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Business Observer Monday, Oct. 18, 2021 3 months ago

Bank buys building for $1.35M, plans bigger branch

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Renovations will be completed next year.

SANIBEL — Sanibel Captiva Community Bank has acquired a building in Sanibel, down the road from its current branch — a purchase that will provide a larger space for customers and the community.   

The $778.2 million-asset bank bought the 5,200-square-foot building, through four parcels, from the Charles O Howey Trust for $1.35 million, Lee County property records show. On 1019 Periwinkle Way, it’s two buildings down from its current branch at 1037 Periwinkle Way, according to a statement. The branch will be relocated after renovations are completed at the end of 2022, the release adds.

The bank hired Benchmark Construction to renovate the branch, which will feature a community room, electric car charging station and safe deposit boxes. Real estate brokerage John R. Wood Properties will continue leasing approximately half of the building, and the bank’s current branch will remain open for service during renovations. 

“We’re pleased to move our current Periwinkle Branch to a larger space and still offer our customers the convenience of a location close to the causeway,” Sanibel Captiva Community Bank President and CEO Craig Albert says in the release. “Our 1037 Periwinkle Branch handles a large number of transactions for such a small location. With this new larger space, we’ll make it even easier for customers to get their banking done quickly and efficiently.”

Founded in 2003, Sanibel Captiva Community Bank has two locations on Sanibel Island and six more locations throughout Lee County. The bank is nationally ranked in the top 2% best-performing community banks by S&P Global Market Intelligence out of more than 4,400 banks with assets under $1 billion. The bank has more than 100 employees, and more than 40% are current shareholders. 

 

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