Bank of America left one of its branches late last month. Photo by Michael Schwartz.
A bank branch on the grounds of Regency Square Mall went dark last month in one of the first visible changes since the West End shopping center came under new ownership.
The Bank of America location at 1410 Parham Road closed May 19, according to State Corporate Commission records.
The 2,600-square-foot building was built in 1976 and has been occupied by various Bank of America predecessors over the years, including First & Merchants Bank, Sovran Bank and Nations Bank.
Regency Square mall was sold a few months ago. Photo by Katie Demeria.
The branch is part of the overall mall property and was purchased in February by local real estate firms Thalhimer Realty Partners and the Rebkee Co. The companies have said they have big plans to revamp the mall and its 46 acres but haven’t discussed specifics. They paid $13.1 million for the property.
Rebkee’s Rob Hargett said Bank of America’s lease on the building came due, and it chose not to renew.
“The lease ran out, and they didn’t want to wait around for the rehab of the mall,” Hargett said.
An email to a Bank of America representative was not returned by press time.
Hargett said the closure of the branch isn’t related to any specific plan that Rebkee and Thalhimer have for the overall property.
“That wasn’t a strategic piece of our plan,” he said. “Our plan is much more grandiose than that. When we develop, there will be five banks behind them.”
Bank of America still has approximately two dozen branches in the Richmond market. Signs directed customers of the Regency location to its closest branches at 8001 Patterson Ave., 1372 Gaskins Road, 3901 Stillman Parkway and 11681 W. Broad St.
The Charlotte-based behemoth dominates the local market in terms of its control of deposits. It had $12.5 billion in deposits around Richmond, or 18 percent of the local market share, as of June 30, 2014, the most recent data available from the FDIC. That’s nearly twice the amount of local deposits than its nearest competitor, Wells Fargo, which has more than 60 branches and $6.3 billion in deposits.
Bank of America left one of its branches late last month. Photo by Michael Schwartz.
A bank branch on the grounds of Regency Square Mall went dark last month in one of the first visible changes since the West End shopping center came under new ownership.
The Bank of America location at 1410 Parham Road closed May 19, according to State Corporate Commission records.
The 2,600-square-foot building was built in 1976 and has been occupied by various Bank of America predecessors over the years, including First & Merchants Bank, Sovran Bank and Nations Bank.
Regency Square mall was sold a few months ago. Photo by Katie Demeria.
The branch is part of the overall mall property and was purchased in February by local real estate firms Thalhimer Realty Partners and the Rebkee Co. The companies have said they have big plans to revamp the mall and its 46 acres but haven’t discussed specifics. They paid $13.1 million for the property.
Rebkee’s Rob Hargett said Bank of America’s lease on the building came due, and it chose not to renew.
“The lease ran out, and they didn’t want to wait around for the rehab of the mall,” Hargett said.
An email to a Bank of America representative was not returned by press time.
Hargett said the closure of the branch isn’t related to any specific plan that Rebkee and Thalhimer have for the overall property.
“That wasn’t a strategic piece of our plan,” he said. “Our plan is much more grandiose than that. When we develop, there will be five banks behind them.”
Bank of America still has approximately two dozen branches in the Richmond market. Signs directed customers of the Regency location to its closest branches at 8001 Patterson Ave., 1372 Gaskins Road, 3901 Stillman Parkway and 11681 W. Broad St.
The Charlotte-based behemoth dominates the local market in terms of its control of deposits. It had $12.5 billion in deposits around Richmond, or 18 percent of the local market share, as of June 30, 2014, the most recent data available from the FDIC. That’s nearly twice the amount of local deposits than its nearest competitor, Wells Fargo, which has more than 60 branches and $6.3 billion in deposits.
This is not a shock to me. BOA shut down the drive thru side at this location about 3 or 4 years ago.