November 25, 2014
Michael Schwartz

An out-of-town bank now has a clear path toward its first branch in the Richmond market.

Kilmarnock-based Chesapeake Bank received approval this month from regulators to open a new location at 5501 Patterson Ave. in what’s becoming a hotbed in the local banking scene.

The bank has also since cleared the existing office building of its remaining tenants, the last step it needed for its plan to transform the property into an 8,000-square-foot, full-scale branch and a base for its Richmond operations.

Construction fencing has been put up around the site and work is set to begin.

“We’re at the edge, ready to start,” said Frank Bell, head of Chesapeake Bank’s Richmond operation.

The $4.1 million project will slice off 2,000 square feet from the present 10,000-square-foot property. The bank plans to have construction completed by summer 2015.

RVA Construction is the general contractor for the project.

Fred Thompson from locally based Architects Dayton Thompson and Associates, along with Tom Tingle of GuernseyTingle in Williamsburg, designed the property.

Chesapeake Bank’s branch will take shape directly next door to the former Kelley’s Gift Shop space where Charlotte, N.C.-based Park Sterling Bank plans to open its own first Richmond branch.

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