Questions and uncertainty face both employees and customers of StellarOne’s branch in Floyd after news that Union First Marketshares of Richmond, which is taking over the bank, plans to close 13 branches of the new combined bank by next summer.
Since Union First has no branches currently in the New River Valley and only one in Roanoke, those who use the StellarOne locations wonder if the cuts will hit them.
While Union First acknowledges that it will close 13 branches of the new combined bank, it isn’t saying yet which branches will be shuttered from the takeover.
StellarOne’s banch on North Main Street is one of three banks currently in the town of 435. Bank of Floyd is the only locally-owned financial institution and Carter Bank & Trust is the other bank.
In an email response to questions, Union First says only that affected customers and employees of any branch that will be closed will have at least 90 days notice before the action and that the company will work to place affected employees, whenever possible, into other facilities of the bank.
The new bank will be called Union First and headquartered out of Richmond. The takeover is already affecting the existing Stellar One regional center in Christiansburg, where some employees will lose their jobs as operations are moved to Richmond.
The focus on StellarOne has eased some of the speculations about the future of The Bank of Floyd following last year’s public, and bitter, takeover of Cardinal Bankshares, the bank’s holding company, by a group of directors aligned with a North Carolina shareholders.
Cardinal continues to remain locally-owned and controlled and the bank has stressed community service as part of a new focus. A number of customer0-oriented changes have gone into place and a new “virtual teller” walk up window is slated to open at the bank soon.