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Business Observer Monday, Aug. 10, 2020 1 year ago

Bank's expansion creates new space for symphony

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An offer for a new office comes at the right time for the Southwest Florida Symphony.

The rapid growth at Sanibel Captiva Community Bank, dating back to before the pandemic, has turned into some sweet music for the Southwest Florida Symphony.

The nonprofit, Lee County’s only professional orchestra and the fourth oldest in Florida, recently moved its administrative offices to the bank’s unoccupied former operations center, at 7500 College Parkway, Fort Myers. The bank is providing the 2,500-square-foot office for $1 per year for the next three years, according to a statement. Sanibel Captiva Community Bank, meanwhile, has moved to a new operations center, a $5 million renovation project down the road, at the corner of McGregor Boulevard and College Parkway. It’s keeping a branch at the old office, but at least half the space was emptied out.

The timing of the bank’s move combined with the symphony’s lease coming up for renewal put the transition in motion. The symphony, staring at the uncertainty of when concerts will resume at full capacity and coming off the lost revenue of nine canceled spring concerts, embraced the opportunity.

It helps, too, that Sanibel Captiva CFO David Hall is president of the Southwest Florida Symphony Endowment Foundation, and saw the need first-hand. The move allows the symphony to reduce its operational overhead, the release states, and also provides it with a highly visible location on a main road. The bank is even chipping in a new sign to welcome the symphony to the building, according to the statement.

"Sanibel Captiva Community Bank is really doing well, so we are adding a ton of new customers every year,” CFO David Hall says in the release. “The bank has been growing, and we quite frankly just outgrew our operations center.”

“The symphony needs help with this pandemic,” adds Hall, “and a lot of us want the symphony to continue on into the future.”

The symphony, scheduled to begin its 60th season Oct. 26, pending the pandemic, moved into its new administrative home Aug. 1. Founded in 2003, Sanibel Captiva Community Bank started with one location on Sanibel Island. It now has $560 million in total assets and 100 employees, with more than 40% current shareholders.

 

 

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