West Virginia had 59 insured banks at the end of 2002, with assets worth $7 billion. Forty-three of those banks were state-chartered.
The state's insured banks reported increased return on assets (ROA) ratios (the measure of earnings in relation to all resources) in 2002, due to the relatively mild effect of the 2001 recession on the West Virginia economy. Net interest margins (NIMs) (the difference between the lower rates offered to savers and the higher rates charged on loans) were also higher during 2002.
There was a 3% growth rate in loans between 2001 and 2002, especially in the commercial real estate (CRE) sector.