Community bank buys former SunTrust building for new HQ
Sanibel Captiva Community Bank also sold its current main office.
Business Observer Staff
| 6:03 a.m. January 9, 2020
SANIBEL — Sanibel Captiva Community Bank has acquired a former SunTrust branch on Sanibel to serve as the bank’s new future main office. In a separate deal, the community bank, with $460.1 million in assets through Sept. 30, sold its current main branch to the City of Sanibel.
Sanibel Captiva hired Benchmark Construction to handle renovations on the new building, at 2406 Periwinkle Way, according to a statement. Those renovations are estimated to be completed in September, the release adds.
Prices of both property sales, announced in a statement, weren’t recorded in Lee County records through Jan. 10. The new office, on Periwinkle, is valued at $1.36 million, records show, while the bank’s current office, at 2475 Library Way, is valued at $960,386. SunTrust had owned the building since 1995, according to the Lee County Property Appraiser, when the bank bought the building from McDonald’s. SunTrust merged with BB&T last year, and the combined bank now operates under the name Truist.
Sanibel Captiva’s Library Way office will become Sanibel’s new senior center, which hosts the Center 4 Life Program operated by the City of Sanibel Recreation Department. In addition, the building will house administration offices for Community Housing and Resources, a nonprofit that provides affordable housing for families and individuals who work and serve the community of Sanibel, the release states.
“We are excited to move our main office to Periwinkle Way and offer a more convenient location for our customers,” Sanibel Captiva Community Bank President and CEO Craig Albert says in the release. “What’s even more exciting for us is to be able to help the community by providing Sanibel seniors a larger location to gather.”
Sanibel Captiva Community Bank is nationally ranked in the top 25 as a best-performing community bank by S&P Global Market Intelligence out of more than 4,500 banks with assets under $1 billion.