Primis Bank closing 8 branches, takes $2M hit from long-running employee fraud

HENRICO COUNTY, Va. — A Henrico-based bank is slashing its branch count and employee headcount to cut expenses while also disclosing a long-running fraud perpetrated by one of its loan officers. Primis Bank, which keeps its headquarters in Innsbrook, said last week it plans to close eight of its 32 branches in Virginia by the end of October, in addition to laying off around three dozen employees. The cuts are expected to save the $3.8 billion publicly traded bank approximately $9.4 million annually and are aimed at keeping costs under control in the face of tightened margins between the interest it pays out in deposits and brings in from loans.