Virginia's largest minority-owned bank plans to buy three branches from
The deal would bring $30 million of deposits to Richmond-based
The branches are in the Hampton Roads area of eastern Virginia, where
The deal, announced last week, is expected to close in late April.
"When the opportunity presented itself, we jumped at it," said V.W.
"We look at this as really a great chance to expand our franchise."
But Mr. Henley said it could be a while before the $100 million-asset
"We have to absorb what we're taking in," he said. "This is quite a big
The last time 94-year-old Consolidated expanded was in 1989, when it
That was the first time it had ventured outside of the Richmond area.
But soon after converting the two thrifts into banks, Consolidated
Charlotte, N.C.-based First Union will continue to run 23 branches in
He said First Union decided not to invest in new technology for the
As part of the deal, First Union will hold on to the branches' loans.
"We're delighted we're able to do that," Mr. Henley said.