“We plan to open banking offices in Williamsburg and in the Oyster Point area of Newport News before the end of the year,” said chief executive Brad Schwartz, adding that the new line of business will “eventually be offered in all of our banking markets.”

Bernard Ngo serves as president of the Peninsula and Williamsburg markets and managing director of the new private wealth unit. He joins Monarch with over 28 years of banking and investment experience.

For its trust and investment offering, the bank said it has entered into an agreement with Raymond James Financial Services, which will provide these services to bank clients. 

Monarch Bank is a community bank with ten banking offices in Chesapeake, Virginia Beach, Norfolk, and Suffolk, VA.