Blue Ridge Bank will be the surviving brand of a combined entity with $2.8 billion in total assets and 35 branches in Virginia and North Carolina.
About 320 jobs in the Wealth & Investment Management division are being cut locally but 2,000 workers from other divisions will remain here.
The bank’s executive team and board came up with the new brand, which CEO Dennis Zember said is Latin for “first.”
The firm has about 30 employees in Richmond, 10 of which will relocate to the 4,900-square-foot space that had housed the 3Sports triathlete shop.
Southern Community Bank, an offshoot of Sevier County Bank, is the third new bank John Presley has helped launch locally.
The 4,000-square-foot Midlothian Turnpike property has sat vacant for about a year.
The pandemic put some deals on hold but there was an executive shuffle and an aggressive expansion by several financial institutions.
It will be at least the fourth Richmond-area branch in the works for Chase, in addition to the first two it opened this year in Short Pump and Henrico.
The Hampton Roads-based bank in October opened its new 8,500-square-foot location at 9961 Iron Bridge.
“From Virginia it saves you 5.7 percent” in income taxes, Boxwood Partners’ Patrick Galleher said.