A giant of the banking world is looking to make its first big splash in the Richmond market.
Chase Bank is planning a new retail branch – its first in the region and among its first in Virginia – on the site of the long-dormant Extra Billy’s Barbecue restaurant at Willow Lawn at 5205 W. Broad St.
The New York-based bank is looking to raze the aging restaurant building to make way for a from-scratch, 2,900-square-foot bank branch fronting Broad Street, according to plans filed last week with Henrico County.
Chase representatives would not comment when reached last week, and it remains unclear whether the bank plans to acquire the property or lease it from its current owner, Eastern Shore Real Estate Co., which had leased the property to Extra Billy’s before it closed in spring 2018 after 33 years in business.
The 0.8-acre site most recently was assessed at $806,000.
The Chase location would include a two-lane drive-thru with an ATM and 31 parking spaces. The bank can build the branch by right, as the property is already zoned B-2, which allows for bank branches.
Warrenton, Virginia-based Bohler Engineering is listed as the engineer on the plans.
This initial retail push into Richmond is part of an expansion plan Chase announced this spring, which would include opening 50 retail locations over five years in what calls Greater Washington, which includes Richmond.
It’s also eyeing Charlotte and Raleigh, North Carolina; Greenville, South Carolina; Kansas City, Kansas; Minneapolis; Nashville; Pittsburgh; Pennsylvania; and St. Louis. Cities with large universities are also part of its plan.
That’s the first wave in a broader plan it announced in 2018 to open 400 new branches in new markets in five years.
Chase is the retail banking arm of the $2.6 trillion financial giant J.P.Morgan Chase & Co., which has had a commercial banking presence in Richmond for about 10 years, with a group working out of James Center downtown. The bank has more than 5,000 branches in dozens of states, with Virginia a large hole on its map. Its lone Virginia branch, according to its website, is in Charlottesville.
Upon arrival in Richmond, Chase would add a major national brand to an already competitive local banking market. It will go head to head with national and super-regional brands, as well as more localized players both large and small.
BizSense reporter J. Elias O’Neal contributed to this report.
Interesting to see if they stay longer than First Tenn/Capital Bank. I guess the Arlington VA branch on Wilson Blvd I once used (and is still open) doesn’t count as being in the Commonwealth?
Yeah I’m interested as well to see if this is a real push in VA. If they’re serious about the VA market then I’m guessing we’ll see them start to eye up a bank to purchase like a Towne Bank or Atlantic Union as that’s the easiest way to expand into a market. I guess time will tell.
While I understand the point you are attempting to make, comparing Chase bank who posts the nations highest total asset under management number at 2.7+ Trillion, to a bank whose total assets are 1/53rd of that figure, is hardly a reasonable comparison. Chase’s existing user base in the Richmond market, even without a market presence, is certainly higher than First Tenn/Cap Bank’s ever has been, and they will likely gain substantially more with a branch location.
I was comparing on bank numbers but on trends. Banks are generally NOT opening new branches. Chase is and we will see if it works. CapitalOne Is fairly large, had a couple of real branches in RVA but has dropped them all in favor of Cafe concept. (Note: I am a CapOne customer).
I am intrigued if they saw all the upcoming merger of SunTrust in BB&T as an opportunity to pick up some branches. Going to be a lot of free retail banking space here real soon.
This is yet another example of the strength of W. Broad Street , in Henrico County.The” old” will be replaced by “new,”eliminating another eyesore.