A month after beginning its first local operations, a Charlotte-based bank has found a place to call home in Richmond and expanded its roster.
Park Sterling Bank last week leased its first permanent office in the local market. It took more than 7,500 square feet at Stony Point II at 9020 Stony Point Parkway.
The $2 billion bank temporarily set up shop at 4860 Cox Road in Innsbrook to launch in Richmond in January. The new space, although not a traditional standalone bank branch, does allow the bank to expand from a loan production office to a full-service local branch.
“We’re not expecting to do a lot of retail traffic out of there, but it does let you have all your banking powers in the state of Virginia,” said Jim Cherry, Park Sterling’s chief executive.
Its space is on the third floor of the 140,000-square-foot building, which is owned by Highwoods Properties. Broker Jane DuFrane handles the property for Highwoods.
The bank will file an application with state and federal regulators for permission to run a full branch out of the space, which would include the ability to lend money and accept deposits.
Park Sterling continued to grow its local ranks by attracting talent from area competitors, particularly from the recently merged StellarOne Bank and Union First Market Bank.
Park Sterling brought George Meyls and Russell Carter into its wealth management division, which is now headquartered in Richmond. It also added Angela Ross as chief marketing officer.
Meyls and Ross had both been with StellarOne. Carter was with Union First Market. Those two banks combined in an acquisition that made Union the largest community bank in the state.
The three additions join a team of StellarOne bankers that jumped to Park Sterling for its initial launch in Richmond.
“It’s just kind of happenstance,” Cherry said of the wave of hires from what will be one of Park Sterling’s main competitors in the market.
Park Sterling’s Richmond headcount is at 11.
Another out-of-town bank recently looked to a StellarOne alum to lead its first charge into Richmond: Bank of Lancaster, a $340 million bank headquartered in Kilmarnock, Va., hired F. Arnold Blackmon III as it launched in Richmond.