Highlands Community Bank: A Financial Pillar in Covington, Virginia

Introduction

Highlands Community Bank has been a cornerstone of the Covington, Virginia community for over a century. Established in 1907, the bank has a rich history of providing financial stability, growth, and support to its customers and the surrounding area. This comprehensive guide will delve into the bank's services, history, commitment to community involvement, and why it matters to the Covington community.

Financial Services and Products

Highlands Community Bank offers a wide range of financial services and products to meet the needs of its customers, including:

• Personal Banking: Savings and checking accounts, debit cards, mobile banking, and more.
• Business Banking: Business checking and savings accounts, lending options, cash management services, and merchant services.
• Mortgage Lending: Home purchase loans, refinancing, construction loans, and renovation loans.
• Wealth Management: Financial planning, investment management, and retirement planning.

Historical Significance

Highlands Community Bank traces its roots back to 1907, when it was founded as the First National Bank of Covington. Throughout its history, the bank has played a vital role in the economic development of Covington and the surrounding Alleghany County.

• 1910: The bank merges with the Covington Deposit Bank to become the Covington National Bank.
• 1970: The bank expands its services into Alleghany County with a branch in Low Moor.
• 1995: The bank changes its name to Highlands Community Bank to reflect its commitment to serving the entire community.
• 2007: Highlands Community Bank celebrates its 100th anniversary.
• Present: The bank continues to grow and serve the community with its unwavering commitment to providing financial stability and support.

Community Involvement

Highlands Community Bank is deeply committed to supporting the Covington community through various initiatives and partnerships:

• Financial Literacy Programs: The bank offers free financial literacy workshops and educational materials to individuals and businesses.
• Community Development: The bank invests in local organizations and projects that promote economic development and community well-being.
• Volunteering: Bank employees actively participate in volunteer activities and board positions in community organizations.
• Nonprofit Support: Highlands Community Bank provides financial support to local nonprofits that serve the community.

Why Highlands Community Bank Matters

Highlands Community Bank plays a crucial role in the well-being and prosperity of the Covington community for several reasons:

• Local Focus: As a community bank, Highlands Community Bank is committed to serving the specific needs of its customers and the surrounding area.
• Financial Stability: The bank provides a stable and secure financial foundation for individuals and businesses, contributing to the economic health of the community.
• Community Support: The bank's investment in community initiatives and organizations enhances the quality of life for Covington residents.
• Employment Opportunities: Highlands Community Bank provides employment opportunities and supports the local job market.
• Economic Development: The bank's lending and investment activities stimulate economic growth and create new opportunities for the community.

Services and Fees

Rates and Yields

Tips and Tricks

• Maximize Savings: Take advantage of the bank's high-yield savings account to earn a competitive return on your funds.
• Reduce Fees: Waive monthly service fees by maintaining minimum account balances.
• Build Credit: Establish a good credit history by making on-time loan payments and managing your debt responsibly.
• Plan for the Future: Utilize the bank's financial planning services to develop a personalized plan for your financial goals.
• Stay Connected: Enroll in mobile banking and receive account updates and transaction notifications on your smartphone.

How to Step-by-Step Approach

Opening an Account:

1. Visit a Highlands Community Bank branch or apply online.
2. Provide personal identification and proof of address.
3. Choose the account type that best meets your needs.
4. Make an initial deposit to open the account.

Applying for a Loan:

1. Submit a loan application in person or online.
2. Provide financial information, such as income, expenses, and assets.
3. Undergo a credit check.
4. Receive a loan decision and loan terms.
5. Sign the loan documents and receive funding.

FAQs

1. What is the minimum amount to open an account?
   - The minimum amount to open a Basic Checking Account is $100.
2. Does Highlands Community Bank offer online banking?
   - Yes, Highlands Community Bank offers free mobile and online banking services.
3. What is the maximum amount I can withdraw from an ATM?
   - The daily ATM withdrawal limit is $500.
4. How can I get a copy of my bank statement?
   - You can view, download, or order paper copies of your bank statements through online banking or by visiting a branch.
5. What is the interest rate on a 12-month Certificate of Deposit?
   - The current interest rate on a 12-month Certificate of Deposit is 0.25% APY.
6. What is the APR on a Personal Loan up to $10,000?
   - The APR on a Personal Loan up to $10,000 is 5.99% (subject to credit approval).

Conclusion

Highlands Community Bank is a trusted and valued financial institution that has served the Covington, Virginia community for over a century. With its commitment to providing financial stability, supporting community initiatives, and empowering customers, the bank plays a vital role in the well-being and prosperity of the area. Whether you're looking for personal banking, business services, mortgage lending, or wealth management, Highlands Community Bank is the bank that cares about your financial success.