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Coffee Talk
Business Observer Friday, Jan. 31, 2020 2 weeks ago

Area community bank to turn old SunTrust branch into new HQ

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Sanibel Captiva Community Bank has more than $460 million in assets.

The win-win cliche is thrown around so much in business it’s mostly lost its meaning.

But in the case of Sanibel Captiva Community Bank’s planned new headquarters, the term is decidedly apropos. That’s because not only will the bank, with $460.1 million in assets through Sept. 30, get a new main office in a prime location, but also the city of Sanibel will also get a new spot for its senior center, which helps at least 900 area residents.

“We’re really happy about this whole thing,” Sanibel Captiva CEO Craig Albert tells Coffee Talk. “It’s a really big deal on the island. We’re excited to be a part of it.”

The arrangement started when city officials inquired with the bank about its current office, 2475 Library Way. Albert says the city sought the location because it was close to other city functions and bigger than its current senior center. It also had a sizable conference room. “They wanted to buy our building bad,” Albert says. “But before we could sell it, we had to find somewhere else to move to.”

The bank found that in a vacant SunTrust branch, at 2406 Periwinkle Way. Closed for about four years, in the 1990s the building was a McDonald’s. Sanibel Captiva bought the old SunTrust building for $1.8 million, Albert says, and plans to spend about $900,000 in renovations, having recently hired Benchmark Construction for the work. One change will be to have a conference room with a door accessible to outside the bank, so community groups can use it when the bank is closed — just like the current office.  “The inside wasn’t really what we were looking for,” Albert says.

Renovations at the old SunTrust branch will take about nine months. During that time, Sanibel Captiva will lease back its Library Way property, which it sold to the city of Sanibel for $1.89 million.

In addition to the senior center, the city will host the Center 4 Life Program operated by the City of Sanibel Recreation Department in the space. The building will also house administration offices for Community Housing and Resources, a nonprofit that provides affordable housing for families and individuals who work and serve Sanibel.

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