Xenith Bank has received approval to open a full-fledged branch in Northern Virginia.
The Richmond-based bank had previously opened a loan production office in the Tysons Corner area and was awaiting approval from regulators to open a branch there, a market the bank has eyed since its inception.
Xenith CEO Gaylon Layfield said the bank does not yet have any specific plans for more Northern Virginia branches at the moment.
“But given the geographic spread up there, at some point we may consider additional locations.”
Xenith currently has four employees in the Northern Virginia market.
Still a young bank, Xenith officially opened for business in 2009 after it acquired the former Hampton Roads-based SuffolkFirst Bank and its parent company First Bankshares. The bank plans to focus on what it calls the golden crescent, the area of Virginia that includes Hampton Roads, Richmond and Northern Virginia.
The bank and its parent company, publicly-traded Xenith Bankshares, have five offices, including three in Suffolk, its headquarters in downtown Richmond and the one in Northern Virginia.
The fledgling bank has lost $4.6 million so far this year. It had $243.5 million in assets as of the end of the third quarter, including $165.9 million in deposits and a $136 million loan portfolio.