The Community Financial Corporation Announces CEO Succession Plan WALDORF, Md., Dec. 08, 2021 The Community Financial Corporation , the holding company for Community Bank. | December 8, 2021
Powhatan bank gets new owner, $5M in fresh capital for digital push
BizSense file)
New Horizon Bank, which since its founding 11 years ago has been the smallest bank in the Richmond region, is ready to try to play with the big boys.
The $103 million Powhatan-based bank was taken over last month by CSBH LLC, a new holding company created by veteran banker Doug Mitchell and investor Uriel Cohen out of New York.
While the deal was first announced in January 2020, details about CSBH’s plans for the rural bank were scant. But upon closing the deal March 1, Mitchell elaborated on the new regime’s strategy: to turn the one-branch bank into a growing institution focused on expansion around Richmond and beyond, mainly through online banking.