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Restrictions on Cash
12 Months Ended
Dec. 31, 2019
Cash and Cash Equivalents [Abstract]  
Restrictions on Cash
Restrictions on Cash
The Company is a member of the Federal Reserve System and is required to maintain certain levels of its cash and cash equivalents as reserves based on regulatory requirements. The gross reserve requirement with the Federal Reserve Bank of Richmond was $14.4 million and $3.0 million at December 31, 2019 and 2018, respectively. The required balance to be maintained with the Federal Reserve Bank of Richmond was $2.6 million and zero at December 31, 2019 and December 31, 2018, respectively.
The Company maintains cash accounts in other commercial banks. The amount on deposit with correspondent institutions at December 31, 2019 exceeded the insurance limits of the Federal Deposit Insurance Corporation by $678,000.