A 24-year-old local financial firm is branching out of his namesake state for the first time.
Trust Company of Virginia, founded in Richmond in 1993, has a new office in the works in Knoxville, Tennessee.
CEO Douglas Nunn said it will be the firm’s sixth office, adding to its Virginia locations in Williamsburg, Lynchburg, Roanoke, McLean and its headquarters in the Stony Point Office Park.
“It’s a growth opportunity,” Nunn said, adding that the decision was driven by the growth of its Roanoke operation as its second biggest office outside of Richmond, leading it to search for more business in that part of the world.
“We just decided to venture out a bit,” he said.
The firm manages approximately $1.4 billion in client assets, about half of which are in trust accounts and the other half in investment accounts.
Because of its geographically specific name here in Virginia, the firm is creating a new company to operate with in Tennessee, under the brand of TCV Trust & Wealth Management.
Beyond the move to Tennessee, which is expected to take place later this summer, the firm doesn’t have any specific growth plan, Nunn said.
“We’ve over the years added an office here or there when we found good people,” he said. “We just kind of keep ourselves under the radar and keep growing quietly.”
He said it does intend to remain independent and employee-owned by its 42 workers.