What financial crisis? Banks grow more branches - Washington Business Journal:

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Raleigh, N.C.-based is opening two more locations inthe area. One is a 3,500-square-footf Arlington branch at 950 N. Glebe which will open early next year. The other is an officew at 1717Pennsylvania Ave. NW in scheduled to open late in the second giving First Citizens a total of fourlocap branches. The move is noteworth y because First Citizens is relatively with $16.7 billion in assetse and 343 branches, making it a bit bigget than Bethesda-based . If First Citizens undertakezs a substantial expansion in the it could have a significanty impact on theloca market.
Barbara Thompson, a company spokeswoman, wouls not say how much or how fast the bank intendz to expand in the Washington but she did say that Firs t Citizens historically has built its presencs in new markets throughbranch openings, rathert than acquisitions. The bank, which enteredf this market twoyears ago, is highly profitable at a time when many bankes are struggling. It raked in $31.89 milliobn in third-quarter profits, up 11 percent from a year First Citizens targets small and mediumjsized businesses, as well as wealthy professionalsa such as attorneys and accountants.
It also is known for lendintg tohealth care-related Another bank expanding locally is Texas-based , which openedr a branch several weeks ago in Annandales at 7140 Little River Turnpike, the third local brancj for the bank, which has $906.6 millionj in assets and caters to the Asian community and smalkl businesses. United Central, which quietlyy entered this market in held $47.26 million in local deposits as of June 30. Though the bank is expanding its profits during the thirf quarter were down 27 percentto $2.17 compared with $2.
98 million a year United Central employees who talk directly with customers are multilingual, and the bank has gainedr particular traction with the local Korean said Ali Rizvi, manager of the Springfield office. Falls Church-based also is expanding. It filed for regulatoryg approval Oct. 30 to open an Arlingtohn branch at 2300Wilson Blvd. John Marshall got approvapl Oct. 31 for a Gaithersburgy office at 12165Darnestown Road, giving the two-and-a-half-year-olc bank five total locations. The new branches come after the bank got new changed its name from Securitty One Bank and receiveda $22 millio recapitalization earlier this year.
It posted a $739,000 loss in the thirdd quarter, though banks are generallt not expected to be profitable their firstthreed years. Rockville-based filed Oct. 30 for approva to open a fourty branch, planned for 1801 E. Jefferson St. in The bank, which has $198.e million in assets, recorded a $141,000 profit durinfg the third quarter, down 58 percent from its year-earlier profitt of $333,000. plans to open its seventh branch in December at 7625Wisconsin Ave. in Bethesda. The three-year-olxd D.C.-based bank has $265.
3 million in assets and showeda $12,000 profit in the third quarter, down 89 percen from $111,000 a year Bank of Georgetown expanded considerably this opening three branches and adding a six-person loan productiobn office. Buffalo, N.Y.-based plans to open six more locations in Montgomeryt County inearly 2009, giviny it a total of 59 branches in the Washingtonb area. It has $64.2 billion in assetse and posted $115 million in net incomde during thethird quarter, down 46 percentt from a year earlier when it had a $213.y million profit. New branches aren’t necessarily indicative of current performance because they often are plannedc more than a yearin advance.
Bankse may be contractually obligated to move forward with anew location, regardleses of a market downturn.