CBIA Advisors, founded by local banking veterans Larry Fentriss and Tim Anonick, is now Tier One Partners.
Fentriss said the firm switched brands this year.
“It doesn’t change anything in terms of what we’re focusing on or trying to do,” Fentriss said. “We raise capital for banks and are involved in mergers and acquisitions.”
Fentriss said the name was inspired by the banking term “Tier 1,” which refers to the top capital ratios for banks.
“Tier 1 is a banking index, so we thought we’d rename the company Tier One,” he said.
The name change helps distance the investment banking and broker/dealer side of the business from a private equity fund Fentriss and Anonick founded, which lost money on two banks that failed and were taken over by regulators.
Fentriss and Anonick run Community Bank Investors of America, a private equity fund founded in Richmond in 2007 with about $12 million raised from dozens of investors, including many locals.
The CBIA fund put the bulk of its capital into four community banks across the country. Two of those four banks have since failed and been shut down by regulators, including Progress Bank of Florida in Tampa and Norfolk-based Bank of the Commonwealth.
The fund’s remaining investments were in Inland Community Bank in Los Angeles and Gateway FSB in the San Francisco area.
A deal was announced in July for Inland Community Bank to be acquired by another West Coast institution for about $23 million.
The CBIA fund is using its original name, said Fentriss, who is chairman of Tier One and general partner of the fund.
CBIA Advisors over the years worked dozens of capital raises, mergers and acquisitions for banks including Glen Allen-based First Capital Bancorp and First Community Bancshares.
CBIA Advisors had been located in an office park off Midlothian Turnpike. Tier One lists its headquarters at a home in Midlothian near Independence Golf Club.