Bank moves for first local branch

Citizens Bank plans to open a branch in its Telegraph Road office building. Photo by Michael Schwartz.

Citizens Bank plans to open a branch in its Telegraph Road office building. Photo by Michael Schwartz.

As out-of-town banks continue to rush new offices into the Richmond market, a bank from the Northeast has a branch of a different sort in mind for Glen Allen.

Citizens Bank, a $137 billion institution headquartered in Rhode Island, has submitted an application with state and federal regulators to open its first local branch at 10561 Telegraph Road in an office building near Virginia Center Commons.

But, according to Citizens Bank spokesman Steve Sylven, the new branch won’t be open to the public. It will be an in-house branch catering solely to the company’s local employees, of which there are about 600 working in that building.

Sylven said the company occupies much of the 117,000-square-foot property, and the employees work mostly for its mortgage brand, Citizens One.

Gaining branch status for the building will allow the company to process more transactions and accept deposits from its employees. The bank already has an ATM on-site.

Such a branch isn’t uncommon. Capital One opened a similar employee-focused location at one of its facilities in Innsbrook.

Citizens Bank must submit to a comment period before regulatory approval can be granted. That period runs from Aug. 6 to Sept. 4.

If approved, the branch would add to Citizens’ 1,200 locations in 11 states.

Citizens Bank plans to open a branch in its Telegraph Road office building. Photo by Michael Schwartz.

Citizens Bank plans to open a branch in its Telegraph Road office building. Photo by Michael Schwartz.

As out-of-town banks continue to rush new offices into the Richmond market, a bank from the Northeast has a branch of a different sort in mind for Glen Allen.

Citizens Bank, a $137 billion institution headquartered in Rhode Island, has submitted an application with state and federal regulators to open its first local branch at 10561 Telegraph Road in an office building near Virginia Center Commons.

But, according to Citizens Bank spokesman Steve Sylven, the new branch won’t be open to the public. It will be an in-house branch catering solely to the company’s local employees, of which there are about 600 working in that building.

Sylven said the company occupies much of the 117,000-square-foot property, and the employees work mostly for its mortgage brand, Citizens One.

Gaining branch status for the building will allow the company to process more transactions and accept deposits from its employees. The bank already has an ATM on-site.

Such a branch isn’t uncommon. Capital One opened a similar employee-focused location at one of its facilities in Innsbrook.

Citizens Bank must submit to a comment period before regulatory approval can be granted. That period runs from Aug. 6 to Sept. 4.

If approved, the branch would add to Citizens’ 1,200 locations in 11 states.

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