In a move to reposition both financial organizations’ area presence, Bank OZK, based in Little Rock Arkansas, bought another office building from Jacksonville-based 121 Financial Credit Union.
Bank OZK paid $2 million on Jan. 4 for a 3,757-square-foot office on 1.78 acres at 6072 Youngerman Circle in Southwest Jacksonville near Orange Park.
“Bank OZK recognizes Jacksonville as an important growth market and we look forward to enhancing our presence so we can provide more clients with best-in-class solutions to their banking needs,” Bank OZK said in a statement.
As with a previous purchase by Bank OZK, 121 Financial will remain open at the site.
“121 Financial Credit Union has sold its Orange Park branch location at 6072 Youngerman Circle to Bank OZK, yet it will remain open until the end of May 2022 for members to utilize,” said Adam Wade, 121 Financial Credit Union vice president of marketing and analytics, in a statement Jan. 26.
“The credit union is embarking upon a branch modernization initiative to create a ‘credit union of the future’ that will leverage more technology and create easier member access,” he said.
“As part of this initiative, 121 Financial plans to relocate its Orange Park branch at Youngerman Circle to a new, nearby location in the coming months.”
Wade said the announcement will come soon.121 Financial has eight locations in Northeast Florida.
121 Financial was not ready to discuss the new design.
It has eight branches in Northeast Florida.
121 Financial Credit Union bought the Youngerman Circle building, developed in 2002, for $1 million in September 2012.
It was a former First Guaranty Bank and Trust Co. of Jacksonville location closed in January 2012 by the Florida Office of Financial Regulation and the Federal Deposit Insurance Corp.
The transaction is Bank OZK’s second acquisition in three months from 121 Financial.
Bank OZK bought a building Oct. 12, 2021, for $2 million in Mandarin from 121 Financial, which continues to occupy the structure at 12250 San Jose Blvd. 121 Financial will move to Claire Lane Center.
121 Financial announced Jan. 26 on its Facebook page that the Mandarin branch “is getting a MAJOR upgrade in April.”
“We’re relocating to a more convenient location just down the road in order to provide you with a truly modern update to your banking experience and a better, safer traffic flow. Hope you’re as excited as we are,” it said.
The city is reviewing a permit application for 121 Financial to build-out 3,105 square feet of space in Claire Lane Center at 11112 San Jose Blvd., No. 5, in Mandarin. Auld & White Constructors LLC is the contractor for the estimated $650,000 project. Hoefer Welker of Leawood, Kansas, is the architect.
The Facebook page links to information that the new, larger location may not have a drive-thru, but it will have better parking and traffic flow, a 24-hour ATM and a free coin machine, among other services.
“121 continually monitors market conditions and branch locations to ensure we are placed conveniently to our members. Based on these conditions, we chose to sell and lease back the Mandarin location as we continue to monitor our options,” said Paul Blackstone, COO of 121 Financial, in an emailed statement Oct. 21.
Bank OZK said by email in October that the current tenant at 12250 San Jose Blvd., which is 121 Financial, will remain until mid-2022.
The 2,668-square-foot office was built in 2001 on 1.47 acres. 121 bought the property in May 2012 from Regions Bank for $835,000.
The purchase was part of Bank OZK’s expansion plans in Northeast Florida.
“We have acquired the property at 12250 San Jose Blvd. and are looking at potential additional future sites as part of our long-term planning,” said Bank OZK in an Oct. 21 email from its previous spokesperson, Susan Blair.
Bank OZK, formerly Bank of the Ozarks, has a Northeast Florida branch at 10970 San Jose Blvd., 2 miles north of the new location. Both are south of Interstate 295.
Bank OZK said in October it planned to convert a loan production office in Jacksonville Beach into a full-service branch banking office in the first quarter of 2022.
“Jacksonville’s strong economy, diverse industry base and robust job growth make it a very attractive city for us to expand our presence over the next several years,” it said.
As of June 30, the branch had $155 million in deposits for a 0.16% market share, according to the Federal Deposit Insurance Corp.
Bank OZK said in the October email it has 45 Florida offices, including the loan office and branch banking office in Jacksonville.
