“From Virginia it saves you 5.7 percent” in income taxes, Boxwood Partners’ Patrick Galleher said.
The banking giant will building from scratch in Chesterfield and Hanover counties, and also recently bought the former Peking Pavilion building in Shockoe Slip for $1.2 million.
First Bank & Trust is opening its first full-service branch in the Richmond market in a former SunTrust building.
First Citizens Bank purchased the property at 6551 Centralia Road for $1.75 million and plans to open its own branch there.
An examiner recommended upholding the disputed approval of VACU’s application to offer membership to the 10,000-member Medical Society of Virginia.
While Richmonders appear to have been socking away cash over the last year, there’s also been continued shuffling in the upper ranks of the region’s battle for bank deposits.
First Citizens Bank & Trust already has six retail locations in the area.
Village Bank leased space at 3117 W. Marshall St. but it will close its location at 1650 Willow Lawn Drive when the new branch opens.
Sonabank shuttered three branches in July but new CEO Dennis Zember sees opportunities for growth, especially in Northern Virginia and Washington, D.C.
The consolidation, which is partly due to the rise of mobile and online banking, will reduce the locally-based bank’s branch count to 135.