For better viewing, please download embedded images.
Dream Big. Start Small. Act Now.
Welcome to the May 2020 edition of Virginia Title Center's Agency Manager Summary. To review April's financial statements and Premiums by Member Report please click on the link provided below.
 
As we navigate through these uncertain times, I'm pleased to report Virginia Title Center produced record-breaking results during the month of April. Title premiums for the month reached a record $325,450 surpassing our previous record set in July 2003.  Refinances continue to be the primary driver of activity although we saw a noticeable shift towards purchases during the month. 

Congratulations to American National Bank & Trust, National Bank, First Bank & Trust, Skyline National Bank, and Powell Valley National  Bank for exceeding their YTD premium goal. 

Net income was $55,620 on revenues of $322,448, both well ahead of budget. Net income and revenues are up 542% and 66% respectively for the year.
 
Our settlement team generated just over $100,000 in settlement fees for the second month in a row. This was the result of closing a record 223 transaction during the month. New settlement orders remained very strong at 244.     
 
Although many banks have been busy processing PPP loans, commercial activity remains strong. Below is a breakdown of our top transactions for the month:
 
Transaction
Services
Provided
Property Type Referral Source
$9,700,000 Title Industrial - Refinance Non-Member - Attorney
$4,312,000 Title Mixed Use - Construction American National Bank
& Trust
$2,500,000
Title & Settlement Office/Warehouse - Refinance American National Bank
& Trust
$1,600,000
Title Retail - Refinance National Bank
$1,275,000 Title Office - Refinance Carter Bank & Trust

Thank you for your continued support and contributions to Virginia Title Center.  Please feel free to reach out to me with any questions you may have.

April 2020 Reports Available for Viewing:  
Note: This communication has been sent to owner bank CEOs, VTC Advisory Board Members, and Alternate Board Reps. Please let us know if you would like us to expand the distribution list at your institution.
Bobby Fothergill
Vice President & Agency Manager
Virginia Title Center, LLC
3565 Electric Road, Suite J
Roanoke, VA 24018
Phone: 540.772.0585 or
1.800.468.5811

Tracy Ottinger
Senior Vice President, VBA-MSI
Virginia Bankers Association
4490 Cox Road
Glen Allen, VA 23060
Phone: 804.819.4702
Fax:804.643.6308
tottinger@vabankers.org
 
Integrity. Security. Excellence.
 
Virginia Title Center is committed to serving you with unmatched expertise, exceptional customer service and a comprehensive selection of title and settlement solutions to help you grow and succeed.
 
Our professionalism, technical knowledge and experience provide security as we insure protection for your most valued investment.