A batch of bank branch properties around the state — including two in the Richmond area — are coming up for grabs.
Locally-based Atlantic Union Bank this week completed a consolidation of 14 branches throughout Virginia.
The branches closed Sept. 15, and included 5300 Patterson Ave. in the city and 1773 N. Parham Road in Henrico.
The bank said in its second quarter earnings release that the consolidations would reduce long-term expenses. CEO John Asbury said in an interview last week the cuts amounted to 9.4 percent of the bank’s total branch count, which now stands at 135.
Asbury said the consolidation was a result of the bank’s review of its locations, which the bank does every so often, particularly in light of the rise of mobile and online banking.
“We’ve been studying this pretty hard and clearly we’re seeing a change in consumer behavior,” he said. “It’s just part of ongoing trends. We’re seeing less traffic and more usage of digital.”
He said the bank chose locations in its larger markets where nearby branches were accessible within about two miles. The Patterson Avenue branch, for example, will for now be consolidated into its branch within Village Shopping Center. The Village location will eventually be replaced by a new from-scratch drive-thru location set to be constructed across the street at 7000 Three Chopt Road, on the site of the existing 3 Chopt Mart convenience store.
The Patterson location is one Atlantic Union inherited with its acquisition of Xenith Bank in 2018. It was also previously home to Bank of Richmond. The 6,000-square-foot building was constructed in 2000 and sits on 0.14 acres. It was most recently assessed by the city at $1.14 million.
The Parham property houses 10,000 square feet across both a branch space and separate office space. It sits on an acre and was most recently assessed by Henrico County at $1.48 million. It is being consolidated into the bank’s branch at the corner of Parham and West Broad Street.
Those among the 14 that AUB owns will be marketed for sale.
Here’s a full list of the 14 branches:
|622 Cambridge St.
|1773 N. Parham Road
|3290 Worth Crossing
|5831 Plank Road
|1660 Tappahannock Blvd.
|530 Blackwell Road
|2825 Godwin Blvd.
|4108 Portsmouth Blvd.
|1500 Mount Pleasant Road
|1404 West Ehringhaus St.
|5300 Patterson Ave.
|1675 Roanoke St.
|251 N Poplar Ave.
|115 Lee Jackson Highway