[ Login ]   [ Register ]

Richmond banks make moves in Nelson County, Va. Beach

Michael Schwartz June 7, 2017 0

xenith-union

Union plans to acquire Xenith in a $700 million all-stock deal.

In the midst of their pending $700 million marriage, two local banks are each making moves at opposite ends of the state.

In Nelson County, Union Bank & Trust is looking to pick up a small batch of deposits from Danville-based American National Bank.

American National is closing its branch in Lovingston, a small town between Charlottesville and Lynchburg, and Union will purchase the outpost’s $13.48 million in deposits and house them in its branch a half-mile away.

Union spokesman Bill Cimino said the bank would not disclose what it’s paying for the deposits, only that it’s “not a material amount.”

Union already has a large market share in that part of the state, controlling more than $446 million in deposits in the broader Charlottesville market. American National’s Lovingston branch is its only location in that area.

The deposit deal is awaiting approval from the Federal Reserve Bank of Richmond.

Back east near the coast, Xenith Bank – which Union is acquiring – is swapping branches in Virginia Beach.

Xenith has applied for permission from the Richmond Fed to relocate its branch at 281 Independence Blvd., near the Virginia Beach Town Center. It will move to a vacant branch building a mile up the road at 713 Independence Blvd.

Xenith CEO Gaylon Layfield said the bank’s lease at its Independence branch is coming due, and it will lease the new space. The Independence branch has about $75 million in deposits.

Xenith, which has a large presence in the Hampton Roads market after combining last year with the larger Bank of Hampton Roads, has done other branch shuffling in recent weeks.

Last month it closed two branches: one locally at 1011 Boulder Springs Drive on the Southside and one near downtown Suffolk.

Union and Xenith are headed toward an all-stock deal valued around $700 million, by which Union will acquire Xenith to combine their respective $8 billion and $3 billion in assets and create a nearly $12 billion regional bank.

Editor's Picks

Leave A Response »

Please use your real, full name (first and last) and a valid email address to foster a more civil discussion. Comments without first and last name may not be approved.


We encourage active participation in our online community, but we reserve the right to remove any off topic or inappropriate comments.