A local bank is moving forward with the project of a new head office for one of its subsidiaries.
C&F Financial, the parent company of C&F Bank, closed this month on land near Richmond International Airport, where it will build a new 25,000 square foot home for its consumer finance division C&F Finance.
The West Point-based bank paid $ 400,000 for nearly 10 acres at 5491 International Trade Drive. The deal was reached on March 6.
The bank called on the local development company Thalhimer Realty Partners to pilot the project.
Tom Cherry, managing director of C&F, said construction is expected to begin in the second quarter of 2020 and be completed sometime in 2021.
“At the moment, plans are to move forward,” Cherry said, when asked if the coronavirus slowdown is affecting things. “We are in the process of bidding for the work. “
Cherry said the one-story building will replace the current downtown headquarters of the finance division, which offers loans for automobiles, recreational vehicles and boats. Its 100 employees are currently working in the Exchange Place building at 1313 E. Main St., a space that Thalhimer previously used as their headquarters before moving to Short Pump.
“The space we’re in, we praise it,” Cherry said. “Getting in and out of the city center is not the easiest and we needed more space. And we can build it to our specifications the way we want the building to be configured. “
The finance division is a significant part of C & F’s business, accounting for $ 6.8 million of the parent company’s $ 18.8 million net profit last year.
Plans for the project were tabled in January. Kimley Horn is the civil engineer for the project. LynchMykins is a structural engineer. Price Simpson Harvey is the architect and Dunlap Partners provides mechanical, electrical and plumbing design.
Brian Berkey of Thalhimer represented C&F in the purchase of the land, which is vacant.