A Northern Neck bank has officially arrived in the area’s newest banking hotbed.
Chesapeake Bank opened for business Monday in its new 8,000-square-foot office at 5501 Patterson Ave. The Kilmarnock-based institution spent about $4 million to transform the once aging property into a full-scale branch and base for its Richmond operations.
The bank follows other new branches opened nearby: Charlotte-based Park Sterling Bank has a location right next door, and Chesapeake Bank’s Northern Neck rival Bank of Lancaster has a branch a few doors down at Libbie and Patterson avenues.
Those three join the surrounding fray that includes BB&T, SunTrust, Wells Fargo, Gateway Bank and Middleburg Bank, all vying for business within about a 1-mile radius.
The new branch for Chesapeake Bank comes about four years after it entered the Richmond market with a small loan office elsewhere in the West End. It has space for retail and commercial banking, as well as investment and trust operations. About a dozen employees are based in the building, said Frank Bell, the bank’s local head.
Chesapeake Bank purchased the building in May 2014 for $1.76 million. Construction began late last year, Bell said.
Fred Thompson from locally based Architects Dayton Thompson and Associates, along with Tom Tingle of Guernsey Tingle Architects in Williamsburg, designed the property.
RVA Construction was the general contractor for the project.