The VCB sign is blacked out at 4222 Bonniebank Road. (Photos by Michael Schwartz)
Another local bank is slimming down.
Petersburg-based Virginia Commonwealth Bank on July 26 closed its branch at 4222 Bonniebank Road in Chesterfield County.
The space is listed for lease through Cushman & Wakefield | Thalhimer.
The shuttered branch.
The small branch is attached to the Meadowbrook Professional Center, which is privately owned. It’s a few hundred yards from a Wells Fargo branch and is next to the Meadowbrook Plaza shopping center.
Virginia Commonwealth Bank still has eight branches, including two in the Chesterfield area at 4600 W. Hundred Road and 1118 Courthouse Road.
In addition to shedding a branch, the $254 million bank has seen its asset base shrink in recent years.
That base had reached more than $318 million in 2010, but the bank faced losses through 2011 as it battled millions of dollars in bad loans. Its past due and non-accrual loans reached more than $17 million in 2011, according to its financial filings.
The bank has turned things around with a profit of $2.97 million in 2012 and a profit of $539,000 through the first half of 2013. Bad loan levels were down to $4.5 million by the end of the second quarter this year.
Chief executive J. Frank Scott III did not return a call by press time.
The branch closure marks the second time in the past month that a community bank has shut down a location in the area.
The Bon Air location of Gateway Bank & Trust closed July 12. That property at 2730 Buford Road will soon be listed for sale by Gateway’s parent company, Hampton Roads Bankshares.
Correction: A previous version of this story contained a link to report about Virginia Community Bank. That bank has no affiliation with Virginia Commonwealth Bank.
The VCB sign is blacked out at 4222 Bonniebank Road. (Photos by Michael Schwartz)
Another local bank is slimming down.
Petersburg-based Virginia Commonwealth Bank on July 26 closed its branch at 4222 Bonniebank Road in Chesterfield County.
The space is listed for lease through Cushman & Wakefield | Thalhimer.
The shuttered branch.
The small branch is attached to the Meadowbrook Professional Center, which is privately owned. It’s a few hundred yards from a Wells Fargo branch and is next to the Meadowbrook Plaza shopping center.
Virginia Commonwealth Bank still has eight branches, including two in the Chesterfield area at 4600 W. Hundred Road and 1118 Courthouse Road.
In addition to shedding a branch, the $254 million bank has seen its asset base shrink in recent years.
That base had reached more than $318 million in 2010, but the bank faced losses through 2011 as it battled millions of dollars in bad loans. Its past due and non-accrual loans reached more than $17 million in 2011, according to its financial filings.
The bank has turned things around with a profit of $2.97 million in 2012 and a profit of $539,000 through the first half of 2013. Bad loan levels were down to $4.5 million by the end of the second quarter this year.
Chief executive J. Frank Scott III did not return a call by press time.
The branch closure marks the second time in the past month that a community bank has shut down a location in the area.
The Bon Air location of Gateway Bank & Trust closed July 12. That property at 2730 Buford Road will soon be listed for sale by Gateway’s parent company, Hampton Roads Bankshares.
Correction: A previous version of this story contained a link to report about Virginia Community Bank. That bank has no affiliation with Virginia Commonwealth Bank.