Fifth Third Bank buys branch in Bonita Springs from FDIC

BUYER: Fifth Third Bank, Cincinnati (principals: Kevin Kabat, Sankaran Mahesh, James Hubbard and Paul Reynolds), Ohio

SELLER: Federal Deposit Insurance Co. as receiver of Colonial Bank NA

PROPERTY: 12971 Bonita Beach Road S.E., Bonita Springs

PRICE: $1.48 million

PREVIOUS PRICE: $1.08 million, April 2002

LAW FIRM ON DEED: McCatthern Mooty LLP, Dallas

PLANS, DESCRIPTION: Fifth Third Bank purchased a 5,495-square-foot Colonial Bank building for $1.48 million.

The price equated to $268 per square foot.

“Strategically, when we look at our growth plans for Lee County, Bonita Springs has always been a part of those plans,” says Tim Mackay, senior vice president of retail banking for Fifth Third. “With the growth that's projected in that area over the next three to four years, we were very optimistic that the location will fit very well into that strategic plan.”

The branch was in good condition, Mackay says, and should require little renovation. It was built in 2008.

The purchase was one of four Colonial Bank branches Fifth Third recently acquired from the Federal Deposit Insurance Co. Two of the other branches it purchased are in Tampa and one is in central Florida.