A Petersburg bank’s new West End outpost is officially open for business.
Virginia Commonwealth Bank unveiled its new branch at 900 N. Parham Road on Monday. The 3,000-square-foot building replaces a nearby branch the bank had operated for decades at 405 N. Ridge Road in the Tuckahoe Shopping Center.
VCB grabbed the Parham Road spot this year after the property was shuttered by First Community Bank. Petersburg-based VCB paid $610,000 to purchase the branch from First Community in March and did extensive renovations leading up to Monday’s opening.
“We pretty much gutted the interior,” said VCB’s chief executive Frank Scott III.
Scott said the Parham office is the first VCB branch to use a new floor plan and customer service design that does away with traditional teller lines. The layout has become increasingly popular in bank branches, and is often called the “universal banking model” because any employee in a given branch is able to help customers with most transactions.
“It’s a more efficient use of our people,” Scott said, adding that PW Campbell from Pittsburgh was the general contractor on the renovations.
The Parham branch opens with an instant foothold thanks to the carryover of customers and $29 million in deposits previously kept at the Ridge Road location.
The move also gives VCB a drive-thru, which it didn’t have at the Tuckahoe branch, and better visibility along a busy stretch of Parham Road.
VCB has about $243 million in deposits across eight branches in the region. The bank reported a profit of $485,000 in the first quarter and $327 million in total assets, according to FDIC reports.
Elsewhere in regional banking news, Hampton Roads institutions TowneBank and Monarch Bank completed their combination on Friday.
Suffolk-based TowneBank paid approximately $220 million for Monarch, which holds about $1 billion in assets. Towne now has $7.58 billion in total assets, second only to Richmond-based Union Bank & Trust among community banks in the state. Union had $7.8 billion in total assets at the end of the first quarter.
The deal will ripple through Richmond as Monarch’s local mortgage team, which has been on the ground here for several years, will become part of Towne’s area mortgage operations.