Question 1

What is Bank of Monroe?

Accepted Answer

Bank of Monroe is an independent community bank serving southeastern West Virginia. With approximately $252 million in total assets and 3 branch locations, the bank provides personalized banking services to individuals, families, and small businesses in Monroe and Greenbrier counties. As a locally owned and operated institution, Bank of Monroe has maintained its independence for over a century while adapting to modern banking needs.

The bank operates as a wholly owned subsidiary of Union Bankshares, Incorporated, a holding company formed in 1998 to position the institution advantageously in the contemporary banking environment.

Question 2

When was Bank of Monroe founded?

Accepted Answer

Bank of Monroe was founded on January 28, 1904, when a group of businessmen gathered in Union, West Virginia, to establish a new banking facility in the county seat. The Certificate of Incorporation shows that capital stock of $25,000 was subscribed at the bank's establishment.

The Honorable Marcellus J. Kester, one of the bank's founders, served as president from opening day until his death in April 1913 at age 82. The bank assumed the assets of Bank of Union (chartered in 1873) during its first decade of operation. In June 1923, Bank of Monroe also acquired Farmers Banking Company through a verbal agreement and handshake between presidents.

The bank's first location was on the same Main Street corner in Union where it stands today, in a structure originally built in 1812.

Question 3

Where is Bank of Monroe headquartered?

Accepted Answer

Bank of Monroe is headquartered in Union, West Virginia, located in Monroe County. The main office is situated at 39 Main Street in Union, ZIP code 24983.

The current headquarters building was completely reconstructed in 1965, replacing the original 1812 structure while maintaining the same historic Main Street location that has served the community for over 120 years.

Question 4

Where does Bank of Monroe operate?

Accepted Answer

Bank of Monroe operates three full-service branch locations across southeastern West Virginia:

Union Office (Main Branch): 39 Main Street, Union, WV 24983 - Located in Monroe County

Lewisburg Office: 790 N Jefferson Street, Lewisburg, WV 24901 - Opened in 2002, serving Greenbrier County

Fairlea Office: 9679 Seneca Trail South, Fairlea, WV 24901 - Also serving the Greenbrier County area

The bank primarily serves customers in Monroe and Greenbrier counties, focusing on the rural communities and small towns of the Allegheny Highlands region.

Question 5

What services does Bank of Monroe offer?

Accepted Answer

Bank of Monroe provides comprehensive community banking services including:

Personal Banking: Checking and savings accounts, certificates of deposit, individual retirement accounts, and consumer loans

Residential Lending: Mortgage loans for home purchases, construction loans, home equity loans, and refinancing services with dedicated mortgage specialists

Commercial Banking: Business checking and savings accounts, commercial real estate loans, equipment financing, and commercial and industrial lending

Digital Banking: Online banking platform with account management, bill pay, fund transfers, and eStatements. Mobile banking app featuring mobile check deposit, account monitoring, transaction history, and secure alerts

Insurance Services: Through Monroe Insurance Group, an affiliated entity offering various insurance products

The bank emphasizes personalized service with local decision-making and direct access to bank officers.

Question 6

What makes Bank of Monroe unique?

Accepted Answer

Bank of Monroe distinguishes itself through its exceptional longevity and unwavering independence in an era of bank consolidations. Having served the same community for over 120 years, the bank maintains local ownership and community-focused decision-making.

The institution has demonstrated remarkable resilience, having partnered with southeastern West Virginia residents through two world wars, the Great Depression, multiple recessions, and various economic cycles. Despite these challenges, Bank of Monroe has remained steadfastly independent while many peers have been acquired or merged.

The bank's strong community commitment is evident in its role as an early sponsor of the annual Farmer's Day celebration and its ongoing support for dozens of business startups and hundreds of property improvements. With only 39 employees across three locations, Bank of Monroe maintains an intimate, relationship-based approach where customers work directly with local bankers who understand the region's unique economic landscape.

The bank's capital position remains strong with a Tier 1 Leverage Ratio of 12.8% and Total Capital Ratio of 22.77%, well above regulatory requirements for well-capitalized institutions.

Question 7

What type of financial institution is Bank of Monroe?

Accepted Answer

Bank of Monroe is a state-chartered commercial bank regulated by the Federal Reserve System. The institution holds FDIC Certificate Number 6180 and is a member of the Federal Reserve, operating under state banking regulations rather than a national bank charter.

As a commercial bank, Bank of Monroe provides a full range of retail and commercial banking services to individuals, families, and businesses. The bank specializes in community banking for markets under $1 billion in assets, focusing on relationship-based services tailored to local needs rather than standardized products typical of larger regional or national banks.

The bank does not exercise fiduciary powers or trust services, concentrating instead on core deposit-taking and lending activities that directly serve its local market area.

Bank of Monroe

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About Bank of Monroe in the United States