Essex Bank Announces Plans for Branches at Richmond's West Broad Marketplace and in Cumberland, Virginia

RICHMOND, Va., Aug. 1, 2016

The Bank plans to open a branch in West Broad Marketplace in the second quarter of 2017.  West Broad Marketplace is a new shopping development on West Broad Street (Route 250) in the Short Pump retail trade area of Henrico County.  The anchor tenants for the shopping center are Wegmans (opening August 7, 2016) and Cabela's.  The Bank has entered into a 20-year ground lease that covers approximately 5,000 square feet, and the Bank will build a 2,000 square-foot branch and an adjoining 3,000 square-foot building for a to be determined subtenant.  The Bank will have exclusive branch banking rights in the center.

Rex L. Smith, III, President and Chief Executive Officer, commented, "We are very excited to join the West Broad Marketplace development.  There are a number of locations in the Richmond metropolitan area that are ripe for growth, especially with the recent and upcoming additions of top-line brand name retail stores.  We have been very active in identifying those locations that best fit the needs of our current and future customers, and the ever-increasing dynamics of the Short Pump area make this location a perfect selection."

The Bank also plans to open a branch in Cumberland on August 15, 2016.  The Bank purchased both the land and a 3,300 square-foot retail bank office that had been recently closed by another financial institution.  The branch is located on Anderson Highway (Route 60) just west of the Cumberland County Courthouse.

Mr. Smith added, "The Cumberland location is also a great opportunity for us.  We believe that the residents and small businesses of the county are underserved, and the location is a natural extension of our branches in Powhatan County to the east.  We look forward to providing our high standards of customer service and quality products to the community."

The opening of the branch in West Broad Marketplace is subject to the receipt of applicable regulatory approvals.  The Bank has received these approvals for the Cumberland branch.

About Community Bankers Trust Corporation and Essex Bank