Virginia Business Bank expands to the Hampton Roads area
Richmond, Virginia (September 12, 2007) – Virginia Business Bank, a Richmond-based bank dedicated to the lending and service needs of small- and mid-sized businesses – including their owners and employees, private investors, builders and real estate developers – has opened its first office in Hampton Roads. Located in the Liberty Three building at 1317 Executive Boulevard in the Greenbrier area of Chesapeake, the new office will concentrate initially on the lending needs of the market.
Virginia Business Bank has named Lynn K. Pierce as Regional Market President for the Hampton Roads office. In this position, he is responsible for business development, customer relations and administration. Pierce, who has more than 30 years experience in commercial banking, previously was Senior Vice President and Senior Lender for Bank of Hampton Roads in Chesapeake.
“Our expansion to Hampton Roads is part of our long-range plan to begin building a strong market presence along the I-64 corridor and we are fortunate to have Lynn Pierce lead this effort,” says Merlin A. Henkel, president and chief executive officer of Virginia Business Bank. “We see a viable need for a focused, non-traditional commercial bank in Hampton Roads and we look forward to building relationships with our customers.”
Although the bank initially will not be taking deposits in Hampton Roads, clients may choose to use the Bank’s remote capture deposit product through its Richmond headquarters. With no offices other than the bank’s headquarters location and its office in Chesapeake, Virginia Business Bank provides many of its basic services through a network of telephone and online banking, and ATM services.
Central to its relationships with its customers, however, are meetings with clients not only in the bank’s office, but also in the client’s office or other places of business.
Virginia Business Bank opened in April 2006, following $16.8 million in capital raised from almost 350 investors, as the only Richmond area bank dedicated solely to serving the lending and service needs of small and mid-sized businesses. In its first year, the bank was on target with its growth projections. As of August 31, 2007, the bank has grown to $55.3 million in total assets, has booked $44.5 million in loans and received $36 million in deposits.
For more information, please call (804) 523-4400.
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