The Union branch inside the Martin’s store at 7129 Staples Mills Rd. is one of the seven locations slated for closure. Photo by Michael Schwartz.
Richmond’s biggest bank is shedding some extra weight.
Union Bank & Trust plans to close seven branches across the state later this year, including two in the Richmond area. It’s part of a second wave of consolidation that’s resulted from Union’s 2014 acquisition of StellarOne Bank.
Six of the seven branches slated for closure are in-store locations at Martin’s grocery stores. The seventh is a standalone branch in Fredericksburg.
The two in Richmond are in Martin’s stores at 3000 Stony Point Road in the Stony Point Shopping Center and 7129 Staples Mill Road in Dumbarton Square Shopping Center.
Union spokesman Bill Cimino said the branches getting the axe were locations where both Union and StellarOne had a nearby presence. The in-store branches are being closed in favor of free-standing locations within 2 miles.
Union is headquartered downtown at 1051 E. Cary St.
The StellarOne deal left the combined franchises with nearly 150 branches around Virginia but resulted in some overlap in markets.
Union has since looked to eliminate the expense of duplicate locations. It closed 13 locations around the state last year, shortly after completing the StellarOne merger. That included two local branches on Robious Road and Patterson Avenue, both of which have since been reborn as the first Richmond outposts of Bank of Lancaster.
This latest move of closures is expected to save about $2 million a year in expenses, Cimino said. When considering a branch’s performance, Cimino said the bank looks at the volume a branch produces, including deposits, loans, customer generation, overall transactions and customer traffic.
Much of Union’s presence in Martin’s stores was inherited when it acquired First Market Bank in 2010. First Market was a partnership between Markel Corp. and the Ukrop’s grocery chain. Ukrop’s was then acquired by Ahold, which converted the stores to Martin’s.
Union expanded its presence in Martin’s stores with a 2011 deal for seven new in-store branches in the western part of Virginia. Five of the seven locations that will close in August were opened as part of that deal, Cimino said.
Cimino said the bank leases its spaces in Martin’s stores. He said that if a competitor bank looks to set up shop in the space once Union vacates, Union has first right of refusal to go back in the store. It owns the Frederickburg property and plans to put it up for sale.
Union, which at $7.3 billion in total assets is the largest bank headquartered in Richmond, will have 41 branches in the local market after the closings in August. It will have 124 statewide.
The bank is in the process of notifying customers of the closures.
The addresses of the seven branches are:
15371 Montanus Drive, Culpeper
1015 Richmond Road, Staunton
2035 E. Market St., Harrisonburg
437 Tiffany Drive, Waynesboro
3301 Shannon Park Drive, Fredericksburg
7129 Staples Mill Road, Richmond
3000 Stony Point Road, Richmond
The Union branch inside the Martin’s store at 7129 Staples Mills Rd. is one of the seven locations slated for closure. Photo by Michael Schwartz.
Richmond’s biggest bank is shedding some extra weight.
Union Bank & Trust plans to close seven branches across the state later this year, including two in the Richmond area. It’s part of a second wave of consolidation that’s resulted from Union’s 2014 acquisition of StellarOne Bank.
Six of the seven branches slated for closure are in-store locations at Martin’s grocery stores. The seventh is a standalone branch in Fredericksburg.
The two in Richmond are in Martin’s stores at 3000 Stony Point Road in the Stony Point Shopping Center and 7129 Staples Mill Road in Dumbarton Square Shopping Center.
Union spokesman Bill Cimino said the branches getting the axe were locations where both Union and StellarOne had a nearby presence. The in-store branches are being closed in favor of free-standing locations within 2 miles.
Union is headquartered downtown at 1051 E. Cary St.
The StellarOne deal left the combined franchises with nearly 150 branches around Virginia but resulted in some overlap in markets.
Union has since looked to eliminate the expense of duplicate locations. It closed 13 locations around the state last year, shortly after completing the StellarOne merger. That included two local branches on Robious Road and Patterson Avenue, both of which have since been reborn as the first Richmond outposts of Bank of Lancaster.
This latest move of closures is expected to save about $2 million a year in expenses, Cimino said. When considering a branch’s performance, Cimino said the bank looks at the volume a branch produces, including deposits, loans, customer generation, overall transactions and customer traffic.
Much of Union’s presence in Martin’s stores was inherited when it acquired First Market Bank in 2010. First Market was a partnership between Markel Corp. and the Ukrop’s grocery chain. Ukrop’s was then acquired by Ahold, which converted the stores to Martin’s.
Union expanded its presence in Martin’s stores with a 2011 deal for seven new in-store branches in the western part of Virginia. Five of the seven locations that will close in August were opened as part of that deal, Cimino said.
Cimino said the bank leases its spaces in Martin’s stores. He said that if a competitor bank looks to set up shop in the space once Union vacates, Union has first right of refusal to go back in the store. It owns the Frederickburg property and plans to put it up for sale.
Union, which at $7.3 billion in total assets is the largest bank headquartered in Richmond, will have 41 branches in the local market after the closings in August. It will have 124 statewide.
The bank is in the process of notifying customers of the closures.
The addresses of the seven branches are:
15371 Montanus Drive, Culpeper
1015 Richmond Road, Staunton
2035 E. Market St., Harrisonburg
437 Tiffany Drive, Waynesboro
3301 Shannon Park Drive, Fredericksburg
7129 Staples Mill Road, Richmond
3000 Stony Point Road, Richmond