Henrico-based Primis Bank is closing eight of its 32 branches. (BizSense file photo)
Two Richmond-area branches are among a group of locations shuttered in recent days by Primis Bank.
The $3.8 billion bank, which keeps its headquarters in Henrico and its parent company in McLean, closed its Midlothian outpost at 13804 Hull Street Road and its New Kent County branch at 2599 New Kent Highway.
They were part of a round of closures of eight of the bank’s 32 branches that occurred Oct. 31, leaving Primis with 24 branches. The bank had previously announced it was closing eight branches but would not comment on exact locations at the time.
The specific sites were disclosed this month in a list filed with the State Corporation Commission’s Bureau of Financial Institutions.
The other locations on the chopping block were:
- – 1 E. Market St., Leesburg
- – 1770 Timberwood Blvd., Albemarle County
- – 11-A Main St., Warrenton
- – 307 Church Lane, Tappahannock
- – 1953 George Washington Memorial Highway, Gloucester Point
- – 437 N. Main St., Kilmarnock
The branch closures were part of expense cutting measures put into place by Primis and also involved laying off around three dozen employees. The cuts are expected to save the bank $9.4 million annually.
The Hull Street Road location was the bank’s smallest branch in the Richmond region in terms of deposits held, with just $31 million as of June 30. Primis has one other branch in Chesterfield County at 350 E. Hundred Road.
The New Kent branch, Primis’ only location in that county, held $38 million as of June 30.
Primis owns both the Midlothian and New Kent branch buildings and expects to put them on the market in the future.
The Midlothian property was built in 2005 and consists of the 5,200-square-foot branch building on nearly 2 acres. It was most recently assessed at $2.43 million. The New Kent branch is 3,000 square feet on nearly an acre and was most recently assessed at $1.03 million. It was built in 2008.
CEO Dennis Zember said the bank retained 93 percent of the deposits from those shuttered branches and, despite the recent closures, is looking to potential branch expansion in Southside Hampton Roads.
Zember said some of the branch closures are in areas where the bank has had success with its V1BE mobile branch delivery service, which uses a fleet of on-demand drivers to come to customers to allow them to transact business with the bank.
The service was rolled out last year and has more than 1,000 users. The most use is seen in the Greater Washington, D.C., market and Richmond area.
Zember said the bank is considering an expansion of the V1BE service into North Carolina and further into Maryland.
The share price of Primis Financial, the bank’s parent company, have been on an upswing since late October. Trading as FRST on Nasdaq, the stock closed at $10.33 per share, up nearly 30 percent for the month.
In other local bank branch news, First National Bank, a $45 billion Pennsylvania-based institution, has its first Richmond area branch in the works in the revamped Willow Place shopping center at 5514 W. Broad St.
In September, Richmond-based Atlantic Union Bank sold 25 of its 109 branches in a sale-lease-back deal to a real estate investment group for $45.8 million.
Bank of America also has two new Richmond area branches in the works in the Brandermill section of Chesterfield and near Willow Lawn in Henrico.
Henrico-based Primis Bank is closing eight of its 32 branches. (BizSense file photo)
Two Richmond-area branches are among a group of locations shuttered in recent days by Primis Bank.
The $3.8 billion bank, which keeps its headquarters in Henrico and its parent company in McLean, closed its Midlothian outpost at 13804 Hull Street Road and its New Kent County branch at 2599 New Kent Highway.
They were part of a round of closures of eight of the bank’s 32 branches that occurred Oct. 31, leaving Primis with 24 branches. The bank had previously announced it was closing eight branches but would not comment on exact locations at the time.
The specific sites were disclosed this month in a list filed with the State Corporation Commission’s Bureau of Financial Institutions.
The other locations on the chopping block were:
- – 1 E. Market St., Leesburg
- – 1770 Timberwood Blvd., Albemarle County
- – 11-A Main St., Warrenton
- – 307 Church Lane, Tappahannock
- – 1953 George Washington Memorial Highway, Gloucester Point
- – 437 N. Main St., Kilmarnock
The branch closures were part of expense cutting measures put into place by Primis and also involved laying off around three dozen employees. The cuts are expected to save the bank $9.4 million annually.
The Hull Street Road location was the bank’s smallest branch in the Richmond region in terms of deposits held, with just $31 million as of June 30. Primis has one other branch in Chesterfield County at 350 E. Hundred Road.
The New Kent branch, Primis’ only location in that county, held $38 million as of June 30.
Primis owns both the Midlothian and New Kent branch buildings and expects to put them on the market in the future.
The Midlothian property was built in 2005 and consists of the 5,200-square-foot branch building on nearly 2 acres. It was most recently assessed at $2.43 million. The New Kent branch is 3,000 square feet on nearly an acre and was most recently assessed at $1.03 million. It was built in 2008.
CEO Dennis Zember said the bank retained 93 percent of the deposits from those shuttered branches and, despite the recent closures, is looking to potential branch expansion in Southside Hampton Roads.
Zember said some of the branch closures are in areas where the bank has had success with its V1BE mobile branch delivery service, which uses a fleet of on-demand drivers to come to customers to allow them to transact business with the bank.
The service was rolled out last year and has more than 1,000 users. The most use is seen in the Greater Washington, D.C., market and Richmond area.
Zember said the bank is considering an expansion of the V1BE service into North Carolina and further into Maryland.
The share price of Primis Financial, the bank’s parent company, have been on an upswing since late October. Trading as FRST on Nasdaq, the stock closed at $10.33 per share, up nearly 30 percent for the month.
In other local bank branch news, First National Bank, a $45 billion Pennsylvania-based institution, has its first Richmond area branch in the works in the revamped Willow Place shopping center at 5514 W. Broad St.
In September, Richmond-based Atlantic Union Bank sold 25 of its 109 branches in a sale-lease-back deal to a real estate investment group for $45.8 million.
Bank of America also has two new Richmond area branches in the works in the Brandermill section of Chesterfield and near Willow Lawn in Henrico.