Virginia Beach-Chesapeake, VA-NC holds $32.8 billion in deposits across 25 insured institutions and 263 branches, ranking #39 of 293 U.S. markets by economic output. TowneBank is the largest deposit holder at 30.6% share. The top three institutions hold 62.9% of deposits, which places the market in the concentrated band.
Deposit trend
Branches: 334 in 2020 to 263 in 2025. Institutions: 26 to 25. Top-three share: 67.8% to 62.9%. Deposits per branch: $125M.
Leading institutions by deposits
| Institution | Deposits | Share | 5‑yr |
|---|---|---|---|
| TowneBank | 10.0B | 30.6% | +25% |
| Truist Bank | 5.4B | 16.4% | -25% |
| Wells Fargo Bank | 5.2B | 16.0% | -15% |
| Bank of America | 4.1B | 12.4% | +11% |
| Atlantic Union Bank | 1.5B | 4.6% | +14% |
| The Old Point National Bank of Phoebus | 1.2B | 3.7% | +19% |
| Southern Bank and Trust Company | 1.0B | 3.2% | +40% |
| PNC Bank | 1.0B | 3.0% | +36% |
| Chesapeake Bank | 0.8B | 2.5% | +40% |
| Dollar Bank, Federal Savings Bank | 0.4B | 1.1% | +88% |
The 10 largest of 25 insured institutions with a branch presence, as of June 30, 2025. Five-year change compares the same institution's deposits in 2020 and 2025; an acquirer absorbs the balances of banks it bought.
Counties in this market
| County | State | GDP | Population | Share of GDP |
|---|---|---|---|---|
| Virginia Beach city | Virginia | $25,840M | 453,737 | 23.5% |
| Norfolk city | Virginia | $21,098M | 231,013 | 19.2% |
| Newport News city | Virginia | $15,527M | 183,230 | 14.1% |
| Chesapeake city | Virginia | $11,926M | 255,332 | 10.8% |
| Hampton city | Virginia | $7,252M | 137,315 | 6.6% |
| Portsmouth city | Virginia | $6,015M | 96,777 | 5.5% |
| James City County | Virginia | $4,991M | 83,326 | 4.5% |
| Suffolk city | Virginia | $4,495M | 104,699 | 4.1% |
| York County | Virginia | $2,601M | 71,374 | 2.4% |
| Dare County | North Carolina | $2,364M | 38,245 | 2.1% |
| Pasquotank County | North Carolina | $1,705M | 42,201 | 1.5% |
| Isle of Wight County | Virginia | $1,297M | 41,321 | 1.2% |
| Surry County | Virginia | $1,152M | 6,603 | 1.0% |
| Gloucester County | Virginia | $1,039M | 40,097 | 0.9% |
| Williamsburg city | Virginia | $950M | 15,861 | 0.9% |
| Currituck County | North Carolina | $874M | 33,158 | 0.8% |
| Poquoson city | Virginia | $484M | 13,292 | 0.4% |
| Mathews County | Virginia | $198M | 8,529 | 0.2% |
| Gates County | North Carolina | $183M | 10,234 | 0.2% |
| Camden County | North Carolina | $172M | 11,315 | 0.2% |
Recruiting in Virginia Beach
Deposits are held closely by the largest institutions, which often means the bankers worth recruiting are inside a small number of houses. Who holds the deposits, and how contested the market is, shapes both the runway for growth and the competition you would be recruiting against. We recruit commercial relationship managers, banking teams, and market leaders for banks building in markets like this one, on a retained basis.
Start a confidential conversation