The Virginia Bankers Association (VBA) Education Foundation is pleased to announce that Emily Carder is the statewide scholarship winner of the VBA Bank Day Scholarship Program. Emily, who is a senior at Douglas S. Freeman High School in Richmond, participated in the Bank Day Scholarship Program at Essex Bank. As the Capitol region winner, Emily was awarded a $2,500 scholarship and will now receive an additional $5,000 for a total of $7,500 for her college education.
Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza this morning issued updated data on the Paycheck Protection Program (PPP).
As the data released shows, since Round 2 of PPP loan processing began on April 27th, 2.2 million loans have been made to small businesses, which surpasses the number of all loans made in PPP Round 1. The total value of these 2.2 million loans is over$175 billion. Notably, the average loan size in Round 2 is $79,000, showing the program is broadly based and assisting the smallest of small businesses. In fact, over 70% of loans are under $50,000.
According to a joint statement by Treasury Secretary Steven T. Mnuchin and SBA Administrator Jovita Carranza, the Small Business Administration (SBA) will resume accepting Paycheck Protection Program (PPP) loan applications on Monday, April 27 at 10:30AM from approved lenders on behalf of any eligible borrower. This timing will ensure that SBA has properly coded the system to account for changes made by the Paycheck Protection Program and Health Care Enhancement Act, which was signed by President Trump Friday.
Virginia banks of all sizes have been working around-the-clock to provide loans through the Small Business Administration’s Paycheck Protection Program (PPP), processing 40,371 applications totaling more than $8.7 billion as of April 16, according to the SBA.
Virginia banks of all sizes have been working around-the-clock to provide loans through the Small Business Administration’s Paycheck Protection Program (PPP), processing 26,880 applications totaling more than $6.6 billion as of April 13 according to the SBA.
As eligible Americans prepare to receive their economic impact payment from the government, fraudsters are ramping up their efforts to scam people out of their payment. To help consumers protect themselves, Virginia banks are highlighting the five most common scams to watch out for:
COVID-19 is causing many concerns with consumers, but access to your bank shouldn’t be one of them. Here are the top five things you need to know about banking during the current Coronavirus (COVID-19) pandemic.
The Virginia Bankers Association (VBA) is working closely with its 100 member banks across the state in proactively addressing the current Coronavirus (COVID-19) pandemic.
As the COVID-19 situation evolves, Virginia banks are taking aggressive steps to safeguard the health and safety of their customers, staff and communities while ensuring the delivery of important financial services such as money and credit availability.
More than 17,000 Virginia students and their families are reading the same book on the same schedule during the month of March thanks to more than $86,000 of financial support from Virginia’s banking industry. The Virginia Bankers Association Education Foundation (VBA), supported by Virginia banks, is one of several sponsors of Virginia Reads One Book, a program from Richmond-based Read to Them. Other statewide sponsors include the Virginia Council on Economic Education, GoNoodle’s Blazer Fresh, The Washington Redskins Charitable Foundation and Tackle Reading.
Congratulations to Fairfax Academy student, Sujay Khona, sponsored by Burke & Herbert Bank for winning 2nd place in this year’s Lights, Camera, Save! video contest. Watch the winning videos here. View pictures from the celebration here.
Lights, Camera, Save! is a video contest that engages teens in educating themselves and their peers about the value of saving and using money wisely.
Virginia Tech has recently piloted an exciting new program, Credit Corps, in partnership with Atlantic Union Bank. The unique experiential learning program is aimed at enhancing students’ skills in credit risk analysis, business analytics, teamwork, and portfolio management. By participating in this program, students gain experience in banking and risk management by participating in actual loans with their bank partner with real money from the Virginia Tech Foundation.
As we near Black Friday, Small Business Saturday and Cyber Monday, shoppers should exercise caution while making purchases this holiday season.
“While millions of credit and debit card transactions are conducted safely every day, it’s important that consumers are aware of the potential for holiday scams,” said Bruce Whitehurst, president and CEO of the Virginia Bankers Association.
Virginia bankers offer the following tips to help consumers keep their information safe whether shopping in the store or online:
In recognition of National Family Caregiver Month in November, Virginia bankers are helping financial caregivers better understand and execute their roles. The Caregiver Action Network (the National Family Caregivers Association) began promoting national recognition of family caregivers in 1994. Nearly 44 million Americans are providing care to an individual suffering from illness, disability, limited mobility or age. A financial caregiver is a person who helps a senior manage his or her financial life. The relationship evolves as the needs change.
Cyber-attacks are becoming more and more sophisticated and common. According to the 2017 Norton Cyber Security Insights Report, 143 million U.S. consumers were victims of cybercrime – more than half of the country’s adult online population – with losses totaling nearly $19.5 billion. In recognition of National Cybersecurity Awareness Month in October, the Virginia banking industry is highlighting tips and information to help consumers protect themselves from such cyber-attacks.
As college students head to campus this fall, money management should be on their personal syllabus. It’s important for college students to take control of their financial future by saving wherever and whenever they can. They should treat personal finance like a required college course and avoid unnecessary expenses now to reduce financial burden when they graduate. Students should consider the following tips to form a strong foundation for money management.
Sixty-two Virginia bankers graduated on August 2, 2019 from the Virginia Bankers School of Bank Management at the University of Virginia in Charlottesville. The three-year school is sponsored by the Virginia Bankers Association in cooperation with the Darden School of Business at the University.
The Virginia Bankers Association (VBA) Education Foundation has announced the winners of the 2019 VBA Bank Day Scholarship Program. After spending a day shadowing at one of the 36 banks that participated across the Commonwealth, students were asked to write an essay about their experience for the opportunity to win a college scholarship.
Banks across Virginia partnered with schools in their communities to celebrate Teach Children to Save Day with savings education on April 12, 2019. More than 12,000 Virginia students explored basic money management ideas through this program, including the difference between needs and wants, learn how to identify expenses, trade-offs and ways to cut spending. Established by the American Bankers Association Foundation in 1997 and supported by the Virginia Bankers Association (VBA) since its inception, Teach Children to Save and the other financial education initiatives have helped reached 10.5 million young people through the commitment of more than 260,000 banker volunteers.
The Virginia Bankers Association (VBA) and banks across Virginia will join government agencies, educational institutions, trade associations, corporations and sponsors of education programs to promote Financial Literacy Month throughout the month of April.
On March 19, more than 550 Virginia high school seniors spent the day shadowing bankers at 36 banks across Virginia as part of Bank Day, a statewide effort sponsored by the Virginia Bankers Association (VBA) Education Foundation and the VBA Emerging Bank Leaders. The purpose of the day was to expose students to the banking industry, as it provided an opportunity for the students to learn about banking, financial services and the vital role banks plays in their communities.
The Virginia Bankers Association Education Foundation (VBA) has contributed $20,000 as a sponsor of Virginia Reads One Book, a statewide program that will support more than 60,000 public school students and their families from across Virginia as they read the same book on the same schedule starting Friday, March 1. The VBA is one of several sponsors of this initiative, a program from Richmond-based Read to Them, and other sponsors include the Washington Redskins Charitable Foundation, Virginia Council on Economic Education and Tackle Reading.
As college students head to campus this fall, money management should be on their personal syllabus. It’s important for college students to take control of their financial future by saving wherever and whenever they can. They should treat personal finance like a required college course and avoid unnecessary expenses now to reduce financial burden when they graduate.
Nearly 9 in 10 Americans with a bank account (86 percent) say they are “very satisfied” or “satisfied” with their primary bank, and 94 percent rate their bank’s customer service as “excellent,” “very good” or “good,” according to a new survey conducted by Morning Consult on behalf of the American Bankers Association (ABA). The survey also found that U.S. adults trust banks more than any other entity – including healthcare providers, non-bank payment providers and the government – to keep their information secure and private.
Today the American Bankers Association elected Jeffrey M. Szyperski as its chairman for the 2018-2019 association year. The election took place during ABA’s annual convention in New York. Szyperski is also chairman, president and CEO of Chesapeake Financial Shares, Inc., and Chesapeake Bank, an $820 million institution based in Kilmarnock, Va. In addition, he is chairman of Chesapeake Wealth Management.
October 11, 2018 marks the 125th anniversary of the Virginia Bankers Association (VBA). In 1893, a group of bankers met in Richmond during a time of financial panic for Virginia and the nation. The bankers’ mission was to combine the interests of banks for harmonious action and give assurance that interests dependent upon banking were in safe hands and the deposits of the people were safe. One hundred twenty-five years later, the VBA continues to support the economic growth and prosperity of the Commonwealth by promoting a stable banking system to protect the interests of the customers and communities it serves.
The Virginia Bankers School of Bank Management graduating class of 2018 presented more than $4,600 to Project Lifesaver and additional monies and supplies to Virginia Institute of Autism (VIA). The funds and donations were raised this summer through a collaborative effort organized by the graduating class and in cooperation with the other 189 bankers in the Virginia Bankers School of Bank Management.
Sixty Virginia bankers graduated on August 3, 2018 from the Virginia Bankers School of Bank Management at the University of Virginia in Charlottesville. The three-year school is sponsored by the Virginia Bankers Association in cooperation with the Darden School of Business at the University.