Madison Marquette has acquired three such properties in the region this year, including two in recent weeks, using a fund that seems to invest exclusively in empty bank branches.
After a three year legal dispute, the Virginia State Corporation Commission decided Virginia Credit Union cannot offer membership to the 10,000-member Medical Society of Virginia.
The $42 billion First National Bank will start with a single-person crew on the commercial side, manned by a veteran of the local banking scene.
The location, which straddles the Richmond-Henrico line, had been shuttered temporarily when the pandemic began but it never reopened.
The deal involves the sale of AUB’s Dixon, Hubard, Feinour & Brown affiliate, which includes $1.6 billion in assets under management and offices in Charlottesville, Roanoke and Arlington.
Preston Dillard and Scott Storey recently launched 3Chopt Investment Partners and three hires followed them.
The Northern Virginia-based bank is searching for real estate for its first wave of retail branches in the Richmond area, with an eye toward the West End and Midlothian.
The Icon at 3200 W. Broad St. will be VACU’s 21st location and it will follow the credit union’s other new branch at Carytown Place shopping center.
When Chase Bank’s retail division first began its Richmond market entrance in 2018, it set a goal of opening 10 local branches within five years. Four years in, that mark is well within reach and the company says it isn’t planning to stop there. The bank opened its eighth local storefront this month and announced… Read more »
The branch expansion comes as the $5 billion credit union awaits a decision in its years-long dispute with bankers over an expansion of a different sort.
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