The Richmond arm of a Hampton Roads-based bank has opened its latest local branch, while a recent land deal in Chesterfield offers a glimpse at its next step for expansion.
TowneBank earlier this month unveiled its new outpost in Libbie Mill, a sprawling mixed-use development by Gumenick Properties in Henrico County.
The bank’s 3,000-square-foot branch sits at 4901 Libbie Mill East Blvd., in a corner of a newly constructed strip of office and retail space that fronts Staples Mill Road, across from the now-vacant Southern Season store.
The Libbie Mill branch replaces an aged 2,200-square-foot location at 5011 Brook Road, which TowneBank inherited through its acquisition of Franklin Federal Savings Bank in early 2015.
CEO Bob Aston said that branch is now shuttered and property is on the market.
Meanwhile in Chesterfield, the bank last month paid $425,000 for a strip of land at 9910 Lori Road. The 1.6-acre parcel abuts TowneBank’s current branch at 9961 Iron Bridge Road, and Aston said a new from-scratch branch will rise on the adjoining parcel to replace the existing location, which it also inherited from Franklin Federal.
“The building there structurally is OK, but it’s not set up the way we’d do something today,” Aston said. “It’s actually more building than what we’d need.”
Aston said the current branch was constructed when that part of the county was less populated and Iron Bridge was just a two-lane road.
“Now that it’s been widened, (the building) just sits right on the street,” he said, adding there isn’t enough distance between the street edge and lot, leading the bank to buy the neighboring site for extra space.
“That will give us the necessary depth to build a new building on the corner,” he said. “And then we’ll have an additional piece to subdivide and sell.”
Aston said plans for the new branch are still in the works, and the bank is figuring out how to build the new site while keeping the existing one open during construction.
Aston said he likes the location’s proximity to the Chesterfield County government office complex. He said the bank considered remodeling the existing building, but additions to the property over the years would make that logistically difficult and more costly than building from scratch.
TowneBank bought the plot from a family that had owned it for decades. The site was most recently assessed at $175,000.