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Xenith prunes two branches ahead of Union deal

Michael Schwartz May 24, 2017 0

Xenith's headquarters is downtown at the James Center. (BizSense file photo)

Xenith’s headquarters is downtown at the James Center. (BizSense file photo)

In the midst of negotiating a $700 million deal to be acquired by one of its larger Richmond-based peers, a local bank was also doing some branch trimming.

Xenith Bank earlier this month closed two locations: one locally at 1011 Boulder Springs Drive on the Southside and one near downtown Suffolk.

CEO Gaylon Layfield said the closures, which occurred May 5, are not related to the bank’s pending deal to be purchased by Richmond-based Union Bank & Trust, but instead were a post-consolidation move following its combination with Bank of Hampton Roads last year.

The bank leased the Southside office, which is in the Boulders office park. It still owns the Suffolk site, which was one of the first branches acquired by its 2009 takeover of SuffolkFirst Bank.

That deal gave Xenith the banking charter it needed to begin the nine-year path to a $117 million combination with Bank of Hampton Roads, and to Monday’s announcement of the Union transaction, which will create a nearly $12 billion regional banking powerhouse.

Xenith, which has $3.1 billion in assets, still has about 40 locations that will be combined with Union’s 100 branches.

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