Biz Beat Roundup will not run Dec. 31 but will return Jan. 7. Happy holidays and happy new year!
BUSINESS ACTIVITY
- Two banks with a significant local presence — Burke & Herbert and LINKBANK — will merge, the two entities announced late last week. Alexandria-based Burke & Herbert will acquire LINKBANK in an all-stock transaction valued at about $354.2 million. The transaction is expected to close in the second quarter of 2026; LINKBANK will then become part of Burke & Herbert. LINKBANK in 2023 acquired the parent company of Virginia Partners Bank, whose headquarters were at 410 William St. in Downtown Fredericksburg. LINKBANK still has eight years left on the lease at that building, said local real estate professional Fitz Johnson, who owns the property with his brother and sister. Burke & Herbert recently leased space for a bank branch and loan office just down the street at a building at 520 William St. that is currently being renovated. It’s unclear how the merger will affect the two properties. Both banks each have an additional branch in the market as well (Burke & Herbert at 2521 Cowan Blvd. in Fredericksburg, and LINKBANK at 4210 Plank Road in Spotylvania County).
- According to the most-recent FDIC Summary of Deposits report, as of June 30 LINKBANK was the sixth-largest bank in the Fredericksburg market (City and Caroline, King George, Spotsylvania and Stafford counties), with about $326 million in customer deposits (the top five local banks by deposits, in order, are Atlantic Union, Truist, Wells Fargo, Bank of America and PNC). Burke & Herbert ranked 13th as of June 30 with about $48 million in local deposits; with the acquisition Burke & Herbert will rise to sixth in the market.
- The ongoing renovation at the Rapphannock Area YMCA’s Falmouth branch is the subject of this week’s Biz Beat Clips video.
- A special-use permit has been requested from Spotsylvania that would allow a new 75-foot pylon sign to be installed off Interstate 95 at the U-Haul Moving & Storage facility at 5801 Southpoint Centre Blvd. (former Liberty Lanes location).
- Downtown Fredericksburg fashion store Peacaloo Boutique announced this week that it will close its Caroline Street location Dec. 31 after almost 13 years. The company will continue to run its online store.
- Thrift and consignment store Uptown Cheapskate has started buying clothes at its new store next to the Wegmans in Fredericksburg.
MOVERS & SHAKERS
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Rennie McDaniel (on left) and Kelly Johnson
The guests on this week’s edition of the Biz Beat Banter podcast are Rennie McDaniel and Kelly Johnson. The focus is the women’s efforts on the recent Monumental Vision campaign for Mary Washington Monument.
- Longtime area pediatrician Dr. Pamela Mancini announced that she will close her PL Pediatrics practice in Spotsylvania at the end of February and retire. Mancini has been practicing in the area since 1989.
- Rehana’s at 104 Wolfe St. in Downtown Fredericksburg is offering its space as an event venue and commercial kitchen for third-party planners and chefs.
- Fredericksburg Winter Restaurant Week will be Jan. 16-25. Restaurants that are interested in signing up have until Jan. 5.
- The University of Mary Washington’s Great Lives lecture series will kick off Jan. 20 and run through March 19.
- The Amazon Rappahannock Region Community Fund recently awarded $300,000 to 35 nonprofits and community-based organizations in Stafford, Spotsylvania, Caroline and Louisa counties.
REAL ESTATE REVIEW
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This 92.6-acre property on Potomac Creek in King George sold last week for $1.45 million.
There were 109 homes sold this past week in the Fredericksburg area, including four for more than $1 million, according to the Fredericksburg Area Association of Realtors’ weekly sales list. Check back weekly for the new list.
- An affiliate of Ares Management Corporation last month purchased the 315-acre Spotsylvania Techno Park campus in Spotsylvania for $167.5 million. The property — which is between U.S. 1 and Interstate 95, and Roxbury Mill Road and the Ni River — is zoned for up to 2.9 million square feet of data centers. Gilman Land & Timber LLC sold the land to the previous owners, SpotsyTechnoCampus LLC, in December 2021 for $6 million. The development is in its planning stages.
- O’Reilly Auto Parts has officially opened a new 550,000-square-foot distribution center at 206 Centreport Parkway in Stafford. More than 225 people work there.
Biz Beat Roundup runs every Wednesday and includes a roundup of business news from around the Fredericksburg region. Send submissions to: bill.freehling@fredericksburgfreepress.com
