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.
An investor who already owns more than half of the shares of the bank in recent weeks acquired thousands more shares. His stake now has a market value of $28 million.
The building, which has sat vacant since June, would be the fourth outpost Chase is eyeing for its initial retail push in the region.
C&F Bank rang in the new year with the completion of the acquisition of Peoples Community Bank, a small Northern Neck institution.
A few names grabbed the bulk of the headlines in local banking news this year. The biggest among them was Truist, the resulting brand from the merger of Southeast regional giants BB&T and SunTrust.
The banking giants have tied the knot in a deal that’s sure to bring noticeable changes to the Richmond banking market. But the successor brand – Truist – won’t show up in the area immediately.
The combined banks would have 71 branches in the Richmond market when the deal closes as expected later this week. It remains to be seen how many of those will be consolidated.
The future of the 1.3-acre outparcel on the former Cloverleaf Mall site remains unknown. The bank leases the property and it is owned by a group out of North Carolina.