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Henry to help BlueRidge Bank expand in Washington County

November 18, 2011|By ANDREW SCHOTZ | andrews@herald-mail.com
  • Tim Henry
By Yvette May/Staff Photographer

After four years at Centra Bank, Timothy G. Henry has joined BlueRidge Bank as it tries to expand into Washington County.

The change took effect early this month.

Henry, a Hagerstown resident, said he's eager to help a growing company with local banking and local ownership.

BlueRidge Bank, which started in 2008, opened its first branch in Frederick, Md., where the company is based. Another branch opened in Towson, Md., a few months ago.

Henry said BlueRidge Bank probably will open a Washington County business office by early January 2012.

There's no timetable yet for how quickly BlueRidge Bank will open a Washington County branch.

"It will depend on how well we're received," Henry said.

Henry said he and Richard C. Marshall III, who lives in Washington County, will be part of the local management team.

"We've had Washington County on the radar screen," said J. Brian Gaeng, BlueRidge Bank's president and CEO, who used to be president of Fidelity Bank in Hagerstown.

Gaeng said the approach in Washington County will be similar to what BlueRidge Bank did in Towson — establish itself through local ties, then open a full-service branch.

He said BlueRidge Bank has shareholders and customers in Washington County.

After several years with Hagerstown Trust, Henry was part of a group of local business people who started a Centra Bank affiliate in Washington County in 2007.

He and Mark D. Harrell, Centra Bank's president in Washington County, said at the time that the new bank would emphasize local management and community.

Centra Bank is based in Morgantown, W.Va. Hagerstown and Martinsburg, W.Va., are among the cities where it has affiliates.

It opened its first Washington County branch in Hagerstown in 2007, then a branch north of Hagerstown in 2009.

United Bankshares Inc., which has headquarters in both Washington, D.C., and Charleston, W.Va., purchased Centra Financial Holdings Inc. of Morgantown. The acquisition was completed in July, according to United Bankshares.

Henry — who has served as chairman of the Hagerstown-Washington County Chamber of Commerce and chairman of the Hagerstown-Washington County Economic Development Commission — left Centra Bank the first week of November and started at BlueRidge Bank shortly after.

Harrell said he has taken over the chief executive officer duties Henry had at Centra Bank.

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