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eandslee

Richmond Banks

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Thought I'd start a new thread with this title since I don't think we have a topic to discuss this yet.

 

Let me just say that I'm very discouraged by this:

 

http://www.richmondbizsense.com/2014/01/07/n-c-bank-plants-its-flag-in-richmond/

 

Um, isn't this how the Charlotte, NC banks swallowed up all the Virginia banks in the 1990s?!  If that is their goal, then we don't want them here!  It all starts somewhere...even this small...we all know what NC banks have in mind when they come to Richmond!

 

On the other hand, I'm very encouraged by this:

 

http://www.timesdispatch.com/business/local/union-first-market-buys-stake-in-local-payments-firm/article_88a0abdc-384c-5c73-ac41-76ce0c14f0e1.html'>http://www.timesdispatch.com/business/local/union-first-market-buys-stake-in-local-payments-firm/article_88a0abdc-384c-5c73-ac41-76ce0c14f0e1.html

 

Look out America!  This Richmond-based bank is on the rise!  They are already thinking to expand out of state which could lead to more mergers, hence more growth!  All of that, if they plan to stay in downtown Richmond, could translate into a tall iconic building for downtown Richmond in the future!  Just thinking ahead folks, just thinking ahead!

 

Do you see this happening in Richmond's future with this bank?  To me, it very well could happen!

 

 

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I wouldn't necessarily bank on Union becoming the next BoA or SunTrust (good, because I don't want it to).

 

However, if they do hit it big, I would definitely support a new tower. But then again, who wouldn't.

 

Other than Union, what are the other major banks? I think Village Bank maybe? (Un-fun fact: they had to sell off their Midlothian HQ building).

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Saw this really great article in Virginia Business today about Virginia Community Banks and their growth...how they got to where they are. As you may know, Richmond-based Union Bank is Virginia’s largest community bank with assets over $12 Billion after its merger with Xenith Bank is complete in January. This is huge because $10 Billion is the threshold to bigger bank regulations from DC. Union is the first Virginia bank of this size since the days of Central Fidelity, Sovran, etc. (mid 1990s).  Will Union get big enough to need a larger downtown presence?  It’s my opinion that if it continues to grow like it is, it most definitely will...but a little time will tell. Just hope they don’t get bought out by some stupid NC bank!!  Here’s the article...it’s worth the read:

http://www.virginiabusiness.com/all-headlines/article/marking-an-anniversary

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