Community First Credit Union, a $1.6 billion-asset institution headquartered in Jacksonville, Fla., has purchased a former Atlantic Coast Bank branch in Neptune Beach, Fla., and will reopen the location as one of its own branches by 2020.
Community First CU said it purchased the land and building for $2.2 million. The sale closed on Dec. 19.
The acquisition is part of the credit union’s “Branch Transformation Project,” which it described as the “most aggressive and comprehensive branch and facilities upgrade and update” in its history. Community First CU said the project seeks to “align physical branch locations with modern banking needs and customer uses.”
The existing building is 3,850 square feet and sits on two acres. The credit union said the branch will undergo extensive renovations and remodeling in early 2019 to adopt the coastal design and architectural features of Community First’s nearest location in Jacksonville Beach. The CU’s current in-line shopping center location on San Pablo Road will move to the new Neptune Beach branch once it is complete – scheduled for early 2020. The credit union will also add 400 square feet to serve as an exterior tower – a feature all its new branches share – along with interior space for a community room. Drive-thru tellers and ATMs will also be added, along with safety deposit boxes.
TTV Architects will design the new branch and Auld & White has been selected to perform the renovation.
Community First CU said it does not yet have a concept drawing for the newly-acquired branch available, but it will adopt the design and layout of the other new branches in the project.
“We are excited to expand and enhance our in-branch banking experience for our Intracoastal and beaches members,” John Hirabayashi, president and CEO of Community First, said in a news release. “We have long sought a strategic site in this area and this location is a great improvement to our network.”
