Local bank buys new HQ for $1.7M
A small local bank is shifting its home base in the southern part of the region.
Bank of McKenney, a $230 million bank whose seven-branch territory ranges from Dinwiddie to Chesterfield, last month acquired
a new headquarters building in Prince George.
The two-story, 26,000-square-foot property sits at 4300 Crossings Blvd., next to Fort Lee and just off Interstate 295.
CEO Richard Liles said the new office allows the bank to consolidate operations from four scattered sites in the southern part of its footprint. The move will not affect its current branches.
“We need to do this to gain efficiencies,” Liles said.
He added that the Prince George site also gives the bank a stake in a more central and northern location of the region it operates in.
“North and west is where our growth appears to be coming from.”
The bank announced the purchase last week following its annual shareholders meeting. It paid $1.68 million, according to Prince George County records.
The bank will use about 14,000 square feet of the building. The rest is occupied by other tenants, mostly government contractors due to its proximity to Fort Lee.
Liles said the bank, which has 66 employees, will reconfigure its portion of the building and hopes to move in by year-end or early next year. He said the bank was represented in the sale by Specter Properties.
Bank of McKenney was founded in 1906 as Bank of Dinwiddie. It changed its name in 1957. Liles, previously with the former Bank of the Southside and Farm Credit, has led the bank since 1989.
At $230 million in assets, banks of Bank of McKenney’s size are becoming rare in a time of seemingly non-stop mergers and acquisitions among community banks.
Liles said it’s been interesting to see all the action.
“Life happens, is all I have to say. There’s a tremendous need for community banks.”
The original report is by Michael Schwartz and can be located at: http://richmondbizsense.com/2017/05/17/local-bank-buys-new-hq-for-1-7m.