With its new office going up on West Broad Street, a Memphis-based bank’s first major push for visibility in Richmond is nearing completion.
First Tennessee Bank plans to move into a new local branch at 6627 W. Broad St. this spring as part of an office building that’s under construction in the Reynolds Crossing development.
John Hopper, head of First Tennessee’s Richmond operations, said the new office will give the bank some prominence on a busy stretch surrounded by the likes of Genworth and Altria. It is expected to move in April.
“This location is a going to be a big statement to the market that we are here for the long haul,” Hopper said. “It’s a lot bigger space for us as we grow, and we’re certainly in a growth mode for this market.”
First Tennessee will lease about 6,000 square feet on the second floor of the Reynolds Crossing building, about three times the space of the bank’s current office at 7301 Forest Ave. The bank will close down that office after the move.
Sheltering Arms, a local medical rehab practice, will occupy the bulk of the building.
The bank first entered the Richmond market in 2008 as it began expanding outside of its home state. It has operated in Richmond somewhat quietly, Hopper said, and that’s by design.
“I don’t know if reserved would be the right word, but we don’t have a branch on every corner,” he said. “We don’t do mass retail in the mid-Atlantic.”
In Richmond, the bank focuses on private and commercial banking, wealth management and commercial real estate lending. Hopper said it has had success getting business from medical and law practices and has done large commercial loans on projects such as the expansion of senior living facility Covenant Woods.
“The size of our loans and deposits here would surprise a lot of folks,” Hopper said. “We like it that way.”
First Tennessee has $24 billion in assets and it operates under holding company First Horizon. In addition to covering most of Tennessee, the bank has offices in Jacksonville, Florida, Raleigh and Winston-Salem and Charleston, South Carolina.