Tuesday, February 18, 2014

Park Sterling selects site for Virginia operation

Charlotte-based Park Sterling Bank has picked a site for its new Virginia operation and plans to apply this week to open its first branch in the state, CEO Jim Cherry said Tuesday.

Cherry said the bank will move into roughly 7,500 square feet of office space near Stony Point Fashion Park mall in Richmond. That's where the bank will open a commercial loan production office that will later be turned into a full-service branch.

Last month, the bank announced that it was entering the Virginia market. At the time, it said it had hired five bankers from Charlottesville, Va.-based StellarOne Bank.

Park Sterling plans to make its Richmond operation a major hub for the bank. Its head of mortgage banking and head of wealth management will be based in Richmond. Those two positions are new ones for the bank.

Cherry said the initial branch will be in the same building as the loan production operation and, therefore, will not have a drive-up teller lane. Approvals to open that branch could take approximately 90 days, he said.

The bank also plans to open a more traditional, standalone retail branch in Virginia at some point, he said.

On Tuesday or Wednesday, Park Sterling plans to announce more hires for the Richmond operation, Cherry said.