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October 22, 2020

Bank deposits here increase 39.6 percent to $2.57 billion

Photo/Lawrence Emerson
Deposits at the Capital One branch in Warrenton more than tripled year-over-year and totaled $785.8 million as of June 30, according to the FDIC’s annual market share report.
With a single branch here, Capital One has vaulted to the top of the Fauquier County bank market, based on deposits.

The Capital One office in Warrenton had $785.8 million in deposits as of June 30, according to the Federal Deposit Insurance Corp.’s annual market share report.

Deposits in Fauquier’s 20 bank branches totaled $2.57 billion this year. That represents a 39.6-percent increases from a year earlier, when bank deposits here totaled $1.84 billion, according to the FDIC report, released in September.

Capital One’s deposits here more than tripled from 240.4 million a year earlier.

The McLean-based company supplanted The Fauquier Bank, historically the market-share leader here in the annual ranking by deposits.

Capital One had more than 30 percent of the county’s bank deposits, the FDIC reported.

Still, The Fauquier Bank’s deposits increased by $65 million in a year to $559.4 million, and it ranked second with a 21.7-percent market share.

Truist Bank — resulting from the merger of BB&T and SunTrust — ranked third with $489.8 million in deposits and a 19-percent market share.

Nine banks have offices in the county.

The 2020 FDIC market share report for Fauquier:

• $785.8 million — Capital One, 1 office here, 30.56% market share.

• $559.4 million — The Fauquier Bank, 6 offices here, 21.76%.

• $489.8 million — Truist, 4 offices, 19.05%.

• $193.4 million — Atlantic Union Bank, 3 offices, 7.52%.

• $189.7 million — Oak View National Bank, 2 offices, 7.36%.

• $159.4 million — Wells Fargo Bank, 1 office, 6.2%.

• $107.1 million — PNC Bank, 1 office, 4.17%.

• $49 million — Sonabank, 1 office, 1.91%.

• $37.2 million — Summit Community Bank, 1 office, 1.45%.
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PabloCruz · October 23, 2020 at 3:30 pm
Easemens granted in Fauquier are unique in a couple of ways. For example, in other states in order for a conservation easement to be granted, it must have a demonstrable public benefit, and the land must be open for public use.

In Fauquier, easements/land conservation was initially justified in terms of the land that would be spared from development. But trying to prove a negative in terms of land that was not developed because it was placed into easement is difficult, if not impossible to do, especially when you look at where most of the land is in easement.

In researching public records, it becomes apparent that much of the land in easement and receiving tax breaks is owned by many out-of-state LLC's, very wealthy corporate types, horse breeders, etc. These individuals and corporations are being subsidized by the rest of us, and any public benefit from this activity is highly dubious at best.

Because of the projected income loss from Covid-19, the BOS severely cut the budget, including much needed increases in public safety staffing. They did not cut the Purchase of Development Rights program funding, over $815,000 was still included in the budget. A gross and totally unnecessary transfer of wealth from those who need the money most, to those who need it least.
Mark House · October 23, 2020 at 11:54 am

Wealthy investors seem to be exploiting land-conservation tax breaks, and the Senate is taking notice.
Syndicated conservation easements — tax breaks granted to protect undeveloped land — have become increasingly common over the last decade, but they are attracting increasing scrutiny from lawmakers and the IRS as a means for the wealthy to avoid paying their appropriate share of taxes.
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