Chase Bank’s local expansion continues with second site in Henrico

Chase Bank is looking to take over the former BB&T branch at the corner of Staples Mill and Parham roads. (Photos by Michael Schwartz)

As it mulls plans to open its first retail branch in the Richmond market near Willow Lawn, banking giant Chase Bank is showing it’s hungry for more local real estate.

The bank, which operates as the retail arm of JPMorgan Chase & Co., is looking to establish a branch at the corner of Staples Mill and East Parham roads in Henrico County, according to a federal regulatory filing.

While the bank did not include a specific street address in its branch application with the Office of the Comptroller of the Currency, it lists the property as the southeast corner of the intersection, where a now-vacant BB&T location sits.

The bank is leasing the 2,900-square-foot branch, which is housed on an acre of land and owned by California-based Pontus Capital. The company bought the property in 2016 for $770,000, according to county records.

Chase did not respond to a request for comment as of Monday afternoon.

The Staples Mill site was being eyed last year for a new Dunkin Donuts location, county records show. It was rezoned for such a use and a plan of development was approved for a Dunkin location with a drive-thru to be built using the existing building. However, the deal never materialized

The property most recently was assessed by the county at $1.27 million.

The first Chase location in Richmond is slated to open at the vacant Extra Billy’s Barbecue restaurant at Willow at 5205 W. Broad St.

It’s at least the second Richmond-area property Chase is targeting as it plots its initial retail push in the region. It filed plans with Henrico last month to construct a branch from scratch on the site of the former Extra Billy’s Barbecue restaurant at 5205 W. Broad in the Willow Lawn area.

Chase previously has declined to comment specifically on its Richmond expansion plans beyond stating that the market fits into its broader plans to open 50 retail locations over five years in what it 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.

While the bank has yet to establish a retail presence here, J.P.Morgan Chase & Co. has had a commercial banking presence in Richmond for about 10 years, with a group working out of James Center downtown.

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Brian Glass
Brian Glass

The Parham and Staples Mill location, would be far easier to open as the FIRST Chase branch in the market since it was previously a bank, and Willow Lawn needs to be built from the ground up.

Michael Dodson
Michael Dodson

I bet we will see more former (or soon to be former) BB&T/SunTrust spaces become Chase. I learned of a downtown space they looked at recently too for a branch. But I think the cost to re-open/abate might scare them off.