While some banks have opted to ditch or consolidate branches, other banks are capitalizing on the opportunity to move into or expand in the region.
And industry leaders view improvements in technology as another way to expand access to banking.
Chase Bank continues to expand its retail banking presence in Hampton Roads and expects to open at least 10 more branches by 2027, regional director Alfonso Guzman said.
“We’re big believers in our branches,” Guzman said. “We really believe they are the pillars of the community and they’re important parts of every community.”
Chase currently has two branches in Norfolk and Williamsburg and one each in Newport News and Virginia Beach. By the end of this year, Chase plans to open a second branch in Virginia Beach along with branches in Hampton and Chesapeake, Guzman said. The remaining five new branches will open between 2025 and 2027.
While Chase puts its digital focus on the forefront, Guzman said its branches are still a part of its strategy to meet clients within their communities.
“It’s not either/or,” he said. “We want to make sure that human-to-human interaction is still top of mind and a priority for us as we continue to grow.”
Dollar Bank has opened nine branches since entering the market, said Dave Paradise, senior vice president of Dollar Bank’s Virginia Division. Dollar Bank has 13 branches in South Hampton Roads, including four from its acquisition of Bank @lantec in 2017.
While Dollar Bank has no immediate plans to add branches, it actively looks for opportunities in low- to moderate-income census tracts throughout its markets, Paradise said.
“Technology has really improved access to banking services, which means that it is easier for people to bank with us in a way that is convenient for them,” Paradise said.
In an effort to help Hispanic and immigrant consumers, Chartway Credit Union, which has 16 branches in Suffolk, Virginia Beach, Chesapeake and Norfolk, opened its first fully bilingual branch in the state in Virginia Beach at the end of April.
And Fulton Bank launched a diverse business banking program designed to meet the needs of minority, women, veteran and LGBTQ business owners last summer. Fulton Bank operates five financial centers in Hampton Roads, including three in Virginia Beach and one each in Chesapeake and Newport News, spokesperson Steve Trapnell said. Last year, Fulton opened a commercial banking office in Norfolk.
“We are committed to making financing and banking products more accessible to groups that, historically, have been underserved,” Fulton Bank Chairman and CEO Curt Myers said.
Sandra J. Pennecke, 757-652-5836, sandra.pennecke@pilotonline.com
