Winter Park National Bank, which celebrates its one-year anniversary next week, paid $1.5 million on Wednesday for a former SunTrust drive-in teller property next to its office to set up future expansion.
Located at 345 Carolina Ave., the 0.45-acre parcel lies a block west of Winter Park's Central Park and adjacent to a multi-tenant office building (201 N. New York Ave.) where Winter Park National Bank has been leasing 6,000 square feet for its lone branch.
The bank opened in August of last year and received its official national charter last October, the first bank charter to be issued in the United States since 2009.
Long-term plans for the drive-thru property were solidified last year, when the prospective seller earned conditional use approval from the city to redevelop the teller building with a new three-story office building of 9,926 square feet, and one bank drive-thru teller lane.
"This is our strategic plan as we grow to have a drive-thru service and opportunity to grow the bank if we need additional space," president and CEO David Dotherow told GrowthSpotter. "There's no timeline now, but as the bank expands we can develop the three-story building there."
Winter Park National Bank doesn't intend to vacate its leased space at least for another year, he said. Its conditional use approval with the city should remain active through October 2019.
Board members of the bank include Stanley T. Pietkiewicz and Dell Avery of local developer Titan Properties, and Michael C. Crisante, Jr., owner at Horizon Construction of Central Florida.
Winter Park National Bank is becoming increasingly active in commercial real estate and construction lending, Dotherow said.
The bank has amassed $200 million in assets in less than one year, and has the capability now to lend up to $15 million for property acquisition and construction loans, he added.
The seller was N. New York Avenue Company, LLC, a successor to investment vehicle Albertson-Williams Partnership II, which is managed by Larry E. Williams out of Winter Park.