Richmond’s biggest bank officially opened seven new branches in the western part of Virginia Monday – all inside Martin’s grocery stores.
Union First Market Bank said the openings bring its total in-store Martin’s branches to 29.
The new branches include two locations in Winchester and one in Waynesboro, Stephens City, Harrisonburg, Staunton and Culpeper. Union said it has hired more than 30 new employees to man the new branches.
Union first announced the plan for the new Martin’s branches in February.
Union also recently closed on another branch deal in Harrisonburg after it acquired a location there from NewBridge Bank. The acquisition also included about $50 million in deposits and $72 million in loans.
That branch in addition to the new Martin’s locations gives the $3.8 billion bank 99 total branches across the state.
In other local banking news, two banks received approval from state regulators for new branches in Richmond.
Middleburg Bank received approval from the Virginia Bureau of Financial Institutions to open a full-fledged branch at 821 E. Main St. downtown. BizSense first reported last month on Middleburg’s plan for its first Richmond branch amid a flurry of activity from out-of-town banks looking to make their first mark in the local market.
Meanwhile, Xenith Bank received approval for a branch at 6806 Paragon Place, presently the local office of Paragon Commercial Bank. But there’s a catch to that approval. That branch will eventually be closed and consolidated into Xenith’s downtown branch once the deal between the banks, by which Xenith will acquire Raleigh-based Paragon’s local operations, is approved as expected during the third quarter.
Richmond’s biggest bank officially opened seven new branches in the western part of Virginia Monday – all inside Martin’s grocery stores.
Union First Market Bank said the openings bring its total in-store Martin’s branches to 29.
The new branches include two locations in Winchester and one in Waynesboro, Stephens City, Harrisonburg, Staunton and Culpeper. Union said it has hired more than 30 new employees to man the new branches.
Union first announced the plan for the new Martin’s branches in February.
Union also recently closed on another branch deal in Harrisonburg after it acquired a location there from NewBridge Bank. The acquisition also included about $50 million in deposits and $72 million in loans.
That branch in addition to the new Martin’s locations gives the $3.8 billion bank 99 total branches across the state.
In other local banking news, two banks received approval from state regulators for new branches in Richmond.
Middleburg Bank received approval from the Virginia Bureau of Financial Institutions to open a full-fledged branch at 821 E. Main St. downtown. BizSense first reported last month on Middleburg’s plan for its first Richmond branch amid a flurry of activity from out-of-town banks looking to make their first mark in the local market.
Meanwhile, Xenith Bank received approval for a branch at 6806 Paragon Place, presently the local office of Paragon Commercial Bank. But there’s a catch to that approval. That branch will eventually be closed and consolidated into Xenith’s downtown branch once the deal between the banks, by which Xenith will acquire Raleigh-based Paragon’s local operations, is approved as expected during the third quarter.