A new bank is set to open in Fairfax next month, after receiving approval from the Federal Reserve this week.
First Virginia Community Bank is scheduled to open Nov. 5 with a branch in Fairfax targeting businesses — starting with its 308 shareholders, most of whom are local business owners, Chairman and Chief Executive Davide Pijor said.
“We’re really excited to open,” he said. “We think the market is strong for community banks.”
The addition of another community bank to the area will “add some options for business customers, as well as consumers,” said Pat Satterfield, president and CEO of the Virginia Association of Community Banks. “Community banks are lenders in the banking trade market. … They focus on community and are led by those who live in, work in and know the community.”
The office will house the branch and corporate offices, with a formal grand opening in late November or early December. Pijor is planning to open a second branch in the first quarter of 2008 but hasn’t determined the location.
Pijor predicts that in spite of the current credit crunch, the market will remain strong for commercial banks in the area for the next 18 to 24 months.
Because of the federal government’s presence, the metro area is “insulated from some of the economic vagaries that other parts of the country suffer,” he added.
Some of the bank’s services will include allowing customers to deposit checks electronically and pay bills online.
The bank also will be able to issue debit cards and personal identification numbers instantly, and customize the cards with pictures or logos.
Fees will range depending on the amount of business a client does with the bank; clients can earn credit for reduced fees based on the size of their balances.
Pijor hopes this method, which takes into account the entire relationship with the client, will be popular.
While automated teller machines will be available only at the branch, fees will be waived at other banks’ ATMs for accounts that meet certain criteria, Pijorsaid.
Pijor is no stranger to the banking industry.
He was the former chairman of James Monroe Bancorp Inc., which was acquired by Mercantile Bankshares Corp. in March 2006, which was in turn acquired by PNC Financial Services Group Inc. in early 2007.
