Lee Bank & Trust Company

What Lee Bank & Trust Company does

Lee Bank & Trust Company is a privately held, state-chartered community bank headquartered in Pennington Gap, Virginia, operating approximately $260 million in assets across three branches in Bristol, Jonesville, and Pennington Gap in Southwest Virginia. Founded in 1932 via the merger of four small Lee County banks during the Great Depression, the bank has operated continuously for over 85 years under FDIC insurance and supervision of the Virginia State Corporation Commission's Bureau of Financial Institutions. The institution serves individual consumers, small businesses, and non-profit/governmental entities in its rural regional market through personal checking (No Frills Checking, Kasasa Cash, Kasasa Cash Back), personal savings products (Statement Savings, Kasasa Saver, Christmas Club, CDs, Insured Money Fund, IRAs), business checking, and a full personal/business lending suite (home mortgage, home equity, auto, personal loans, personal lines of credit, business loans).

The technology stack is conventional for a community bank and is delivered primarily through vendor partnerships rather than proprietary development. Core digital channels are powered by Netteller (Jack Henry & Associates) for online banking and bill pay, Kasasa (BancVue, Ltd.) for rewards checking and savings products offering up to 2.50% APY/cash back, and Visa for branded debit cards. Customer-facing mobile capabilities include iPhone and Android apps with mobile deposit, Apple Pay/Google Pay/Samsung Pay tokenization, eStatements, and Quicken/Microsoft Money export. The bank also resells Kasasa Protect identity monitoring (CSID-powered) at $7.99-$8.99/month. The website conforms to WCAG 2.2 Level AA via AudioEye certification. No proprietary technology development, API platform, or AI/ML capability is disclosed.

Revenue is generated primarily through net interest income on loans (mortgage, home equity, auto, personal, business, commercial real estate) and deposits, supplemented by deposit service fees (overdraft/NSF $30, wire transfers, stop payments, safe deposit box rental), interchange on Visa debit transactions, and ancillary fee income (ATM, loan payment processing via MyPayRazr). The go-to-market is sales-led with local relationship banking supported by digital self-service channels for acquisition and servicing; the bank has roughly 40 employees and operates without any disclosed parent company, private equity sponsor, or external capital raise.

Name

Lee Bank & Trust Company

Legal name

Lee Bank & Trust Company

Website

https://leebank24.com

Company type

Private

Founded year

1932

Operating status

Operating

Headcount range

101–250 employees

Short description

Lee Bank & Trust Company is a privately held, FDIC-insured community bank founded in 1932, operating approximately $260 million in assets across three branches in Southwest Virginia (Bristol, Jonesville, Pennington Gap) serving retail consumers, small businesses, and non-profit/government entities with deposit products, consumer and commercial lending, and digital banking services.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Commercial Banking (52211), Depository Credit Intermediation (5221)

SIC

State Commercial Banks (6022)

akta.pro primary industry

Account & Balance Services (Operating accounts, statements, eBAM) (FSABAIAD)

akta.pro secondary industry

Credit Cards & Revolving Credit (FSABAAAC)

Keywords

• Community banking
• Personal banking services
• Consumer lending
• Business banking
• Mobile banking

Headquarters

HQ city

Virginia

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others

Revenue model

1. Checking and Savings Account Fees: Monthly service fees, overdraft charges ($30 per NSF/overdraft), and various transaction fees for checking and savings accounts.
2. Loan Interest Income: Interest income from personal loans (home mortgage, home equity, auto, personal loans), personal lines of credit, and business loans including commercial real estate loans.
3. Service and Transaction Fees: Fees from wire transfers, stop payments, safe deposit boxes, ATM services, and other banking services.
4. Kasasa Protect Subscription: $7.99-$8.99 monthly subscription for identity protection services, with Kasasa account holders receiving discounted rate.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Lee Bank & Trust Company is a community bank that provides deposit accounts (personal and business checking, savings, CDs, IRAs), consumer and business loans (personal, auto, home mortgage, home equity, lines of credit, commercial), and digital banking services including mobile banking with mobile deposit, online bill pay, mobile wallet support, eStatements, and identity protection add-ons. The bank operates three branches in Southwest Virginia with local decision-making and serves approximately $260 million in total assets.

Product overview

Lee Bank & Trust Company offers a comprehensive suite of traditional banking products and services centered around checking, savings, and lending. The core product portfolio includes three personal checking accounts (Free Kasasa Cash Checking with up to 2.50% APY rewards, Free Kasasa Cash Back Checking with cash back rewards, and No Frills Checking for basic banking), six personal savings options (Free Kasasa Saver, Statement Savings, Christmas Club, Certificate of Deposit, Insured Money Fund Account, and Individual Retirement Accounts), business checking (Business Basic Checking), and a full range of lending products including personal loans, auto loans, home mortgages, home equity loans, personal lines of credit, and business loans. Digital banking services are provided as add-on modules including Online Banking & Bill Pay, Mobile Banking with mobile deposit capabilities, Mobile Wallet support for Apple Pay/Google Pay/Samsung Pay, eStatements, and Kasasa Protect identity protection. The bank operates as a traditional community bank with approximately $260 million in assets, offering locally-based decision-making in Southwest Virginia communities.

Differentiator

Problem solved

Functional benefit

Brands

• Kasasa Cash: Free checking account that pays high interest rates (2.50% APY on balances up to $10,000) with ATM fee refunds nationwide.
• Kasasa Cash Back
• Kasasa Saver

Products and services

• Free Kasasa Cash Checking
• Free Kasasa Cash Back Checking
• No Frills Checking
• Free Kasasa Saver
• Statement Savings
• Christmas Club
• Certificate of Deposit (CDs)
• Insured Money Fund Account
• Individual Retirement Account (IRAs)
• Business Basic Checking
• Business Loans
• Personal Loans
• Auto Loans
• Home Mortgage Loans
• Home Equity Loans
• Personal Lines of Credit
• Online Banking & Bill Pay

Quantifiable outcome

• Up to 2.50% APY on Kasasa Cash checking balances up to $10,000
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

Feature5 records

Partnerships

Three partnerships are on record, tiered core.

• Kasasa (BancVue, Ltd.)coreTechnology or IntegrationKasasa is a rewards checking program provider offering Kasasa Cash, Kasasa Cash Back, and Kasasa Saver products. Lee Bank offers these branded accounts featuring high interest rates, cash back rewards, and ATM fee refunds when customers meet qualification requirements.
• Netteller (Jack Henry & Associates)coreTechnology or IntegrationNetteller provides the online banking platform for Lee Bank customers to access accounts, make transfers, pay bills, and manage finances online.
• VisacoreTechnology or IntegrationVisa debit cards are provided to Lee Bank customers, accepted globally for purchases and ATM withdrawals, and compatible with mobile wallets including Apple Pay, Google Pay, and Samsung Pay.

Scale indicators3 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• Carter Bank & Trust: Virginia-headquartered community bank offering similar deposit, lending, and digital banking products across rural and small-town Virginia. Comparable asset size and community-bank model with multi-branch Virginia footprint.
• Powell Valley National Bank: Community bank operating in the same Southwest Virginia / Northeast Tennessee region as Lee Bank, offering comparable personal and business banking products. Direct geographic overlap and similar rural community-bank positioning.
• Blue Ridge Bank, National Association: Virginia-based community bank with comparable branch banking model, deposit products, and small-business lending focus. Similar regulatory profile (FDIC-insured Virginia bank) and target customer base of consumers and SMBs.
• TruPoint Bank: Community bank serving Southwest Virginia with a similar product mix (checking, savings, loans) and competitive overlap in the Bristol/Abingdon corridor. Closely comparable in asset size and operating model.
• Highlands Community Bank: Community bank operating in western Virginia with overlapping consumer and small-business banking products. Similar asset scale, branch-based distribution, and local decision-making model.
• Bank of Floyd: Small Virginia community bank with comparable deposit, loan, and digital banking offerings to Lee Bank. Similar Southwest Virginia footprint and community-bank positioning.
• Grayson National Bank: Independent Virginia community bank offering the same core suite of personal and business banking products. Comparable scale, geographic focus, and target customer segments.

Broad incumbents

• Atlantic Union Bank: Large Virginia-headquartered regional bank with branches throughout the state, including competition in the Southwest Virginia market. Offers overlapping checking, savings, lending, and digital banking products but at significantly larger scale and broader geographic reach.
• Truist Financial Corporation: Major U.S. bank with significant branch presence across Virginia, including in the markets Lee Bank serves. Competes on deposits, consumer loans, and digital banking with substantially greater scale and product breadth.

Regional players

• First Bank (Virginia): Virginia-based community bank with a similar community-bank operating model and product suite. Comparable regulatory profile and target segments but operating in a different sub-region of Virginia, providing regional rather than direct overlap.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/LeeBankandTrust

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lee Bank & Trust Company