First Capital Bank has a downtown branch at 901 E. Cary St. Photo by Michael Schwartz.
First Capital Bank isn’t sitting idle while it waits to be acquired in a pending $82 million deal.
The Glen Allen bank, which is in the process of being purchased by Charlotte-based Park Sterling Bank, has plans in the works for a new branch in eastern Hanover County.
At just under 1,000 square feet, the location will be built at 6296 Mechanicsville Turnpike as part of a strip center that will include the fourth outpost for locally based urgent care provider BetterMed.
It will be built atop a 0.8-acre plot the bank has owned since 2008, said Ray Santelli, a senior vice president at First Capital.
“We’ve been interested in the Mechanicsville market for a long time,” Santelli said. “It’s a high-traffic corridor. Mechanicsville continues to grow, as well as neighboring King William. There are a lot of rooftops and lot of small businesses.”
Ray Santelli
It will be the bank’s ninth location in the Richmond market and its first in that part of Hanover County.
“We have a location in Ashland, but we’re really mostly west of I-95,” he said.
While First Capital owns the land for the new site, the building itself will be owned by an unidentified third party, which will lease the space back to the bank.
Santelli would not comment on who will own the building going forward, other than to say it’s a Virginia real estate investor.
The branch is still subject to regulatory approval. First Capital submitted an application to the Federal Reserve for permission to open the location. The regulator calls for a public comment period for the application through Dec. 22.
Santelli said the bank hopes to have the branch open by April 2016, barring any weather-related construction delays.
Initial steps of construction have begun with the slab being poured this week, Santelli said. The entire building will be 5,500 square feet. Commonwealth Construction Management is the general contractor on the project, and 510 Architects did the design work.
Santelli said the timing of getting going on the new branch has nothing to do with the Park Sterling deal – the bank was waiting for the right time after the recession.
He said there’s been a lot of interest in the property as First Capital has sat on it for nearly eight years, given its location at Creighton Parkway and Mechanicsville Turnpike.
“I would get basically a call at least every month,” Santelli said. “It was never listed; people would look at the land records.”
First Capital will land in the midst of plenty of competition. Essex Bank has a branch right across the street, and C&F Bank, Village Bank, Bank of America, Wells Fargo, SunTrust and BB&T all have locations nearby.
First Capital Bank has a downtown branch at 901 E. Cary St. Photo by Michael Schwartz.
First Capital Bank isn’t sitting idle while it waits to be acquired in a pending $82 million deal.
The Glen Allen bank, which is in the process of being purchased by Charlotte-based Park Sterling Bank, has plans in the works for a new branch in eastern Hanover County.
At just under 1,000 square feet, the location will be built at 6296 Mechanicsville Turnpike as part of a strip center that will include the fourth outpost for locally based urgent care provider BetterMed.
It will be built atop a 0.8-acre plot the bank has owned since 2008, said Ray Santelli, a senior vice president at First Capital.
“We’ve been interested in the Mechanicsville market for a long time,” Santelli said. “It’s a high-traffic corridor. Mechanicsville continues to grow, as well as neighboring King William. There are a lot of rooftops and lot of small businesses.”
Ray Santelli
It will be the bank’s ninth location in the Richmond market and its first in that part of Hanover County.
“We have a location in Ashland, but we’re really mostly west of I-95,” he said.
While First Capital owns the land for the new site, the building itself will be owned by an unidentified third party, which will lease the space back to the bank.
Santelli would not comment on who will own the building going forward, other than to say it’s a Virginia real estate investor.
The branch is still subject to regulatory approval. First Capital submitted an application to the Federal Reserve for permission to open the location. The regulator calls for a public comment period for the application through Dec. 22.
Santelli said the bank hopes to have the branch open by April 2016, barring any weather-related construction delays.
Initial steps of construction have begun with the slab being poured this week, Santelli said. The entire building will be 5,500 square feet. Commonwealth Construction Management is the general contractor on the project, and 510 Architects did the design work.
Santelli said the timing of getting going on the new branch has nothing to do with the Park Sterling deal – the bank was waiting for the right time after the recession.
He said there’s been a lot of interest in the property as First Capital has sat on it for nearly eight years, given its location at Creighton Parkway and Mechanicsville Turnpike.
“I would get basically a call at least every month,” Santelli said. “It was never listed; people would look at the land records.”
First Capital will land in the midst of plenty of competition. Essex Bank has a branch right across the street, and C&F Bank, Village Bank, Bank of America, Wells Fargo, SunTrust and BB&T all have locations nearby.
Great Bank, Great People. Good Job Ray!