Richmond’s biggest bank is adding to its local branch count.
Union Bank & Trust is planning a new, from-scratch retail location at 10620 Iron Bridge Road.
It will build the 2,250-square-foot building on a 1-acre site next to a Kroger Marketplace store. Union will own the building, while leasing the land from an entity tied to local development firm Rebkee, which acquired the plot in March for $900,000. Kroger was the seller in that deal.
The $13 billion bank said construction will begin this spring with a targeted opening date in the fourth quarter. It would not say what the estimated budget for the project will be.
GreyBeale Construction is the general contractor overseeing construction. Baskervill is designing the building.
It’s the first time Union has built from scratch since its Berea Marketplace location in Fredericksburg in 2011.
Union has 150 branches, 39 of which are still operated as Xenith Bank locations, following the merger of the two earlier this year.
The bank also has been in expansion mode with its wealth management division. It acquired two investment advisory firms since March – in Roanoke and in northern Virginia.
The new Chesterfield outpost will sit about a mile from where TowneBank, one of Union’s biggest rivals locally, plans to build a new branch on a 1.6-acre parcel at 9910 Lori Road, just off Iron Bridge Road.
While Union and Towne have new branches in the works, a large national player recently has been trimming its locations in Richmond. Wells Fargo is planning to shut down its branch at 11124 Midlothian Turnpike, marking the third time it will shutter a Richmond-area branch in a year.