Virginia Business Bank receives SCC approval
Richmond, Virginia (February 13, 2006) – Virginia Business Bank (“in organization”) has received approval of its application to become a State Chartered Bank from the State Corporation Commission’s Bureau of Financial Institutions.
The Bureau of Financial Institutions is a regulatory division of the Virginia State Corporation Commission (SCC). The Bureau’s responsibilities include reviewing applications filed with the SCC by financial institutions, as well as analyzing and monitoring the financial condition of state-chartered banks, savings institutions, and credit unions to ascertain their soundness.
“Receiving approval from the Bureau of Financial Institutions, our lead regulator, validates our business plan and the efforts of our staff, Board and Organizers,” says Merlin A. Henkel, president and chief executive officer of Virginia Business Bank. “We are one step closer to opening for business, and we look forward to meeting the lending and service needs of area businesses in the near future.”
The new bank will target commercial and private investor customers whose borrowing needs for real estate development and investment, business expansion, private investment, and business acquisition are in the $1 million to $5 million range. Virginia Business Bank will be the only Richmond area bank dedicated solely to serving this target market.
In September 2005, the bank exceeded its minimum equity goal by receiving $16 million in cash commitments. It has attracted more than 300 investors and 40 organizers since May 2005, when it announced its intent to organize and operate a new bank.
Virginia Business Bank intends to offer commercial clients advantages over smaller retail banks, through greater lending capacity, and over large, full-service banks through highly personalized service, responsiveness and flexibility in its lending.
Pending approval from FDIC officials in the coming weeks, Virginia Business Bank is slated to open in early April. It plans to operate as a state charted institution. While primarily a commercial focused bank, Virginia Business Bank also will offer consumer products to its clients, including personal credit card accounts and lines of credit. Deposit products will include checking and savings accounts, money-market accounts, certificates of deposit, as well as cash management services. The bank also will be a member of the Federal Reserve Bank of Richmond. For more information, please call (804) 523-4400.
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