JPMorgan Chase & Co., which has filed plans for at least six banking offices in Northeast Florida, now has applied with the St. Johns River Water Management District for at least five standalone ATM developments.
Almond Engineering applied for a permit determination for the five locations for Chase Bank ATMS:
• Regency Plaza, 9840 Atlantic Blvd.
• Roosevelt Marketplace, 4261 Roosevelt Blvd.
• St. Johns Square, 11240 Beach Blvd.
• Shoppes of San Jose, 2777 University Blvd. W.
• Southside Square, 9051 Southside Blvd.
"The project is located in a highly urbanized area," says each application, dated March 21.
The drive-thru ATMs would be developed on existing parking areas.
The client is identified as the Chase Retail Distribution Network.
New York-based Chase has not commented about the regulatory and permit applications under review in Northeast Florida.
On March 11, the Daily Record reported plans had been filed for at least five JPMorgan Chase & Co. banking offices in Northeast Florida, comprising at least four in Jacksonville and one in St. Johns County.
A sixth has been filed, which shows another Duval County location.
Those are in addition to the one Chase office with an ATM at 7301 Baymeadows Way, near Cypress Plaza Drive, and a Chase ATM in Neptune Beach at 233 Atlantic Blvd., and other Chase functions.
The Baymeadows Way address is the site of JPMorgan Chase's mortgage banking operations center in Jacksonville, which it acquired from the failed Washington Mutual Inc.
Chase also has an operation in Deerwood Park at 10151 Deerwood Park Blvd.
While Chase has not filed an application for any new branch with the Office of the Comptroller of the Currency in the past year, plans indicate it intends to expand in the area.
Plans filed with the City and the St. Johns River Water Management District show plans for Chase banks at:
• 1515 Atlantic Blvd., between Hendricks and Thacker avenues in San Marco. A zoning administrative deviation request for the project, the most recent of the six projects, shows a 5,320-square-foot bank on less than 1 acre. SM Ventures Inc. is the property owner and Boos Development Group of Clearwater is shown on plans as the developer. Janet O. Whitmill is the agent.
• 13520 Beach Blvd., at southwest Beach and Hodges boulevards in Hodges Pointe Plaza. Proposed construction plans show a 5,278-square-foot, one-story building for Chase with three drive-thru lanes on 1.4 acres of vacant land. LAI Engineering of Marietta, Ga., is the agent. Plans were prepared for BDG Architects. The property owner is Property Management Support Inc. Plans were filed with the St. Johns River Water Management District and the City.
• 4372 Southside Blvd., No. 200, at Touchton Road. Plans show a 2,693-square-foot JPMorgan Chase Retail Banking Center. The owner of the project is listed as Chase Bank of Tampa. The construction contract is out to bid for the $600,000 build-out. BDG Architects of Tampa is the design firm. An application for a building permit was filed with the City.
• 1661 Riverside Ave., No. 125, at Margaret Street. The proposed interior build-out plans show a 1,252-square-foot retail banking branch. The owner is Chase Bank of Tampa and the architect is BDG Architects of Tampa. The construction contract is out to bid for the $450,000 project. An application for a building permit was filed with the City.
• 6012 San Jose Blvd., at University Boulevard West. The proposed interior build-out shows a 2,693-square-foot JPMorgan Chase retail banking center. The owner is JPMorgan Chase Bank in New York. No contractor was listed for the $225,000 project. An application for a building permit was filed with the City.
• Bartram West Village, 332 N. Florida 13, at Race Track Road, St. Johns County. Plans show proposed construction of a 3,456-square-foot building with three drive-thru lanes on about 1 acre. The developer is shown as Chase in Boca Raton. The engineer is LAI Engineering of St. Augustine. Plans were filed with the water management district.
The jpmorganchase.com website reports the bank has more than 17,000 employees in 300 locations throughout Florida.
As of Dec. 31, JPMorgan Chase had 5,614 branches, up 106 from the year before and up 18 over the quarter. The branches operate in 23 states.
The company reported 2012 net income of a record $21.3 billion, up from $19 billion from 2011. Revenue was flat at $99.9 billion.
Fourth-quarter net income was $5.7 billion, up from $3.7 billion in the fourth quarter of 2011. Revenue was up 10 percent to $34.4 billion.
JPMorgan Chase & Co. reported assets of $2.4 trillion worldwide. It provides investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, asset management and private equity.
JBI says court approved settlement
Niagara Falls, N.Y.-based JBI Inc. announced that the U.S. District Court in the District of Massachusetts has approved the settlement of the previously announced Securities and Exchange Commission enforcement action against the company and its former CEO, John Bordynuik.
JBI announced that under the terms of the settlement, the company and Bordynuik consented to the entry of orders enjoining them from future violations of certain provisions of the federal securities laws, including the anti-fraud, reporting and books and records provisions, and required the company to pay a civil penalty of $150,000 and Bordynuik to pay a civil penalty of $110,000.
"The settlement did not require payment of 'disgorgement' or other amounts," said the announcement.
It said the order against Bordynuik included a five-year officer/director bar. He stepped down in May as an officer and director and currently serves as JBI's chief of technology.
The settlement approval appears to be another step toward JBI's development plans, which include Jacksonville.
JBI said in a Feb. 11 news release that it continues to work toward a Plastic2Oil plant on RockTenn Corp. property in North Jacksonville.
JBI developed a system to recycle waste plastic into liquid fuels. More information is available at the plastic2oil.com website.
"In addition to the progress at the Niagara Falls location, the company continues to work on development of its second plant to be located in Jacksonville, Florida," said the Feb. 11 release.
"Currently, the company is evaluating engineering options to maximize feedstock throughput for processors that will be located at that site, in addition to site design and construction activities related to plant infrastructure," it says.
JBI said in the release that its third processor was being assembled at its Niagara Falls plant but because of fabrication delays, the company anticipates that the processor will not produce fuel until sometime in the second quarter.
"The company had previously expected to have this processor online during the first quarter of 2013," says the release.
"These delays will preclude the company from achieving cash-flow positive results during the first quarter of 2013, as previously communicated. The company intends to provide updated guidance in its upcoming annual report," it says.
JBI announced in January that it had raised $8.05 million in two sales of preferred stock, indicating the proposed Plastic2Oil plant at the RockTenn containerboard mill at 9469 Eastport Road, off Heckscher Drive, might be closer to development.
JBI also announced in January that the SEC approved the lawsuit settlement that, if approved by the court, "would fully resolve the dispute with the SEC evidenced by the lawsuit filed in January 2012."
JBI said the lawsuit arose from the restatement of the company's financial statements for the periods that ended Sept. 30, 2009, and Dec. 31, 2009.
The Daily Record reported in August that plans were under review for a Plastic2Oil production plant in Jacksonville to convert waste plastic into fuel oil.
It is shown as a 5-acre project on part of the 241-acre site of the RockTenn Corp. Seminole containerboard mill, formerly known as Smurfit-Stone Container Corp.
As reported, preliminary site plans show a 9,360-square-foot module production pad with adjacent space for truck unloading; a 1,170-square-foot storage tank concrete area; a 900-square-foot fuel truck loading area; a cooling tower; and a 720-square-foot quality control testing laboratory trailer.
The plans show conveyors, three "premelts," three reactors and towers and condensers.
In JBI's annual Form 10-K report, which the SEC received March 15, the company states that it is "continuing to negotiate the final site details with RockTenn, with whom we have a revenue sharing agreement for the placement of processors at their sites."
The filing says little specifically about Jacksonville, although news releases have referred to the project.
JBI said in the filing that as of March 14, it had two fully permitted and operational Plastic2Oil processors at its Niagara Falls facility and a third was being assembled in Niagara Falls and expected to be operational during 2013.
JBI states under "risk factors" that it is an early-stage company with a history of net losses, "and we may not achieve or maintain profitability."
It reported it has incurred net losses of $13.3 million in 2012, $18.26 million in 2011 and $14.3 million in 2010.
"We expect to incur losses and potentially have negative cash flow from operating activities for the near future," it said.
JBI said it had divested its noncore businesses, which historically had generated revenue, and transitioned its focus "solely on the development of our P2O business."
It said that even if revenue increased substantially, it expects that expenses could exceed revenue "for the foreseeable future."
Under risks, it states that even if it achieves profitability, it may not be able to sustain or increase it and may not be able to continue the business.
However, it states that while its future capital requirements will be substantial as it continues to develop the Plastic2Oil business, it believes its current cash and cash equivalents "will allow us to expand commercial operations at the Niagara Falls, N.Y., Facility as well as implement commercial operations in Jacksonville, Florida, our next planned site."
In the filing, JBI says the cost of the development business on a commercial scale are contingent on several factors, including development costs, and it "cannot reliably reasonably estimate the amount of capital required to expand the P2O business to the planned Jacksonville, Florida" location or beyond Niagara Falls.
JBI said that as of March 14, it had 55 full-time employees, comprising three in executive management, seven in finance and administration, four in procurement, sales and marketing, four in technology, research and development and 37 in operations.
The company was incorporated in 2006 in Nevada under the name 310 Holdings Inc. Bordynuik bought 63 percent of the shares in 2009. The company eventually became JBI Inc.
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