First National Bank buys Colonial branch

BUYER: First National Bank of the Gulf Coast, Naples

SELLER: Federal Deposit Insurance Corp. as receiver for Colonial Bank s

PROPERTY: 3580 Pine Ridge Road, Naples

PRICE: $1.61 million

PREVIOUS PRICE: $1.71 million, December 2005

LAW FIRM ON DEED: Williams Mullen PC, Richmond, Vir.

PLANS, DESCRIPTION: Naples-based First National Bank of the Gulf Coast purchased a 4,139-square-foot onetime Colonial Bank branch for $1.61 million.

The price equated to $390 per square foot.

The bank will relocate its branch operations from its headquarters at 3560 Kraft Road, Naples, to the Pine Ridge Road building. The new branch is scheduled to open Oct. 26, coinciding with the bank's first anniversary.

“Our Kraft Road office didn't have drive-in facilities or an outdoor ATM, items that are very important for the convenience of our customers,” says Gary Tice, First National's chairman and CEO. “In order to accomplish that within the building it would have been about a year to get through the various county approvals. It would also have been very expensive.

Adds Tice: “From a marketing perspective, this building also gives us greater visibility.”

First National Bank plans to use the open space in the Kraft Road building as additional office space. The bank, with $268 million in assets, has three full-service offices in Lee and Collier counties.