Magazine : Archives : 3rd Quarter 2013
Will The C&I Boom Be Just Another Bust?
Old Point Financial Corp. in Hampton, Virginia, the holding company for Old Point National Bank of Phoebus, faced a critical decision about five years ago. Like other community banking companies, it had bulked up on commercial real estate, which had declined in value and wasn’t growing as a loan category. Nearby credit unions dominate consumer lending in the Hampton Roads market, which boasts a heavy military presence, offering rates as low as 1.99 percent on an 8- year auto loan. “We can’t compete with that,’’ says Joseph Witt, Old Point National Bank’s senior executive vice president and chief administrative officer...
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