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Union Bank to close 5 branches inside Martin’s stores

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Posted at 4:56 PM, Jun 26, 2016
and last updated 2016-06-26 17:41:46-04

RICHMOND, Va. — Union Bank & Trust has confirmed that it will be closing five of its branches located inside Martin’s stores in the Richmond area no later than September 30.

The affected branches include the Harbour Point location in Midlothian, the Crossridge location on Staples Mill Road in Henrico, the Ashland location on Washington Highway, the White Oak location on South Laburnum Avenue, and the Chesterfield Crossing location on Chippenham Crossing, according to Vice President and Director of Corporate Communications Bill Cimino.

Cimino said the decision to close the branches came as the result of studies done on the market penetration in the Richmond area, which included looking at transaction volumes at each branch, the branch’s deposit and loan size and the proximity of other branches.

All of the closed branches will be consolidating to existing Union Bank & Trust locations between a half mile and a mile and a half away. These include the Brandermill branch on Harbour Park Drive, the Staples Mill branch in the Staples Mill Plaza Shopping Center, the Ashland branch on Ashcake Road, the Laburnum branch at 4390 South Laburnum Avenue and the Midlothian branch on in the Sycamore Square Shopping Center on Midlothian Turnpike.

The closures are not in relation to the upcoming closures of several Martin’s stores in the area as the Martin’s locations affected are remaining open for the time being.