Union is headquartered downtown at 1051 E. Cary St.
Armed with a foursome that jumped over from another company, a Richmond-based bank has made its move further into the North Carolina market.
Union Bank & Trust announced last week the opening of a commercial loan production office in Charlotte. The move was spurred by the addition of a team of commercial bankers from NewBridge Bank, which recently was acquired by Raleigh-based Yadkin Financial, in a $450 million deal that created a combined $7 billion bank.
It’s Union’s first office in Charlotte and its second in the Tar Heel State, joining a residential mortgage operation in Raleigh that has been running for a few years.
Union CEO Billy Beale said the expansion into Charlotte is part of the company’s strategic plan to drive loan growth around Virginia and contiguous markets.
The new hires, consisting of commercial bankers Philip Chandler and Kevin Kennelly Jr. and portfolio managers Miriam Carroll and Griffin Duncan, will go after commercial loans and deposits and other business banking services. Chandler will also serve as Union’s market executive in Charlotte. They’ll operate as UBTNC Commercial Finance, a division of Union Bank & Trust of Virginia.
Union and NewBridge have crossed paths before. NewBridge sold a branch in Harrisonburg to Union in 2011, and the head of Union’s Roanoke operations is a former NewBridge banker.
The move into Charlotte is a sign of a local bank looking to out-of-town markets for new revenue, just as banks from other areas have looked to Richmond in recent years as a new source of income. Most recently, that trend includes Charlotte-based Park Sterling Bank buying its way into the market earlier this year and Raleigh-based First Citizens Bank’s pending acquisition of Bank of Virginia in Midlothian.
Xenith’s headquarters is downtown at the James Center.
Meanwhile, Richmond-based Xenith Bank and Virginia Beach-based Bank of Hampton Roads took a big first step toward their pending merger.
The State Corporation Commission last week gave its blessing to the deal, which is valued at $107 million and – despite Bank of Hampton Roads being the acquirer – will combine the two banks under the Xenith Bank brand. The combined company will be headquartered in Richmond.
Two major regulatory hurdles remain: getting the green light from the Securities and Exchange Commission and the Federal Reserve.
Xenith CEO Gaylon Layfield said Monday the company expects to hear from the other regulators any time and the deal is expected to close in late July, pending the remaining regulatory approvals.
Union is headquartered downtown at 1051 E. Cary St.
Armed with a foursome that jumped over from another company, a Richmond-based bank has made its move further into the North Carolina market.
Union Bank & Trust announced last week the opening of a commercial loan production office in Charlotte. The move was spurred by the addition of a team of commercial bankers from NewBridge Bank, which recently was acquired by Raleigh-based Yadkin Financial, in a $450 million deal that created a combined $7 billion bank.
It’s Union’s first office in Charlotte and its second in the Tar Heel State, joining a residential mortgage operation in Raleigh that has been running for a few years.
Union CEO Billy Beale said the expansion into Charlotte is part of the company’s strategic plan to drive loan growth around Virginia and contiguous markets.
The new hires, consisting of commercial bankers Philip Chandler and Kevin Kennelly Jr. and portfolio managers Miriam Carroll and Griffin Duncan, will go after commercial loans and deposits and other business banking services. Chandler will also serve as Union’s market executive in Charlotte. They’ll operate as UBTNC Commercial Finance, a division of Union Bank & Trust of Virginia.
Union and NewBridge have crossed paths before. NewBridge sold a branch in Harrisonburg to Union in 2011, and the head of Union’s Roanoke operations is a former NewBridge banker.
The move into Charlotte is a sign of a local bank looking to out-of-town markets for new revenue, just as banks from other areas have looked to Richmond in recent years as a new source of income. Most recently, that trend includes Charlotte-based Park Sterling Bank buying its way into the market earlier this year and Raleigh-based First Citizens Bank’s pending acquisition of Bank of Virginia in Midlothian.
Xenith’s headquarters is downtown at the James Center.
Meanwhile, Richmond-based Xenith Bank and Virginia Beach-based Bank of Hampton Roads took a big first step toward their pending merger.
The State Corporation Commission last week gave its blessing to the deal, which is valued at $107 million and – despite Bank of Hampton Roads being the acquirer – will combine the two banks under the Xenith Bank brand. The combined company will be headquartered in Richmond.
Two major regulatory hurdles remain: getting the green light from the Securities and Exchange Commission and the Federal Reserve.
Xenith CEO Gaylon Layfield said Monday the company expects to hear from the other regulators any time and the deal is expected to close in late July, pending the remaining regulatory approvals.