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Commission recommends council approve zoning amendment to distinguish private banking from bank branches
Summary
The Commission voted to forward zoning text amendment 24-03 to the council to treat licensed private banking services as professional offices rather than financial‑institution bank branches; staff framed the change as clarification, and a local property principal voiced support.
The Commission voted to recommend approval of zoning text amendment 24‑03, a proposed change to distinguish private banking services from retail bank branches in the town's zoning code.
Will, a staff presenter, told the commission the amendment is intended "to clearly differentiate in our ordinance between retail banking and private banking services" so that private bankers who operate in a manner similar to professional offices would not be forced to register and be regulated as a bank branch. He said the town has not previously had a licensed private banker and that existing wealth‑management offices have been treated as professional offices.
Carter Wiley, principal at Piedmont Property Investments and affiliated with Courtyard At Middleburg, spoke in support during the public‑hearing portion. "We endorse and support this effort because it adds clarification to something we have seen on a number of occasions," Wiley said, adding that the change would address situations where brokerage‑style operations could not locate in C1‑zoned areas under the current definition.
Following public comment and staff recommendation, Council member Jacobs moved that the commission forward "zoning text amendment 24‑03 to council recommending approval as contained in draft 1 dated 10/18/24." The motion was seconded and approved by voice vote; the chair announced, "So moved." The commission's action forwards the amendment to the council for its consideration.
The amendment, as described by staff, would limit the town's financial‑institution regulations to entities such as banks and credit unions while placing licensed private banking operations under the same rules that govern professional offices and wealth‑management firms. The commission did not take actions to amend the draft or to table the matter; the record shows the body recommended approval to the council.
Next steps: the amendment will be considered by the council; no council action date was recorded during the meeting.
