New bank opens in Augusta

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Local start-up Savannah River Banking Co. opened its first - albeit temporary - Augusta location Thursday.

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Savannah River Banking Co. teller Ann Marie Menger speaks with potential customer Barry Fleming at the grand opening.  Annette M. Drowlette/Staff
Annette M. Drowlette/Staff
Savannah River Banking Co. teller Ann Marie Menger speaks with potential customer Barry Fleming at the grand opening.

More than 100 people - including city Commissioner Don Grantham and Augusta Chamber of Commerce President Sue Parr - turned out for the grand opening of the 2,500-square-foot bank along Walton Way Extension between Wheeler Road and Robert C. Daniel Jr. Parkway.

"What we're most proud of is that all of the shareholders are from the CSRA," Jeff Spears, the president of Savannah River Banking Co., said after the ribbon-cutting ceremony. "All of the capital ... all of the associates ... are from this market."

The temporary office will handle all bank services until a permanent, three-story, 18,000-square-foot headquarters is finished late next year on the site.

Construction on the headquarters should begin in November. It will be built on 2 acres of the $4 million, 9-acre tract.

Mr. Spears declined to say how many customers the bank has so far, but confirmed they have already made loans and deposits.

Paul S. Simon, the chairman of Savannah River Financial Corp., the bank's holding company, said during the ceremony that the project will help economic development in the area.

The bank plans to sell the other 7 acres to developers, and the third floor of its headquarters will be occupied by other tenants.

The bank officially opened for business Aug. 1, and its Aiken location had a grand opening two weeks ago, said David Hoggs, the Augusta market president.

He said the bank doesn't have any expansion plans in mind yet.

Savannah River Banking received its federal charter earlier this year, months after the company's private placement stock sale to local investors raised $30 million, about $8 million more than expected.

Reach Laura Youngs at (706) 823-3227 or laura.youngs@augustachronicle.com.

SAVANNAH RIVER BANKING CO. LOCATIONS


- 3638 Walton Way Extension, Augusta


- 407 Silver Bluff Road S.W. (Hitchcock Plaza), Aiken


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