Comparing the current results to its competitors, Eastern Virginia Bankshares Inc reported Revenue increase in the 1 quarter 2017 by 7.64 % year on year. The sales growth was above Eastern Virginia Bankshares Inc's competitors' average revenue growth of 5.69 %, achieved in the same quarter.
Eastern Virginia Bankshares Inc's Comment on Competitors and Industry Peers
The Bank encounters strong competition for its banking services within its
primary market areas. The sources of competition vary based on the particular
market of operation, which can range from a small rural town to part of a large
urban market. The Bank competes with large national and regional financial institutions,
savings associations and other independent community banks, as well as credit
unions, mutual funds and life insurance companies. The banking business in the
Bank’s primary market areas is highly competitive for both loans and deposits,
and is dominated by a relatively small number of large banks with many offices
operating over a wide geographic area. Among the advantages such large banks
have over the Bank are their ability to offer banking products and services
at large branch networks, to launch and finance wide-ranging advertising campaigns
and, by virtue of their greater total capitalization, to have substantially
higher lending limits than the Bank. In addition, large banks may more easily
comply with certain regulations applicable to banking activities and consumer
financial products and services.
Factors such as interest rates offered, the number and location of branches
and the types of products offered, as well as the reputation of the institution,
affect competition for deposits and loans. The Bank competes by emphasizing
customer service and technology, establishing long-term customer relationships,
building customer loyalty, and providing products and services to address the
specific needs of its customers. The Bank targets individuals and small to medium
sized business customers. No material part of the Bank’s business is dependent
upon a single or a few customers, and the loss of any single customer would
not have a material adverse effect upon the Bank’s business.
Because federal regulation of financial institutions changes regularly and is
the subject of constant legislative debate, we cannot foresee how federal regulation
of financial institutions may change in the future. However, it is possible
that current and future governmental regulatory and economic initiatives could
impact the competitive landscape in the Bank’s markets.