EVB is moving into Chesterfield County with two new officers.
Armed with two loan officers it lured from larger competitors, a local bank is dipping its toe into the Chesterfield market.
EVB, a $1 billion bank headquartered in Tappahannock, leased space at 5601 Ironbridge Parkway for its first formal physical presence in Chesterfield County.
The 1,600-square-foot outpost will be a loan production office manned by two veterans of the banking scene who will focus on commercial and industrial loans, or C&I lending.
“We’ve been looking at that market for about a year or two,” said Joe Shearin, chief executive of EVB. “As we were fixing our company, we started looking at how to start getting back to a growth perspective and what markets seem to be underserved a little bit.”
EVB’s new loan office has space in the Ironbridge Commons building.
The expansion marks another step up for EVB after it has worked its way out of a few tough years following the recession.
It struggled for several years with soured loans and a stringent written agreement with regulators, but began to get back on course in 2012. It raised $50 million in 2013, got released from the agreement and is now working to complete its acquisition of Newport News-based Virginia Company Bank.
With its new operation in Chesterfield, EVB will go after commercial operating lines of credit, equipment financing and other credit needs for commercial customers. It will also do some commercial real estate lending in that area, Shearin said.
Its target range for such loans is from $1 million to $4 million, Shearin said.
“We’re not going to compete with the big banks up in the millions and millions,” he said.
The hope is that those borrowers then become regular customers who need checking and savings accounts and other products.
Phil Hager, who came over from M&T Bank, will lead the office, Shearin said.
EVB is moving into Chesterfield County with two new officers.
Armed with two loan officers it lured from larger competitors, a local bank is dipping its toe into the Chesterfield market.
EVB, a $1 billion bank headquartered in Tappahannock, leased space at 5601 Ironbridge Parkway for its first formal physical presence in Chesterfield County.
The 1,600-square-foot outpost will be a loan production office manned by two veterans of the banking scene who will focus on commercial and industrial loans, or C&I lending.
“We’ve been looking at that market for about a year or two,” said Joe Shearin, chief executive of EVB. “As we were fixing our company, we started looking at how to start getting back to a growth perspective and what markets seem to be underserved a little bit.”
EVB’s new loan office has space in the Ironbridge Commons building.
The expansion marks another step up for EVB after it has worked its way out of a few tough years following the recession.
It struggled for several years with soured loans and a stringent written agreement with regulators, but began to get back on course in 2012. It raised $50 million in 2013, got released from the agreement and is now working to complete its acquisition of Newport News-based Virginia Company Bank.
With its new operation in Chesterfield, EVB will go after commercial operating lines of credit, equipment financing and other credit needs for commercial customers. It will also do some commercial real estate lending in that area, Shearin said.
Its target range for such loans is from $1 million to $4 million, Shearin said.
“We’re not going to compete with the big banks up in the millions and millions,” he said.
The hope is that those borrowers then become regular customers who need checking and savings accounts and other products.
Phil Hager, who came over from M&T Bank, will lead the office, Shearin said.