For the second time this year, a Christiansburg community bank is looking to plant a flag in Richmond.
StellarOne Bank has its sights set on Western Henrico for its second branch in the market. It is in the early stages of an application to set up a location at 9605 Gayton Road, near the Gayton Crossing Shopping Center.
If approved by regulators, the branch would be in a 1,500-square-foot building that is part of the Gayton Crossing Office Park near Gayton and Gaskins roads. The property for the last 15 years was used by a Nationwide Insurance office. That office moved around the corner to Gaskins Road.
The property is owned by Gayton Crossing Office Park LLC. It is managed by Equity Real Estate Corp.
Tom Lawrence, principal broker of Equity Real Estate said the building was originally the headquarters for the former Investors Savings and Loan, a bank that closed during the savings and loan crisis in the late 1990s.
“It’s a veteran bank branch and was built for that purpose,” Lawrence said.
StellarOne would do some buildout to the property, Lawrence said, including updating the facade.
The property was most recently assessed at $1.6 million, according to Henrico County records.
StellarOne in August opened its first Richmond branch at Libbie and Patterson avenues.
The $2.9 billion bank said then that the branch there would be the first of several in the market.
StellarOne’s is the first application by a bank for a new branch in Richmond since Blackstone, Va.-based Citizens Bank & Trust received approval for a location off Iron Bridge Road/Route 10 in Chester.
StellarOne’s publicly traded holding company, StellarOne Corp., is based in Charlottesville. It has more than 50 branches across the state. One of its main competitors in many markets across the state is Richmond-based Union First Market Bank.
Before building a branch presence in Richmond, StellarOne had employees in commercial lending, wealth management and mortgage operations based on Westerre Parkway near Innsbrook.