VyStar Credit Union bought 2 acres in Lakewood for construction of a branch office.
Jacksonville-based VyStar paid $1.7 million for the property at 2890 University Blvd. W. It was sold by an affiliate of Ash Properties. The existing vacant gas station was developed in 1978.
VyStar spokeswoman Sandy Baker said the sale closed Jan. 10 and the property, which is near St. Augustine Road, is designed to accommodate a 4,000-square-foot branch with three drive-thru lanes.
Baker, vice president of communications and public relations, said construction could start by year-end and be completed in 2020, but dates are subject to change.
VyStar President and CEO Brian Wolfburg said previously VyStar continually acquires land for expansion,
“As part of our organic growth strategy we have a well-developed seven-year plan of locations that either infill current service areas or expand our market to reach more potential members within our Field of Membership, as approved by the Florida Office of Financial Regulation,” he said in October.
In November, VyStar received approval from the Florida Office of Financial Regulation to expand its field of membership by 27 counties, more than doubling its original 22 counties, to include all 49 counties of Central to North Florida.
Last week in San Marco, VyStar opened its 49th branch.
This week, VyStar said it said it agreed to acquire Citizens State Bank, which has four branches in Florida and more than $280 million in assets.
Citizens State Bank is headquartered in Perry in Taylor County. In addition to its branch there, it has two offices in Gainesville and one in Steinhatchee.