Bank provides a range of commercial banking services to individuals and small to medium-sized businesses. The Bank conducts substantially all of the business operations of a typical independent, commercial bank, including the acceptance of checking and savings deposits, and the initiating of commercial, real estate, personal, home improvement, automobile and other installment and term loans. The Bank also offers other related services, such as home banking, trust, travelers’ checks, safe deposit, lock box, depositor transfer, customer note payment, collections, notary public, escrow, drive-in facility and other customary banking services.
Lending Activities
The loan portfolio is the largest component of the Bank's earning assets, and accounts for the greatest portion of total interest income. As of December 31, 2008, total gross loans (excluding unearned income), was $1.0 billion. Construction and development loans were $294.7 million in 2008. It makes loans primarily for the construction of one-to-four family residences and, to a lesser extent, multi-family dwellings. It also makes construction loans for office and warehouse facilities and other nonresidential projects, generally limited to borrowers that present other business opportunities for the Company.
Loans in the commercial category, as well as commercial real estate mortgages, consist primarily of short-term (five year or less final maturity or five year rate call) and/or floating or adjustable rate commercial loans made to small to medium-sized companies. Total commercial loans were $549.7 million in 2008. All of the Bank’s commercial real estate mortgage and construction loans relate to property in its market areas of Hampton Roads and Northeastern North Carolina, which includes the cities of Norfolk, Virginia Beach, Chesapeake, Portsmouth and Suffolk, Virginia and the Outer Banks of North Carolina. Residential mortgage loans increased $49.9 million or 42.2% in 2008. As of December 31, 2008, the Company did not have any loans held for sale.
Investment Activities
The investment portfolio plays a role in the management of interest rate sensitivity of the Company and generates interest income. In addition, the portfolio serves as a source of liquidity and is used as needed to meet collateral requirements. At December 31, 2008, investment securities totaled $7.1 million. The investment portfolio consisted of United States Government and agency securities, mortgage-backed securities, state and municipal securities and corporate bonds.
Sources of Funds
The Company’s primary source of funds is depository accounts. The Company’s deposit base, which is provided by individuals and businesses located within the communities served, is comprised of demand deposits, savings and money market accounts, and time deposits. Total deposits were $763.0 million as of December 31, 2008. The Bank’s purchased liabilities are composed of federal funds purchased, advances from the Federal Home Loan Bank (FHLB) of Atlanta, advances from the Federal Reserve Discount Window, certificates of deposit of $100.0 thousand and over (large CDs) and broker certificates of deposits.
CONTACT INFORMATION:
Corporate Office - 757-446-6900
Customer Service - 757.446.6911
+ Trust Department
+ Branch Listings
+ Cash Sweep Representative
+ Business & Commercial Loans
+ Merchant Services
+ Corporate
Mailing Address
For general correspondence, please write:
Bank of the Commonwealth
P.O. Box 1177
Norfolk, VA
23501-1177
| Name | Age | Since | Current Position |
| 66 | 1988 | Chairman of the Board, President, CEO of the Company and Bank of the Commonwealth | |
| 46 | 2004 | CFO, Exec. VP, Secretary of Commonwealth Bankshares, Inc. and Bank of the Commonwealth | |
| 45 | 2004 | Executive Vice President, Commercial Loan Officer | |
| 44 | 2004 | Executive Vice President, Chief Lending Officer of Bank of the Commonwealth | |
| 73 | 1988 | Director | |
| 85 | 1988 | Director | |
| 69 | 1988 | Director | |
| 68 | 1987 | Director | |
| 58 | 1999 | Director | |
| 80 | 1999 | Director | |
| 75 | 2001 | Director | |
| 54 | 2001 | Director | |
| 46 | 2007 | Director |
