CornerStone Bank To Open Branch In Buena Vista

By: 
Ed Smith

 

CornerStone Bank is coming to Buena Vista.

Steve Grist, president of the bank, attended Thursday's meeting of Buena Vista City Council, along with several members of the bank's board of directors, to announce that the bank is making plans to open a branch in Buena Vista.

“Union Bank & Trust's closing leaves a void in Buena Vista and I'm here to say publicly and in-person that CornerStone intends to open a branch here,” Grist told City Council.

He said he hopes to meet soon with the Realtor handling the sale of the Union Bank's building at 2101 Forest Ave. that is to close Aug. 10 to talk about a possible purchase. He said CornerStone is also considering other potential sites in Buena Vista.

“We don't have a time-line, but we will be here and we wanted to make that public,” said Grist.

“I'd like to thank you for coming here,” Mayor Bill Fitzgerald told Grist. “It's a loss when a business closes here,” he remarked, referring to Union's impending departure from the city.

Grist stated Friday that the bank has a site selection committee that will be “looking for the best location for the citizens of Buena Vista.” He projected that the bank would hire four or five employees for the Buena Vista branch.

Asked about a purported one-year prohibition for a competing bank to open up in Union Bank & Trust's building, Grist said he doesn't know specifically about that but noted it is not unusual for contracts to have non-compete clauses.

Whether it comes to this location or another one, CornerStone is committed to opening a branch in Buena Vista, Grist emphasized. “We are excited about what's going on in Buena Vista,” he said, referring specifically to the growth of Southern Virginia University and downtown development plans by Roanoke developer Ed Walker.

CornerStone, the only locally owned and operated bank in the Rockbridge area, currently has two locations, its headquarters in downtown Lexington at 54 S. Main St. and a branch office at 744 North Lee Highway in the College Square Shopping Center, north of Lexington. The bank has deposits of $126 million and assets of $142 million.

Union Bank & Trust announced last month that it was closing its Buena Vista branch but would continue to operate one branch locally at 1197 North lee Highway (next to Walmart), north of Lexington.

 

 

 

 

Category:

The News-Gazette

The News-Gazette Corp.
P.O. Box 1153
Lexington, VA 24450
(540) 463-3113

Email Us

Facebook Twitter

Latest articles

Please Login for Premium Content