Old Point National Bank is moving its headquarters just a mile down the road, but bank officials expect its new location in downtown Hampton to make a world of difference in its ability to continue to expand. The $8 million, five-story, 50,000-square-foot building is scheduled to be completed in 2012.
The move from Phoebus to Hampton will allow the bank to house all of its corporate functions under one roof, says Lani Chisman Davis, senior vice president and marketing director for Old Point.
“Right now, at our current headquarters, we own five buildings, and our corporate offices are spread throughout all five buildings,” she explains. “That campus will then become our operations center and will be able to accommodate more people. Where our operations is now, we are bursting at the seams.”
Officials say that this corporate shuffle is a key part of the bank’s overall expansion strategy, which is focused primarily on organic growth. Old Point, established in 1923, has never acquired another bank, says Davis. “That will continue to be our strategy, but we will probably slow down on building new branches.”
Old Point has 21 branch offices throughout the Hampton Roads region. This number includes its newest site, opened in Norfolk last year. Old Point reported a profit in 2009 of $1.7 million.
The new site will not only include the bank’s corporate headquarters but will also house a much larger, full-service banking office.
Groundbreaking on the new project is expected to take place this summer. The Norfolk-based firm Lyall Design is providing architecture services, while E.T. Gresham of Norfolk will construct the building.
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