An out-of-town bank’s first Richmond retail branch is open for business along the competitive stretch of Patterson Avenue.
Charlotte, North Carolina-based Park Sterling Bank opened its new location at 5601 Patterson Ave. last month. The 1,900-square-foot property was formerly occupied by Kelley’s Gift Shop.
The bank leased the property late last year and renovated the space, using W.E. Bowman Construction as general contractor and ESD Partners as its architect.
The building was constructed in the 1950s as a bank branch and was left vacant when Kelley’s closed in the spring of 2014.
The Patterson branch is managed by Christin McDuffie. Rob Leitch, formerly of StellarOne Bank, is Parking Sterling’s Richmond market head.
Park Sterling was founded in Charlotte in 2006. It has grown to $2.3 billion in assets and the Patterson branch is its 54th location.
It first entered the Richmond market in early 2014 when it picked up a pack of local bankers from StellarOne Bank, which was in the midst of merging with Union Bank at the time.
Park Sterling has plenty of competition within sight on Patterson, a street that along with neighboring Libbie Avenue has become a go-to retail area for banks large and small. Big players like BB&T have outposts in that area, and smaller out-of-town banks have set up shop in recent years, including Middleburg Bank and Bank of Lancaster.
And directly next door to Park Sterling, Chesapeake Bank is working on a $4.1 million renovation to transform an old office building into its Richmond home.