First Florida Credit Union Buys Truist Bank Branch
The 4,971-square-foot branch will replace the credit union’s leased location in Jacksonville.
The $1.3 billion First Florida Credit Union in Jacksonville, Fla., has purchased a former Truist Bank branch for $2,303,750.
The 4,971-square-foot bank branch, which sits on 1.43 acres in Jacksonville, will replace a First Florida leased branch a few miles away.
“It’s a growing market for us, and this is a growing branch,” First Florida President/CEO Brent Lister said. “It has better parking, better ingress and egress. We’re better able to control our expenses, owning versus leasing.”
The branch was sold by Branch Banking and Trust Co. of Charlotte, N.C., which bought the property in February 2005 for $1.1 million, according to the Jacksonville Daily Record.
Since Truist Bank was formed following the consolidation of SunTrust and BB&T in 2019, the Charlotte, N.C.-based financial institution has closed hundreds of branches across the nation.
First Florida’s 216 employees operate 20 branches across the Sunshine State and serve more than 62,000 members.