Bank OZK, based in Little Rock Arkansas, bought an office building in Mandarin from 121 Financial Credit Union for $2 million in a sale that closed Oct. 12.
Jacksonville-based 121 Financial continues to occupy the building at 12250 San Jose Blvd.
“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.
“If/when we alter our plans, as in typical fashion, our membership will be the first to know.”
Bank OZK said by email 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.
“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 spokesperson Susan Blair.
Bank OZK, formerly Bank of the Ozarks, now has one Northeast Florida branch at 10970 San Jose Blvd., 2 miles north of the new location. Both are south of Interstate 295.
It has a loan production office in Jacksonville Beach.
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 email it has 45 Florida offices, including the loan office and branch banking office in Jacksonville.
Bank OZK said it plans to convert its loan office to 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.
