For the next step in its expansion into the Richmond market, a Northern Virginia-based bank has found a spot for its first retail branch in the region.
Burke & Herbert Bank, which last year began its move into the area with a commercial loan office in Henrico, recently signed a lease for a branch in Chesterfield County.
The bank, with $3.5 billion in assets, is taking over a former SunTrust outpost at 2065 Huguenot Road, at the intersection with Robious Road.
Seth Feibelman, who leads Burke & Herbert’s Richmond operations, confirmed the bank signed the lease and said a few more steps are needed before the bank opens in the 2,900-square-foot building.
“It’s one we’ve been looking at for a while,” Feibelman said. “The lease is signed and now we’ll be moving forward with regulatory approval and there’s going to be some pretty substantial renovations to both the interior and exterior.”
He said the bank has enlisted design firm Adrenaline to give the branch a makeover. He said the new design will serve as a prototype for all new B&H branches going forward.
Feibelman said the bank hopes to open in the space in September 2023.
Left vacant by SunTrust in 2021 during a round of closures tied to its merger with BB&T, the branch sits on an outparcel of the Publix-anchored Huguenot Village Shopping Center. The building is owned by real estate firm S.L. Nusbaum, which owns the bulk of the surrounding shopping center.
The Huguenot location will add to B&H’s Richmond hub in the Glen Forest Office Park at 1802 Bayberry Court in the West End. Feibelman said the bank has eight local employees working from that office, which is double the headcount from when it moved in earlier this year.
He said the bank will hire a new crew to man the Chesterfield branch and that the new location may also have room for employees from its wealth management and mortgage operations.
Feibelman said the bank will continue to search for additional retail branch locations throughout the region, but that nothing concrete is in the works. The bank has said its plan is to open three to six branches in the area over time.
“Our team is still on the hunt,” Feibelman said.
The move into Chesterfield comes as B&H is in expansion mode elsewhere. It opened its first commercial loan outpost in Bethesda, Maryland, a few months ago. Feibelman said the company is planning an expansion there similar to what’s in store in Richmond.
The bank’s Richmond expansion last year was part of its first-ever move beyond its home market of Northern Virginia, where it has been focused since its founding in 1852.
B&H also recently announced its plans to shift the trading of its stock to Nasdaq, after years on the less visible over-the-counter market. The Nasdaq listing is expected in the next six months.
The bank also last month executed a 40-for-1 stock split, which issued 39 additional shares for every one share held by stockholders.
Its stock, trading as BHRB, closed Monday at $71.90 per share.