N.C. bank’s wealth management arm to set up shop in Richmond

One of First Citizens Bank & Trust’s Richmond branches. (File photos)

Four years after expanding its Richmond branch operations via acquisition, a Raleigh-based is planting a flag for one of its other divisions.

First Citizens Bank & Trust is opening its first wealth management office in the area, adding to its six retail locations.

The $48 billion bank will move a small unit to start — 3,700 square feet at 6800 Paragon Place in Henrico.

The bank was represented in its lease by Commonwealth Commercial’s Jim McVey and Michael Morris.

First Citizens Bank & Trust will open its wealth management office at 6800 Paragon Place.

First Citizens spokesman Frank Smith the company plans to open the new office in the latter part of the first quarter of 2021 following renovations to the space.

Smith said the bank is still sorting out how many wealth management employees it will have on the ground here starting out.

First Citizens entered the Richmond market in 2001 with a loan production office. It added a branch a year later in North Chesterfield and one in Short Pump. It took a further leap in the market in 2016 when it acquired Bank of Virginia.

First Citizens’ move comes at a busy time of bank expansion around Richmond.

Midlothian-based Village Bank expanded with a branch in the city for the first time, taking space in a new development in Scott’s Addition. Charlottesville-based Virginia National Bank also is moving into Scott’s Addition to mark its first spot in Richmond with a branch in the former Infuzion building.

In August, Hampton-based Old Point National Bank arrived in Richmond for the first time with a commercial loan office in Chesterfield.

By way of Tennessee, Sevier County Bank, backed by veteran Richmond banker John Presley and Village Bank majority shareholder Ken Lehman, is looking to open an office in the West End.

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