Virginia Banking, Investments, and Treasurers

The Role of Treasurers

Article VII, Section 4 of the Constitution of Virginia establishes that each county and city shall elect a treasurer, and Virginia Code § 15.2-1608 sets the term length of treasurers at four years. Their salaries have been set by the Compensation Board, and they're elected in the off years with members of the General Assembly. 

Virginia Code § 58.1-3149 grants the treasurers unilateral power to choose which banking institutions their localities use for deposits, assuming the institution meets the definition of a "qualified public depository" as set forth in Virginia Code § 2.2-4401. Here's the 2022 list of qualified public depositories as provided by one generous treasurer.

Where Do Virginia Localities Bank & Invest?

We've contacted every treasurer in Virginia to ask which banking institutions they use for deposits and investments - the results are below and available here.

If you find any errors or have additional information to add to the spreadsheet, please email josh@activatevirginia.org.