A big bank is installing its first permanent presence in Richmond and has taken on new space downtown in the process.
PNC Bank, a $380 billion institution headquartered in Pittsburgh, recently leased 3,850 square feet on the seventh floor of the Riverside on the James building at 1001 Haxall Point.
Richard Bynum, regional president for PNC’s Greater Washington and Virginia markets, said the new outpost will focus on offering corporate and commercial banking services and is not planned to be a retail bank branch.
Bynum said the move to the canal follows more than a decade of calling on Richmond clients from the D.C. area and comes after the bank recently beefed up its local ranks.
“We’ve actually been coming down to Richmond for a number of years from Greater Washington,” Bynum said. “We’ve had so much success we felt like we should have a team on the ground.”
Manning the new office initially is Brian Combs, who joined PNC earlier this year from Wells Fargo, and Steve Plaatsman, who came to PNC in 2014 after stints at Wachovia/Wells Fargo and BB&T.
Bynum would not say how many more employees eventually may join Combs and Plaatsman.
PNC’s new digs in the Riverside on the James building puts the bank two floors below one of its sister companies, locally based investment banking firm Harris Williams & Co., which was acquired by PNC in 2005 and operates as a subsidiary.
Broker Jamie Galanti of Commonwealth Commercial worked the deal to help put PNC in the space.
While it has a network of PNC-branded ATMs around the local market, the bank does not have any retail branches around Richmond. Bynum would not say whether the downtown office could lead to a retail presence here.
PNC is among the 10 largest banks in the U.S. Its more than 2,400 branches stretch across 19 states along the East Coast and out to St. Louis, while its mortgage and wealth management arms have a national reach.