Essex Bank is planning to open a new location in Edgewater, Maryland. (Michael Schwartz)
On the heels of opening a new branch in Chesterfield County, a local bank is continuing its run of expansion with yet another outpost planned in Maryland.
Essex Bank, a $1.3 billion institution based in Henrico, is eyeing a new location in Edgewater, Maryland.
It aims to take over a former BB&T building at 3062 Solomon Island Road in Edgewater,
near the banks of the South River just upstream from Chesapeake Bay.
The bank is seeking approval from regulators to open the 2,400-square-foot branch, a process that typically is a formality.
Essex CEO Rex Smith declined to comment on the new branch, which it will lease, while the process is still in the works.
Essex first entered the Maryland market in the wake of the recession by taking over the assets of a failed bank. It since has grown its presence there to five locations in Rosedale, Annapolis, Crofton, Bowie and Rockville.
In addition to its growth in Maryland, Essex has been on a steady streak of branch expansions in recent years.
Its newest just opened in the Wegmans-anchored Stonehenge development in Chesterfield. That was preceded by another from-scratch spot in the West Broad Marketplace shopping center in Short Pump.
It also opened two offices in Lynchburg in the last two years, as well as one in Cumberland, Virginia, last year.
In the spring, it decided to close its longtime location in Tappahannock in favor of consolidating it into a newer branch nearby.
The Edgewater location will be Essex’s 27th branch.
Essex Bank is planning to open a new location in Edgewater, Maryland. (Michael Schwartz)
On the heels of opening a new branch in Chesterfield County, a local bank is continuing its run of expansion with yet another outpost planned in Maryland.
Essex Bank, a $1.3 billion institution based in Henrico, is eyeing a new location in Edgewater, Maryland.
It aims to take over a former BB&T building at 3062 Solomon Island Road in Edgewater,
near the banks of the South River just upstream from Chesapeake Bay.
The bank is seeking approval from regulators to open the 2,400-square-foot branch, a process that typically is a formality.
Essex CEO Rex Smith declined to comment on the new branch, which it will lease, while the process is still in the works.
Essex first entered the Maryland market in the wake of the recession by taking over the assets of a failed bank. It since has grown its presence there to five locations in Rosedale, Annapolis, Crofton, Bowie and Rockville.
In addition to its growth in Maryland, Essex has been on a steady streak of branch expansions in recent years.
Its newest just opened in the Wegmans-anchored Stonehenge development in Chesterfield. That was preceded by another from-scratch spot in the West Broad Marketplace shopping center in Short Pump.
It also opened two offices in Lynchburg in the last two years, as well as one in Cumberland, Virginia, last year.
In the spring, it decided to close its longtime location in Tappahannock in favor of consolidating it into a newer branch nearby.
The Edgewater location will be Essex’s 27th branch.