Jacksonville, Fla. (Source: Shutterstock)
Jacksonville, Fla.-based Jax Federal Credit Union embarked on a branch expansion plan this week with its purchase of a vacant Fidelity Bank branch building on July 11, according to an announcement from the credit union.
Fidelity Bank closed the branch in April 2019, according to Jax. The 5,150-square-foot building sits on 0.97 acres and is in Jacksonville's Southside submarket. It will be the credit union's ninth location in Northeast Florida. Jax has $403 million in assets and about 37,000 members.
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The credit union said it will begin renovating the site this month and expects to reopen the branch in October. It will have nine full-time employees, plus office space for mortgage loan officers and investment advisors.
"Since 1935, Jax Federal Credit Union has provided financial products and services designed to meet the needs of its members," President & CEO Joe Nowland said. "This branch will make it more convenient for our members in the Southside and surrounding area to fulfill their banking needs and achieve their financial goals."
Nowland took the helm at Jax about three months ago.
Jax Federal Credit Union is the latest name on the growing list of credit unions that have purchased bank branches or bank assets this year.
North Liberty, Iowa-based GreenState Credit Union, for example, announced last month that it expects to finalize the purchase of seven branches of the First American Bank in Fort Dodge. The branches served about 10,000 customers and managed approximately $200 million in loans, the credit union said. GreenState has $5.4 billion in assets and about 190,000 members.
In April, Spokane, Wash.-based STCU agreed to buy a bank branch in Sandpoint, Idaho, for an undisclosed price.
Several credit unions have also announced deals to purchase more than just bank branches in 2019, especially in Florida. All but two of the six credit union bank purchase deals announced between January and June this year occurred in Florida. Other acquisitions have occurred in Michigan, Wisconsin and Arizona.
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