A national bank and a regional competitor are set to expand their branch count in the Richmond area.
Chase Bank, which has rapidly snatched up real estate locally in the last few years as part of its initial retail push into the market, is adding a location in Hanover County.
Meanwhile, out in western Henrico, TowneBank has secured its first spot in Short Pump.
Chase’s latest outpost will be at 6109 Brashier Blvd., just off Mechanicsville Turnpike.
It signed a lease in recent weeks for the 2,600-square-foot building, which formerly housed First Community Bank.
A Chase spokesperson said the bank expects to open the new branch in November. It would be the $3.3 trillion bank’s ninth branch to open in the region. Its most recent addition was the opening of its Carytown location at 3540 W. Cary St. last week.
It has at least one other in the works in the White Oak Village area of eastern Henrico. The bank’s growth in the Richmond region is part of a broader push for dozens of retail branches from Baltimore down to Hampton Roads.
While Chase is leasing its newest spot, TowneBank went the acquisition route to plant its first flag in Short Pump.
The $16 billion Hampton Roads-based bank earlier this month paid $2.3 million for the 8,000-square-foot former BB&T branch at 11704 W. Broad St. out in front of Short Pump Town Center.
The building was left vacant last year after a round of branch closures caused by the marriage of BB&T and SunTrust, now known as Truist Bank.
The seller was the group that owns the surrounding mall, consisting of local developers Pruitt Associates, New York-based real estate giant Brookfield Properties and Australian investment firm QIC.
TowneBank has declined to comment on the new location while it works out logistics. When it does open in the building it would be Towne’s ninth branch in the region and it will be just west of Chase’s Short Pump storefront, which also sits out front of the mall.
Thalhimer’s Annie O’Connor represented the landlord in Chase’s lease on Brashier Boulevard. Her colleague Danny Holly represented TowneBank in its Short Pump purchase.
As TowneBank and Chase look to expand, at least one market newcomer is on the hunt for Richmond-area branches.
Burke & Herbert Bank, a $3.5 billion institution based in Alexandria, has formally expanded into the Richmond area. The 170-year-old bank is starting here with a commercial office but has four or five retail locations in mind for the region.
Other banks have closed local branches in recent months. The largest swath came from Truist, which said it was shuttering three dozen additional branches statewide, including 10 locally, as part of its continued merger efforts.
Wells Fargo also has two closures in the works in the area: at 9000 Patterson Ave. in Henrico and 13241 Rivers Bend Blvd. in Chester.