A local bank holding company is pulling up stakes in river country and heading to Innsbrook.
Eastern Virginia Bankshares, parent company of EVB, announced Wednesday it will relocate its headquarters later this year to 10900 Nuckols Road.
President and CEO Joe Shearin said the company has leased just under 19,000 square feet in the building, which is known as Highwoods One and is owned by major Innsbrook landlord Highwoods Properties. The four-story building holds nearly 131,000 square feet of space.
Shearin said the move will allow the holding company to bring employees and functions from several scattered facilities under one roof.
“This is an attempt to get some efficiencies,” he said. “It’s a centralized location for us.”
The new space will prevent employees from making trips from Richmond, Tappahannock and its operations center in Hanover County.
“We have people going back and forth from Tappahannock to (Hanover) and it’s really inefficient,” Shearin said. “This week I’ve been back and forth (from Tappahannock) to Richmond five times in three days. It’s an hour up and hour back.”
EVB, the company’s bank subsidiary, will remain headquartered at 330 Hospital Road in Tappahannock, where it took root in 1910. EVB is the result of the combination of Southside Bank, Bank of Northumberland and Hanover Bank.
“Our legacy goes back to 1910 in this market. It’s where we’ve always been located. The thought is, we’re still a Northern Neck, Middle Peninsula bank.”
The new headquarters will house management, human resources, accounting and other office functions. The company will move in in stages and have around 50 people in the new space. Shearin said the first wave should be moved in sometime in September.
Jane DuFrane of Highwoods Properties manages leasing at EVB’s new building.
The company will continue its operations center in the Air Park Road area of Hanover County, where it has about 75 employees, Shearin said. There are 315 employees company-wide.
EVB has $1.3 billion in assets and 24 branches around Richmond, the Middle Peninsula, Northern Neck and the Peninsula in Hampton Roads.