Some Union banks to close, others to move amid Publix deal
RICHMOND, Va. — A local bank is on the hunt for real estate as a grocery mega-merger is displacing several of its Richmond-area branches.
Union Bank & Trust is being forced to vacate six of its in-store branches located in Martin’s stores that are soon to be converted into Publix locations.
Four of those Union outposts are being relocated to retail space within the same shopping centers, while two will be consolidated into existing nearby branches.
Elizabeth Bentley, Union’s chief retail officer, said the bank has already signed leases for two of the four that will relocate: the branches currently inside the Martin’s stores in the Short Pump Crossing and Colonial Square shopping centers will move into spaces a few doors down.
Bentley said the company is still in negotiations to move its branches in the Martin’s stores at the Village Shopping Center and West Park Shopping Center to other spaces in those two West End strips.
The two Union branches that will close are inside Martin’s stores at 2250 John Rolfe Pkwy and 10150 Brook Road. Deposits from the John Rolfe branch will be consolidated to the Pump Road location, while deposits from Brook Road will be sent to a nearby Union branch in the Atlee area.
Around $226 million in deposits are held in the six branches combined, according to the FDIC. Employees of all six of the affected branches will move to other locations.
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