An Ohio banking giant just set up shop in Richmond.
Cincinnati-based Fifth Third Bank has hired a veteran banker to lead its leap into the local market.
The bank, part of a $111 billion holding company with 1,300 branches, won’t be making a huge initial splash locally, but it will be going after big clients.
It snagged Martin Rust from RBC Bank to lead the one-man shop. He will target international companies that do business in Richmond and across the Mid-Atlantic region.
Rust, 53, jumped ship from RBC after it announced it was being acquired by PNC Bank. He previously worked at the former First Union Bank, its successor, Wachovia, and banks in New York.
Fifth Third’s entrance into Richmond comes just months after several banks from across the state revealed plans to expand in the local market.
In June, BizSense reported on Christiansburg-based StellarOne Bank’s plans for a large branch expansion into Richmond. Soon after, Middleburg Bank of Northern Virginia said it would open its first Richmond branch downtown. Chesapeake Bank, headquartered in Kilmarnock, then announced it would open its first loan production office here and eventually have a full-fledged branch. Finally, McLean-based Sonabank came into the market via acquisition of a Gateway Bank branch in Midlothian.
As for any possible branch expansion in Richmond, Fifth Third wouldn’t discuss its plans.
“It’s the bank’s first office in Richmond, and Martin is the beginning of that effort,” said Fifth Third spokesperson Debra DeCourcy. “We don’t discuss our expansion strategy.”
Rust will be based out of an office in the Boulders and will cover Virginia, Maryland and Washington. He said the bank might hire an additional employee as support staff.
“But for the time being I’m kind of a beachhead here,” Rust said. “The good news is the fields are open and ripe, particularly for the niche we’re in now.”
That niche is to get the business of the North American subsidiaries of European companies.
Rust said the uncertainty at RBC after the PNC acquisition prompted him to make the move.
“It’s not a merger, it’s a hardcore acquisition,” Rust said of the PNC/RBC deal.
Rust is a graduate of Boston College and received a master’s degree from Georgetown University.
Michael Schwartz is a BizSense reporter and covers banking. Please send news tips to [email protected].
An Ohio banking giant just set up shop in Richmond.
Cincinnati-based Fifth Third Bank has hired a veteran banker to lead its leap into the local market.
The bank, part of a $111 billion holding company with 1,300 branches, won’t be making a huge initial splash locally, but it will be going after big clients.
It snagged Martin Rust from RBC Bank to lead the one-man shop. He will target international companies that do business in Richmond and across the Mid-Atlantic region.
Rust, 53, jumped ship from RBC after it announced it was being acquired by PNC Bank. He previously worked at the former First Union Bank, its successor, Wachovia, and banks in New York.
Fifth Third’s entrance into Richmond comes just months after several banks from across the state revealed plans to expand in the local market.
In June, BizSense reported on Christiansburg-based StellarOne Bank’s plans for a large branch expansion into Richmond. Soon after, Middleburg Bank of Northern Virginia said it would open its first Richmond branch downtown. Chesapeake Bank, headquartered in Kilmarnock, then announced it would open its first loan production office here and eventually have a full-fledged branch. Finally, McLean-based Sonabank came into the market via acquisition of a Gateway Bank branch in Midlothian.
As for any possible branch expansion in Richmond, Fifth Third wouldn’t discuss its plans.
“It’s the bank’s first office in Richmond, and Martin is the beginning of that effort,” said Fifth Third spokesperson Debra DeCourcy. “We don’t discuss our expansion strategy.”
Rust will be based out of an office in the Boulders and will cover Virginia, Maryland and Washington. He said the bank might hire an additional employee as support staff.
“But for the time being I’m kind of a beachhead here,” Rust said. “The good news is the fields are open and ripe, particularly for the niche we’re in now.”
That niche is to get the business of the North American subsidiaries of European companies.
Rust said the uncertainty at RBC after the PNC acquisition prompted him to make the move.
“It’s not a merger, it’s a hardcore acquisition,” Rust said of the PNC/RBC deal.
Rust is a graduate of Boston College and received a master’s degree from Georgetown University.
Michael Schwartz is a BizSense reporter and covers banking. Please send news tips to [email protected].