
Mergers and acquisitions by financial institutions had ripple effects, including layoffs, branch closures and office shuffling.
Mergers and acquisitions by financial institutions had ripple effects, including layoffs, branch closures and office shuffling.
The deal to acquire the Henrico-based bank, which has $1.7 billion in assets and nearly two dozen locations, was completed Friday.
The $16 billion Hampton Roads-based bank has applied for permission to operate at 11704 W. Broad St.
Those being laid off include the Henrico-based bank’s CFO, COO and other upper-level executives, in addition to back office positions.
Despite its Short Pump location, the branch was among the bank’s smallest branches in the region in terms of deposits.
The big three — Bank of America, Truist and Wells Fargo — maintained their control of more than three quarters of the region’s $57 billion in deposits.
One group wants to convert the former Highland Park bank building at Six Points into a restaurant and farmers market, while the other imagines a community health resource center and pharmacy.
SmartBank, which acquired an office in Innsbrook and a team of local bankers through a recent acquisition, announced last week it is eliminating those operations in the Richmond region and selling them off.
The merger with Premier Bank created a $7 billion regional bank with 136 locations in Ohio, West Virginia, Kentucky, Maryland, Virginia and Washington, D.C.
Foot traffic at the bank’s only location on the city’s Southside began falling before the pandemic and it has been shuttered since it began.
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