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CITIZENS BANK MAKES MOVE INTO CHESTERFIELD

by Billy Coleburn
Editor, Courier-Record
ŠCOURIER-RECORD 2004

In an age where big city chains and financial institutions are conquering small towns, a Blackstone-based company is branching out into a major urban market. Citizens Bank & Trust Company is expanding into Chesterfield County and plans to open a new branch there as early as March. Mark C. Riley, now in his 15th month as the bank's President and CEO, made the big announcement Friday. And Riley said bank customers, shareholders, and others shouldn't be surprised if more expansion plans are unveiled in coming months.

"We've got several irons in the fire," Riley said of the bank's planned expansion. "This one came to fruition for us first." Riley has told the Courier-Record previously that he envisions Blackstone in the center of a large rectangle, all of which can become the bank's market area. He said that rectangle extends to the North Carolina line and to the greater Richmond area. The bank's planned move into Chesterfield will have no impact on the its headquarters, which remains in Blackstone, and which Riley emphasizes will continue to remain in Blackstone. "Our headquarters can absorb several other offices quite easily. It just so happened that everything fell into place, and the timing was right, at this (Chesterfield) location."

The bank's planned Chesterfield branch is a two-story brick Colonial building, located across the road from the Chesterfield County Government Complex. Its address will be 10001 Courtview Commons Drive, Chester. The Chesterfield branch will offer full-service banking products, drive-in windows, and an Automated Teller Machine (ATM). The 2,300-sq. ft. buiding is currently occupied by Wachovia, which plans to vacate it later this month. Citizens Bank has signed a lease with the building's owner and might buy it in coming years. The bank's main cost of the new venture will be personnel and equipment. Riley says the Chesterfield branch will be staffed by about 6-7 persons who are currently working in that market. "We're also looking for a seasoned, commercial lender."

Citizens Bank & Trust is awaiting formal approval by the Federal Reserve. Three of the bank's nine directors, Sam "Woot" West, Joanne Scott Webb, and Riley himself, reside in Chesterfield. Riley says the bank in recent years has made loans to a growing number of Chesterfield borrowers, and that those customers have been complimentary of the bank's flexibility and willingness to serve their needs. Riley says Citizens Bank & Trust "won't be a total stranger over there," but he said a marketing plan is being formulated to introduce the bank to Chesterfield residents and businesses. Riley says Chesterfield County currently has several strong community banks. "We don't intend to compete with them." But Riley says Citizens Bank does plan to compete with larger banks, based out-of-state--now operating in Chesterfield. "I firmly believe that those large, out-of-state behemoths have successfully lowered customers' expectations of service. Examples include nuisance fees, high staff turnover, and an unbalanced focus on sales, versus taking care of their customers. Well-managed community banks know that the 'high touch' approach is the right approach for every customer."

One member of the Board of Directors said the formal decision to expand into Chesterfield was made last Fall and that the vote was unanimous. That director also said the bank's main goal, early on in Chesterfield, will be to gain deposits. Currently, about 45% of the bank's total deposits are in Prince Edward County.

Founded in 1873 and headquartered in Blackstone, Citizens Bank & Trust Company currently has eight branches--three in Blackstone, two in Farmville, one in Crewe, one in Burkeville, and one in Amelia. As of December 31st, the bank had $267 million in assets. Riley says he believes Citizens in the not-too-distant future can reach $500 million.