Union First closes 4 branches

Four branches of Richmond’s biggest bank have closed.

Union First Market Bank last week completed the closure of branches in Charlottesville, Fredericksburg, Port Royal and Mechanicsville. It first disclosed the plan to shut down the locations in March.

The local branch was at 7279 Bell Creek Road, between Mechanicsville Turnpike and Cold Harbor Road.

Shuttering the locations will save the bank about $221,000 each quarter, according to its most recent quarterly report.

When considering closures, Union looked at the number of branches in a given market, the demand for those branches and the growth potential of each market.

Union owns each of the four properties and intends sell them. It has not yet listed them, according to Union spokesman Bill Cimino.

Most of the branch employees were reassigned.

“We tried to keep as many people as possible,” Cimino said.

This is Union’s first move to downsize after a year of expansion.

Last May, the bank acquired a branch, deposits and loans in Harrisonburg from NewBridge Bank.

In June, it opened seven branches inside Martin’s grocery stores in the western part of Virginia.

It also built out a downtown Richmond headquarters in Three James Center, moving its operations from the Turning Basin building in Shockoe Bottom.

With $3.9 billion in assets, Union is the largest bank headquartered in Richmond. It controls about 2.25 percent of all deposits in the Richmond market. It brought in a profit of about $28 million in 2011.

Four branches of Richmond’s biggest bank have closed.

Union First Market Bank last week completed the closure of branches in Charlottesville, Fredericksburg, Port Royal and Mechanicsville. It first disclosed the plan to shut down the locations in March.

The local branch was at 7279 Bell Creek Road, between Mechanicsville Turnpike and Cold Harbor Road.

Shuttering the locations will save the bank about $221,000 each quarter, according to its most recent quarterly report.

When considering closures, Union looked at the number of branches in a given market, the demand for those branches and the growth potential of each market.

Union owns each of the four properties and intends sell them. It has not yet listed them, according to Union spokesman Bill Cimino.

Most of the branch employees were reassigned.

“We tried to keep as many people as possible,” Cimino said.

This is Union’s first move to downsize after a year of expansion.

Last May, the bank acquired a branch, deposits and loans in Harrisonburg from NewBridge Bank.

In June, it opened seven branches inside Martin’s grocery stores in the western part of Virginia.

It also built out a downtown Richmond headquarters in Three James Center, moving its operations from the Turning Basin building in Shockoe Bottom.

With $3.9 billion in assets, Union is the largest bank headquartered in Richmond. It controls about 2.25 percent of all deposits in the Richmond market. It brought in a profit of about $28 million in 2011.

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