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November 18, 2021

Bank of Clarke County plans branch in Warrenton

The Bank of Clarke County plans a branch in this building at 530 Blackwell Road in Warrenton — originally constructed for Falls Church-based First Virginia Bank, which BB&T acquired in 2003.
The Bank of Clarke County headquarters on Berryville’s Main Street.
We’re hoping to be up and running April 1, and we’d love for it to be earlier. Our people are jazzed to get going.
— Bank of Clarke County President/CEO Brandon C. Lorey
By .(JavaScript must be enabled to view this email address)
Editor
The Bank of Clarke County plans to open a branch in Warrenton.

The Berryville-based bank has applied to the Federal Reserve Board for permission to establish a branch at 530 Blackwell Road — in the building that formerly housed a Middleburg Bank office, next to the CVS pharmacy.

It would join nine other banks that operate a total of 18 branches in Fauquier.

“We’re hoping to be up and running April 1, and we’d love for it to be earlier,” BCC President/CEO Brandon C. Lorey said in phone interview Thursday. “Our people are jazzed to get going.”

With total assets of $1.25 billion, BCC has 13 branches — in the City of Winchester and Clarke, Frederick and Loudoun counties, along with loan production offices in Tysons and Frederick, Md.

The Warrenton branch would be the bank’s first new one in about seven years, Mr. Lorey said.

“As a community banker, Warrenton and Fauquier County are, I think, still very interested in community banking,” he added. “It’s much more about the relationship than just the transaction.”

The bank’s growing number of wealth management clients in Fauquier helped spur the plan for expansion into this banking market, Mr. Lorey said.

“It’s contiguous to us and just makes sense,” he said. “I’m thrilled that we’re able to find this building — perfectly located.”

The 3,500-square-foot Warrenton branch that BCC would occupy has two drive-thru lanes and a drive-up ATM.

Constructed on 0.6-acre in 1980, the brick, single-story building originally housed a branch of Falls Church-based First Virginia Bank, which BB&T acquired in 2003. The 3,500-square-foot structure has two drive-thru lanes and a drive-up ATM.

Atlantic Union Bank, which acquired the Middleburg Bank, most recently operated a branch in the building at 530 Blackwell Road.

Growing steadily, the Bank of Clarke County has reported profits ranging from $2.5 million to $3.4 million each of the last five quarters.

Founded in 1881, the bank operates as a subsidiary of Eagle Financial Services Inc., which also has a large wealth management division.

That division has about $320 million “under management,” Mr. Lorey said.

Bank deposits in Fauquier totaled $3.6 billion on June 30, according to the Federal Deposit Insurance Corp.

The Capital One branch in Warrenton accounted for $1.6 billion or 44.7 percent of the total.

Virginia National Bank’s six branches here (formerly The Fauquier Bank offices) accounted for $638.6 million, a 17.7 percent “market share.”

Truist (formerly BB&T and SunTrust), with four Fauquier branches ranked third with a 13.1 percent market share and $474.5 million in deposits.

“The Federal Reserve Board considers a number of factors in deciding whether to approve the application, including the record of performance of applicant banks in helping to meet local credit needs,” the legal notice of BCC’s application says.

Contact Editor “Lou” Emerson at .(JavaScript must be enabled to view this email address) or 540-270-1845.




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