Midlothian bank charges into Williamsburg

Village has nine branches in the Richmond market, along with its Midlothian headquarters.

Village has nine branches in the Richmond market, along with its Midlothian headquarters.

A local bank is making its first move into the Hampton Roads market.

Midlothian-based Village Bank has an office in the works for Williamsburg, according to regulatory filings.

A filing this month with the State Corporation Commission shows the $451 million bank is seeking approval to open the location at 5372 Discovery Park Blvd., in Williamsburg’s New Town section.

A separate SEC filing states “The new location will initially open as a loan production office in July 2017 and, if approved by regulators, will thereafter become a full-service branch.”

CEO Bill Foster said the company was not yet ready to comment on the move.

The Williamsburg outpost would be the bank’s 10th branch.

The expansion out of its home region comes on the heels of steady profits, including net income of $415,000 in the first quarter and $12.77 million for the full year 2016, which was nearly double from the prior year.

The Hampton Roads market has opened up in recent years after a steady stream of mergers has reduced the number of smaller banks operating in that market.

The number of competitors there is set to shrink further, as the pending deal between Union Bank & Trust and Xenith Bank includes a sizable chunk of market share in Hampton Roads thanks to Xenith’s prior marriage with the former Bank of Hampton Roads.

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CM Reynolds

I think it’ll be good for them to branch out. Tom Winfree concentrated the bank to heavily in the Chesterfield market during his tenure, which stunted much potential growth. No community bank really needs 4 branches in the Midlothian area alone. They should’ve had this plan ten years ago, but at least Foster seems to be on the right track now. Good Luck