Middleburg Bank’s branch at 315 Libbie Ave. closed earlier this year. (Michael Schwartz)
Just over a year after expanding in Richmond via acquisition, a Raleigh-based bank once again is looking to increase its local presence.
First Citizens Bank & Trust, which last year acquired Midlothian-based Bank of Virginia, is eyeing the West End with a plan to open a branch at 315 Libbie Ave., a building vacated earlier this year by Middleburg Bank.
The company has submitted regulatory applications to open the branch and awaits approval from the FDIC and the North Carolina commissioner of banks.
Messages left for First Citizens representatives were not returned by press time.
The $34 billion bank has more than 500 branches nationwide. Upon closing its purchase of Bank of Virginia last year, the company had eight Richmond-area branches, including two of its own and six inherited from the acquisition. It lists five area branches on its website.
First Citizens controls $320.5 million in local deposits, according to the most recent FDIC figures from June 30.
Planting its flag on Libbie would put it in a competitive stretch of the Richmond banking market, particularly around the corner on Patterson Avenue, which added another new arrival last month when Strasburg, Virginia-based First Bank opened its first local outpost.
Middleburg Bank’s branch at 315 Libbie Ave. closed earlier this year. (Michael Schwartz)
Just over a year after expanding in Richmond via acquisition, a Raleigh-based bank once again is looking to increase its local presence.
First Citizens Bank & Trust, which last year acquired Midlothian-based Bank of Virginia, is eyeing the West End with a plan to open a branch at 315 Libbie Ave., a building vacated earlier this year by Middleburg Bank.
The company has submitted regulatory applications to open the branch and awaits approval from the FDIC and the North Carolina commissioner of banks.
Messages left for First Citizens representatives were not returned by press time.
The $34 billion bank has more than 500 branches nationwide. Upon closing its purchase of Bank of Virginia last year, the company had eight Richmond-area branches, including two of its own and six inherited from the acquisition. It lists five area branches on its website.
First Citizens controls $320.5 million in local deposits, according to the most recent FDIC figures from June 30.
Planting its flag on Libbie would put it in a competitive stretch of the Richmond banking market, particularly around the corner on Patterson Avenue, which added another new arrival last month when Strasburg, Virginia-based First Bank opened its first local outpost.