Monarch Bank in Chesapeake, Va., will launch a new wealth management unit as it looks to expand in Virginia.
Monarch Bank Private Wealth will provide private banking, financial planning, trust and investment services in the Williamsburg and Peninsula markets, the $937 million-asset Monarch, a unit of Monarch Financial Holdings (MNRK), said Monday. Bernard H. Ngo will serve as market president and managing director of the new unit.
The bank will open branches in Williamsburg and in the Oyster Point area of Newport News before the end of the year while Ngo will lead the bank's efforts to build its presence in the Hampton Roads area of Virginia, Chief Executive Brad E. Schwartz said in a news release.
Eventually Monarch will offer wealth management services in all of its markets, Schwartz said. Monarch has 10 branches total in Suffolk, Chesapeake, Virginia Beach and Norfolk.
Raymond James Financial has also entered into agreement to provide investment and trust services for Monarch's customers.
Ngo has more than 28 years of banking and investment experience. He most recently was city president of Williamsburg and Gloucester for SunTrust Banks (STI).