Two community banks are planning to open branches in Richmond’s Scott’s Addition.
Village Bank plans to put a branch on the first floor of The Nest apartment building at 3117 W. Marshall St., the Chesterfield County-based bank said. It should open during the first quarter of 2021, pending final regulatory approval.
Charlottesville-based Virginia National Bankshares Corp., the bank holding company for Virginia National Bank, plans to open its first branch in the Richmond region on Roseneath Road across from the Scott’s View apartment complex.
The 2,700-square-foot branch at the corner of Roseneath Road and West Clay Street would take part of the former Infuzion nightclub space. The branch would open later this year or in the early part of 2021.
“Knowing what is going on in Scott’s Addition and knowing what it has developed into today, we wanted to be part of that neighborhood fabric,” said John Dane, Virginia National Bank’s Richmond market president who has worked in banking in the Richmond area with other companies for the past 20 years.
Virginia National Bank and Village Bank would join M&T Bank in operating branches in Scott’s Addition. The M&T Bank branch is at West Broad Street and Highpoint Avenue.
The Village Bank branch would be the first commercial tenant in the 118-unit The Nest apartment building on West Marshall Street between Summit and Highpoint avenues. The apartments, which opened to its first tenants about a month ago, are built on top of two levels of a parking deck.
“Scott’s Addition and the surrounding area provide excellent access to a vibrant and growing market,” said Jay Hendricks, the bank’s president and CEO, in a statement.
With the opening of the Scott’s Addition branch, Village Bank will close its branch at 1650 Willow Lawn Drive in Henrico County, located about 2 miles west of the planned Scott’s Addition location. The Willow Lawn branch also should close during the first quarter.
“We have a great base of current business customers, as well as existing Willow Lawn customers located in the general area. As such, we anticipate minimal disruption with the Willow Lawn closure as the branch is situated between our Forest Office Park branch and the new Scott’s Addition branch,” Hendricks said.
Village Bank has nine branch offices in the region.
Virginia National Bank has four branches in Charlottesville and one in Winchester. It had looked for months for the right location in the Richmond area, Dane said.
The Scott’s Addition neighborhood was appealing, he said, because it continues to attract new apartments, restaurants, businesses and entertainment options.
For instance, Wood & Iron Gameday Restaurant and Bar, a sports-themed restaurant, is planning to take over the space at the other end of the Roseneath Road building where the branch will go.
Would Virginia National Bank open additional offices in the Richmond region?
“It’s hard to say, especially in the COVID world,” Dane said. “Banking needs are changing.”