Monday, May 24, 2021

[EXCLUSIVE] Regions Bank Secures Space For Yet Another New Branch in East Cobb

A former Jiffy Lube in East Cobb has been sold and will be redeveloped.  The property, located at 4200 Roswell Road in an outparcel of the Whole Foods Market-anchored Merchants Walk shopping center, was recently demolished and is slated to reopen later this year as a new branch of Regions Bank.  Cobb County property records indicate that this past September, Birmingham-based Regions paid $2.2 million for the .75 acre site that was first developed in 1981.  

This new Regions branch is only two miles from where the company opened a branch in 2018 in an outparcel of Parkaire Landing shopping center (680 Johnson Ferry Road) where it replaced a former Pollo Tropical restaurant, and only about three miles from an existing branch at 2486 Roswell Road.  East Cobb has been a popular market for Regions as in addition to the Parkaire branch, the company in late 2019 also opened another area branch at 3028 Shallowford Road on the site of a shuttered Rite Aid.  

Regions joins a crowded corridor that already includes branches of Wells Fargo, Truist, Fifth Third and PNC, among others.  

According to the FDIC's most recently completed Deposit Market Share Report, Regions Bank is the seventh largest in metro Atlanta with 66 branches and nearly $4.8 billion in deposits, allowing it to grab about 2.5% market share.  Atlanta leaders Bank of America, Truist and Wells Fargo ranked one, two and three, each with about 20% market share and about $40 billion in deposits.  

In recent years, Regions had added several new locations in the greater metro Atlanta area including new branches in Sugar Hill, Smyrna, Cumming, Decatur, Buford, Suwanee and Marietta, among others.  

Regions' planned opening near the intersection of Roswell and Johnson Ferry Roads marks the second new business with plans to open a new outpost in the area.  ToNeTo Atlanta exclusively reported in March that the longtime Chevron at 4249 Roswell Road would be replaced by a new Valvoline auto care center.  

What are your thoughts on the upcoming new businesses in East Cobb?  Where do you do the majority of your banking?  What types of businesses would you like to see open in East Cobb? 

Please share your thoughts below.  


Anonymous said...

They are also abandoning many locations. The one at Cheshire Bridge and Sheridan closed last year, and the location now is getting overgrown with weeds and the sign is falling over. They also closed the one in Brookwood across from the train station on Peachtree. And the one in Toco Hills is closing any day now. The one on Peachtree across from Buckhead Atlanta closed a couple of years ago as well as the one in Tuxedo Festival on Roswell Rd.

Anonymous said...

Daaaaaaaaaamn! That sucks! Like we need another bank!

Anonymous said...

It's easy to forget that while fewer people visit banks for routine transactions there are still businesses who rely on branches and those individuals who come in often have more complex transactions. What's been interesting is to see how branches once had 5-8 employees most are now bare bones staffing with 3-4 employees.

Branches are also great advertising and just knowing it's accessible is a strong message in a competitive market. EC has a lot of affluent clients so banks hope some of that wealth finds them as new locations are constructed.

Alex said...

Spot on Anon at 6:40. I visited a BofA the other week to have something notarized and I counted 2 tellers, the loan officer who notarized my document, another employee in a different cubicle, and one other woman with a tablet directing people who made appointments. Surprisingly, there was a line at the tellers.

Anonymous said...

Businesses and Individuals with money require access to brick and mortar banks. Commenter May 25, 2021 at 6:25 AM might not have the need for a financial institution on a regular basis, however there are many of us with wealth that do.

Anonymous said...

Nice to know that the property has changed hands.

A sign is now posted indicating the location will be soon opening.

Going back a few years, the building was first a First Union (FU) Bank with drive through bays. It was closed when FU left the area and was changed in to the Jiffy Lube.

Noted just east of this location is a BBT bank that was constructed on the site of a Black Eye Pea restaurant that closed and a new restaurant was to open and burned to the ground the day prior to opening.

The BBT bank is now closed. Too bad Regions did not seek this building.

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