Banking

It’s been nearly a decade since a bank operated on the grounds of the western Henrico mall. That may soon change.

The merger is another example of a long-running trend of older, smaller credit unions looking to be merged into larger peers.

They were part of a round of closures of eight of the bank’s 32 branches that occurred Oct. 31, leaving Primis with 24 branches and expected to save the bank millions per year.

Looking ahead to the unveiling next month of this year’s RVA 25 rankings, BizSense checked in with Sterling Point Advisors, which turned heads atop last year’s list with whopping 15,000 percent growth rate.

The firm, launched by a group that broke away from a local bank, is already on the move and has additional expansion in mind.

Of the 27 banks with a retail presence in the local market, 16 reported a decline in deposits in their Richmond-area locations over the last year.

“Charlottesville is very attractive. It allows us to springboard into Roanoke and southwest Virginia very easily,” Dee Ann Remo said of one of the drivers of the deal.

A $45 billion Pennsylvania-based bank, is the latest big name to sign on at the shopping center, which is under redevelopment at the hands of owner Sauer Properties.

The deal combines Partners Financial FCU’s $93.7 million in assets and 7,900 members with that of Argent CU, which has $426 million in assets and 28,000 members.

Richmond’s biggest bank has lightened its load as a landlord and brought in some extra capital as a result.