When he joined the corporate, he stated the board wished him and the manager group to have a look at all elements of the enterprise, together with the title.
“As soon as we did that and we re-committed to being a rising group, and doing a distinct type of customer support and being extra revolutionary with expertise … We did not need to be 10 years down the highway and achieve success as a company. world-class. however not having a world-class model, “he stated.
Additionally, he stated, Southern Nationwide’s present title is geographically limiting if the corporate ever wished to increase into West Virginia, Pennsylvania, North Carolina, or wherever else.
“It made sense to vary it,” Zember stated.
Southern Nationwide has grown in recent times to turn out to be the second largest Virginia-based neighborhood financial institution, with $ three.09 billion in whole belongings as of December 31. It has 42 full-service branches in Virginia and Maryland, together with 9 branches within the Richmond area.
The corporate merged in June 2017 with Henrico-based Japanese Virginia Bankshares Inc.. The mixed firm assumed the title Southern Nationwide Bancorp and saved its company headquarters in McLean. The title Sonabank was used for all banking operations and its headquarters are in Henrico.
Different regional banks have modified names in recent times.