Largo's USAmeriBank buys former Colonial branch

BUYER: USAmeriBank (principals: Jennifer Stearns, Joseph Chillura, Thomas McMurtrey III, Harrison Stearns, George Bauer and Victoria Alderman), Largo

SELLER: Federal Deposit Insurance Corp. as receiver of Colonial Bank

PROPERTY: 3702 Bearss Ave., Tampa

PRICE: $1.1 million

PREVIOUS PRICE: $1.93 million, December 2001

LAW FIRM ON DEED: McCathern Mooty, L.L.P, Dallas

PLANS, DESCRIPTION: USAmeriBank purchased a 3,336-square-foot bank branch for $1.1 million.

The price equated to $330 per square foot.

The bank won the right to buy the branch in an auction held by the FDIC.

“This was one of the branches we had when we were Manufactures Bank,” says Tina Ford, executive vice president and chief operating office for USAmeriBank. “Colonial Bank purchased our small community bank in 2001. A group of us [from Manufactures Bank] started USAmeriBank, so we are very familiar with that branch having opened it ourselves in 1998.”

The bank hopes to open the branch in August after make some minor interior improvements. It features four drive throughs.

The new branch will be the bank's sixth overall and its fourth in Hillsborough County.