With a ribbon-cutting ceremony this morning, Suffolk residents will get another choice from among a growing slate of banks locating within the city’s borders.

Monarch Bank will hold a grand opening and ribbon cutting at 10:30 a.m. today for its new 2999 Corporate Lane location off Godwin Boulevard.

“Monarch Bank is excited to officially enter the Suffolk marketplace,” President Neal Crawford said. “The decision to expand Monarch’s footprint into Suffolk is based on serving our existing client base and providing community banking services to another major city in Southside Hampton Roads.”

“We think Suffolk will respond well to Monarch’s value-added relationship style of banking,” said Adam Goldblatt, Monarch Suffolk president. “Community banking is, at its core, a commitment to building relationships with local businesses and families.”

Monarch Bank has nine other banking offices in Virginia Beach, Norfolk and Chesapeake. Other divisions and subsidiaries of Monarch Financial Holdings Inc. include OBX Bank and Monarch Mortgage, among others.

“We are delighted that Monarch Bank has decided to expand to our city,” said Mayor Linda T. Johnson. “We wish them success as they continue to grow in the Hampton Roads market and beyond.”

The new bank is located across from the Food Lion shopping center, on the same side of Godwin Boulevard as Sentara Obici Hospital.