C&F Bank has acquired a former Wells Fargo branch in Innsbrook for $1.8 million, expanding its retail banking footprint in the Richmond market.
The new branch will strengthen C&F’s presence among small businesses and local communities, with an opening planned for next year.
The acquisition reflects the bank’s continued growth strategy as it approaches its 100th anniversary.
C&F Bank is expanding its presence in central Virginia after acquiring a former Wells Fargo branch in Innsbrook, reinforcing its strategy of growing its retail banking network in high-traffic commercial markets.
The bank purchased the 4,200-square-foot property at 4020 Cox Road for $1.8 million in May, transforming a site that had previously served as a Wells Fargo branch before briefly being slated for redevelopment as a restaurant.
Former Wells Fargo Branch Returns to Banking
The Cox Road property operated as a Wells Fargo branch until the national bank exited the location approximately three years ago.
Following Wells Fargo’s departure, the site was acquired by a Slim Chickens franchisee, which intended to convert the building into a restaurant. However, the project was ultimately abandoned after failing to secure the necessary architectural approvals from the Innsbrook Association.
C&F Bank subsequently acquired the property, returning the location to its original purpose as a banking facility.
Strategic Expansion Into a Key Commercial Market
The new branch fills an important geographic gap within C&F Bank’s retail network.
Management noted that the Innsbrook area already contains a significant number of existing C&F customers while also offering a strong concentration of locally owned businesses—an important customer segment for the bank’s commercial banking strategy.
The branch will complement C&F’s existing locations elsewhere in Henrico County while strengthening its ability to serve businesses and consumers in one of the region’s largest commercial districts.
Renovation Underway Before Planned Opening
C&F plans to renovate the building before opening the branch sometime next year.
The bank indicated that deed restrictions associated with the property require it to wait at least 12 months after the acquisition before beginning operations, providing time to complete renovations and prepare the facility for customers.
Growth Strategy Continues
Headquartered in West Point, Virginia, C&F Bank manages nearly $3 billion in total assets and continues expanding across the state.
The new Innsbrook branch follows other recent growth initiatives, including the opening of the bank’s first loan production office in downtown Roanoke, reflecting management’s continued focus on expanding its banking franchise across Virginia.
Outlook
The Innsbrook acquisition underscores C&F Bank’s commitment to measured expansion through strategically located branches that strengthen relationships with local businesses and retail customers. As the bank approaches its 100th anniversary, continued investment in key Virginia markets positions it to support long-term growth while deepening its community banking presence.
For a confidential discussion regarding commercial banking solutions, business expansion financing, treasury management, or regional banking opportunities, contact our senior advisory team.
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