The neighborhood continues its streak as the local hotspot for new bank branches, this time with a $26 billion bank looking to set up shop along Broad Street.
“We perceive this as Atlantic Union graduating to the next level up,” CEO John Asbury said of the transfer, which is set to take place Jan. 18.
A long-fought bank vs. credit union battle came to an end this year, while out-of-town continued to show up for a piece of the Richmond market.
The bank first expanded into the Richmond market in August 2020 with a two-person team. It now has seven on the ground here and just leased a bigger office in Henrico.
“It’s a good first office purchase,” said Aaron Kroll, co-founder of Sterling Point Advisors, which is keeping its momentum going with the office purchase.
The Northern Virginia-based bank is taking over a former SunTrust branch at the intersection of Robious and Huguenot roads in Chesterfield.
“There’s always risk in expansion but because the banking markets are planning for a recession, they invest more in risk management tools in a down market. So, we’re counter-cyclical in that the worse the economy gets, the more they need us,” said Michael Glotz.
Matrix Capital Markets Group will have a new president at year’s end and also recently hired its first ever COO.
The city’s Commission of Architectural Review greenlit Bank Street Advisors’ design. Virginia Credit Union’s plan for an ATM at a forthcoming branch up the street also got a thumbs up.
The region’s largest credit union continues its push for increased visibility with a new downtown location that will follow new spots in Carytown and Scott’s Addition.