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Virginia Partners expanding into Maryland
Date published: 1/8/2013
Fredericksburg-based Virginia Partners Bank is expanding into southern Maryland.
The bank has opened a loan production office in La Plata, Md., which is off U.S. 301 not far from the Virginia line and King George County. Virginia Partners is now looking for more permanent space in La Plata for a full-service branch that it plans to open by mid-year.
The operation will do business as Maryland Partners Bank but will be a division of Virginia Partners Bank. The bank has hired B. Scot Ebron to head its Maryland operations under the title of executive vice president.
Ebron was formerly a market executive for PNC Bank in southern Maryland, and before that served in executive management at Mercantile Southern Maryland Bank.
Virginia Partners President Lloyd Harrison previously served as president and CEO of Mercantile Southern Maryland Bank before it merged with PNC Bank, and is therefore familiar with the market. He said its demographics and proximity to Washington are similar to the Fredericksburg area.
Virginia Partners was founded in 2008. It has three branches in Fredericksburg, including its headquarters on William Street downtown. It had about $209 million in assets at the end of the third quarter of 2012.
Harrison pointed out that the wax seal on Virginia Partners' logo was deliberately designed with just the letters "pb" to make it easier to extend the brand to other states. The bank has owned the various web addresses for Maryland Partners Bank since 2007.
Harrison said further expansion in southern Maryland depends on the success of the first office, but the bank expects to grow its presence in that market.
Bill Freehling: 540/374-5405