The former bank branch building at 5711 Patterson Ave. may open its doors again as a Bank of Lancaster office. Photo by Michael Schwartz.
A Patterson Avenue building is once again doing the bank branch shuffle.
Bank of Lancaster, a $340 million bank headquartered in Kilmarnock, is eyeing 5711 Patterson Ave. for its first full-service branch in the region.
The bank is seeking permission from regulators to open a location in the 1,700-square-foot property that has sat vacant since May.
If approved, the branch would give the 84-year-old bank its second outpost in Richmond since it arrived in the market seven months ago and a presence at a prime corner lot in the Libbie-Patterson retail stretch.
“The demographics are very similar to those in the Northern Neck, and many of our current customers have connections to this area of Richmond,” Randal Greene, the bank’s president and CEO, said in an email. “Having a branch here will allow us to service those customers and expand our customer base.”
Bank of Lancaster’s approval would also give the building at least its third bank occupant since it was built in 1988.
It previously was home to a BB&T branch. The bank then moved to a storefront right next door.
The branch then made way for StellarOne Bank and its first retail location in the market in late 2012, only to quickly be left vacant once again when the Christiansburg bank was acquired by Union First Market Bank.
The West End space would join Bank of Lancaster’s current office in 4,000 square feet at One Paragon Place, in an office park near the corner of Glenside Drive and West Broad Street. That office serves as the hub for the bank’s Richmond operations and its local wealth management and lending arms.
At least one of Bank of Lancaster’s employees will have some familiarity with the Patterson Avenue property. Arnold Blackmon, who until recently was with StellarOne Bank in Richmond, now runs Bank of Lancaster’s local operations.
The bank would not say whether it will buy or lease the building.
The property is owned by Branch Water Realty Trust out of Cambridge, Mass., and is being marketed for lease.
Brokers Austin Newman and Will McGoogan from Cushman & Wakefield | Thalhimer are handling the listing.
Bank of Lancaster would need approval from the Federal Reserve for the expansion. The Fed offers a public comment period on the proposal that will run through Sept. 15.
It would also need to seek approval from the State Corporation Commission’s Bureau of Financial Institutions.
Bank of Lancaster has eight branches across the Northern Neck market. It is a subsidiary of Bay Banks of Virginia.
The former bank branch building at 5711 Patterson Ave. may open its doors again as a Bank of Lancaster office. Photo by Michael Schwartz.
A Patterson Avenue building is once again doing the bank branch shuffle.
Bank of Lancaster, a $340 million bank headquartered in Kilmarnock, is eyeing 5711 Patterson Ave. for its first full-service branch in the region.
The bank is seeking permission from regulators to open a location in the 1,700-square-foot property that has sat vacant since May.
If approved, the branch would give the 84-year-old bank its second outpost in Richmond since it arrived in the market seven months ago and a presence at a prime corner lot in the Libbie-Patterson retail stretch.
“The demographics are very similar to those in the Northern Neck, and many of our current customers have connections to this area of Richmond,” Randal Greene, the bank’s president and CEO, said in an email. “Having a branch here will allow us to service those customers and expand our customer base.”
Bank of Lancaster’s approval would also give the building at least its third bank occupant since it was built in 1988.
It previously was home to a BB&T branch. The bank then moved to a storefront right next door.
The branch then made way for StellarOne Bank and its first retail location in the market in late 2012, only to quickly be left vacant once again when the Christiansburg bank was acquired by Union First Market Bank.
The West End space would join Bank of Lancaster’s current office in 4,000 square feet at One Paragon Place, in an office park near the corner of Glenside Drive and West Broad Street. That office serves as the hub for the bank’s Richmond operations and its local wealth management and lending arms.
At least one of Bank of Lancaster’s employees will have some familiarity with the Patterson Avenue property. Arnold Blackmon, who until recently was with StellarOne Bank in Richmond, now runs Bank of Lancaster’s local operations.
The bank would not say whether it will buy or lease the building.
The property is owned by Branch Water Realty Trust out of Cambridge, Mass., and is being marketed for lease.
Brokers Austin Newman and Will McGoogan from Cushman & Wakefield | Thalhimer are handling the listing.
Bank of Lancaster would need approval from the Federal Reserve for the expansion. The Fed offers a public comment period on the proposal that will run through Sept. 15.
It would also need to seek approval from the State Corporation Commission’s Bureau of Financial Institutions.
Bank of Lancaster has eight branches across the Northern Neck market. It is a subsidiary of Bay Banks of Virginia.