Bank of Lancaster opened its first Richmond branch yesterday. Photo by Michael Schwartz.
A Northern Neck bank is officially up and running in what’s suddenly become the new hotspot for Richmond banking.
Bank of Lancaster opened for business Monday in its new branch at Libbie and Patterson avenues. The 1,700-square-foot building is the Kilmarnock-based bank’s first full branch in Richmond.
The $348 million bank took over the property through a sublease in a deal with Union First Market Bank. That deal also included the purchase of a branch on the Southside at 11450 Robious Road that Bank of Lancaster plans to open early next year.
Both the Libbie and Robious properties were previously home to StellarOne Bank prior to its acquisition by Union. Union then put the properties on the market in a round of post-merger branch closings around the state.
The West End branch joins Bank of Lancaster’s office at One Paragon Place near Glenside Drive and West Broad Street. That office will continue to serve as the hub for the bank’s Richmond operations and its local wealth management and lending arms.
Bank of Lancaster’s arrival on Patterson marks the latest in a line of out-of-town banks that have eyed the Libbie, Patterson and Grove corridor to gain visibility in Richmond.
Chesapeake Bank, one of Bank of Lancaster’s Northern Neck rivals, is planning a $4 million branch a few doors down on Patterson. Next door to that, Charlotte, N.C.-based Park Sterling Bank will open its first local branch in the former Kelley’s Gift Shop.
One change for Bank of Lancaster since it first announced its push into Richmond is the departure of Arnold Blackmon, a veteran local banker who had been tapped to lead Lancaster’s efforts here. The bank said last month that Blackmon’s departure does not change its game plan for growth in Richmond.
Blackmon could not be reached for comment on his next move.
Bank of Lancaster is a subsidiary of its Bay Banks of Virginia holding company. It reported a profit of $512,000 for the third quarter, down from a profit of $620,000 in the same period of 2013. Its profit through the first three quarters of 2014 was $1.2 million, up from $992,000 for the first nine months of 2013.
Bank of Lancaster opened its first Richmond branch yesterday. Photo by Michael Schwartz.
A Northern Neck bank is officially up and running in what’s suddenly become the new hotspot for Richmond banking.
Bank of Lancaster opened for business Monday in its new branch at Libbie and Patterson avenues. The 1,700-square-foot building is the Kilmarnock-based bank’s first full branch in Richmond.
The $348 million bank took over the property through a sublease in a deal with Union First Market Bank. That deal also included the purchase of a branch on the Southside at 11450 Robious Road that Bank of Lancaster plans to open early next year.
Both the Libbie and Robious properties were previously home to StellarOne Bank prior to its acquisition by Union. Union then put the properties on the market in a round of post-merger branch closings around the state.
The West End branch joins Bank of Lancaster’s office at One Paragon Place near Glenside Drive and West Broad Street. That office will continue to serve as the hub for the bank’s Richmond operations and its local wealth management and lending arms.
Bank of Lancaster’s arrival on Patterson marks the latest in a line of out-of-town banks that have eyed the Libbie, Patterson and Grove corridor to gain visibility in Richmond.
Chesapeake Bank, one of Bank of Lancaster’s Northern Neck rivals, is planning a $4 million branch a few doors down on Patterson. Next door to that, Charlotte, N.C.-based Park Sterling Bank will open its first local branch in the former Kelley’s Gift Shop.
One change for Bank of Lancaster since it first announced its push into Richmond is the departure of Arnold Blackmon, a veteran local banker who had been tapped to lead Lancaster’s efforts here. The bank said last month that Blackmon’s departure does not change its game plan for growth in Richmond.
Blackmon could not be reached for comment on his next move.
Bank of Lancaster is a subsidiary of its Bay Banks of Virginia holding company. It reported a profit of $512,000 for the third quarter, down from a profit of $620,000 in the same period of 2013. Its profit through the first three quarters of 2014 was $1.2 million, up from $992,000 for the first nine months of 2013.