Doing Business in Floyd – Bank of Floyd

Bank of Floyd, Floyd, Virginia From Neil Sagebiel:

What does the Bank of Floyd have that banking giants like Citigroup and Wells Fargo don’t?  Reserves.  Liquidity.  A robust balance sheet.

While large banks teetered on the edge of financial collapse, the Bank of Floyd posted signs and billboards saying it had plenty of money to lend.

Then the national spotlight shined on the small community bank when National Public Radio (NPR) interviewed president and CEO Leon Moore last fall during the implosion of America’s credit markets.

“We do not live very much on borrowed money,” Moore told Melissa Block of All Things Considered. “In fact, we have not borrowed money from the federal home loan bank or any of the bigger banks in 10 years.”

Moore explained that the Bank of Floyd relies on local deposits and lends only as much money as it receives. The 57-year-old bank also avoided the subprime mortgage business that severely compromised the financial system.

Recently, Moore told me that while the bank continues to take “a conservative approach to credit,” it still has money to loan. “When customers have a question, we try to answer them the best we can.”

Leon Moore, President and CEO, Bank of Floyd, Virginia Beginning in the town of Floyd in 1951, the Bank of Floyd has expanded throughout the region, with eight locations in the New River and Roanoke valleys. This independent bank – independence is a Floyd hallmark – has gotten to know its customers and communities, a key success factor for any business.

In 2008, the Bank of Floyd added online banking to its repertoire of services, a new feature my wife uses frequently. As for me, I still like to cross the street from my downtown Floyd office and walk into the main branch, where I can expect a friendly greeting and a safe place to deposit our money.


"Doing Business in Floyd" is an occasional series by Neil Sagebiel that spotlights Floyd, Virginia-area businesses and how they thrive in a rural setting in the Blue Ridge Mountains.

Neil Sagebiel is a Floyd, Virginia-based freelance writer who blogs at HEADLINES FROM FLOYD and ARMCHAIR GOLF BLOG.

High Five - Good Reasons for Starting a Blog
A Handshake 1.0 Can Seal a Deal on an Investment


  1. Thanks for mentioning our post, Virginia Bankers Association!

Speak Your Mind