Atlantic Union trims 14 branches, including two in the West End

(BizSense file photo)

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.

Atlantic Union Bank’s branch at 5300 Patterson Ave. has closed. (Michael Schwartz)

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.”

John Asbury

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. Falmouth
1773 N. Parham Road Henrico
3290 Worth Crossing Charlottesville
5831 Plank Road Fredericksburg
1660 Tappahannock Blvd. Tappahannock
530 Blackwell Road Warrenton
2825 Godwin Blvd. Suffolk
4108 Portsmouth Blvd. Chesapeake
1500 Mount Pleasant Road Chesapeake
1404 West Ehringhaus St. Elizabeth City
5300 Patterson Ave. Richmond
1675 Roanoke St. Christiansburg
251 N Poplar Ave. Waynesboro
115 Lee Jackson Highway Staunton

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