Georgia Derrico and Roderick Porter, who founded the bank in 2005, have retired from their respective roles as chairman and vice chairman. That follows a CEO change less than two months ago.
The bank will trade digs downtown in favor of a from-scratch, 25,000-square-foot building on land it just purchased near the airport.
The banking giant expects to open the 4,000-square-foot branch in August. It will be its second Richmond-area location, with others in the works.
Joe Shearin stepped down this week as top boss of Sonabank and its parent company.
The bank has applied for permission from the Federal Reserve to convert an existing commercial lending office in Columbia, Maryland, to something closer to a full-on branch.
A Richmond-area bank is the latest target of a sometimes-aggressive investment firm that looks to force banks into selling themselves.
Led by a longtime East Coast banker, the buyer has big plans for the small rural bank.
The beef between a group of Virginia banks and Richmond’s largest credit union is headed for another round.
On the heels of the announcement of two banking deals that will be felt in the Richmond market, another small local credit union is set to be absorbed by a larger peer in the coming weeks.
The Richmond region’s smallest bank has found a suitor, although details about the buyer and its intentions are scant.