VyStar Credit Union bought the former Regions Bank branch in the San Marco area.
The Jacksonville-based credit union paid $2.87 million for the site at 1600 Hendricks Ave., where Regions Bank closed a branch in 2017.
VyStar President and CEO Brian Wolfburg said Thursday the acquisition is part of plan to cover gaps in the service area between Downtown and Mandarin.
He said VyStar has experienced several years of significant growth and intends to add two to four branches a year.
It also wants to open a branch in the Lakewood area.
James B. Hartley and Hartley Family Properties Inc. sold the Hendricks Avenue property to VyStar on Tuesday.
According to the Duval County Property Appraiser, the 3,272-square-foot free-standing bank branch was developed in 2008 on the 0.33-acre site. The property includes a 1,171-square-foot canopy that covers three drive-thru lanes.
Wolfburg said VyStar hopes to start construction and renovations in September and open the branch by year-end.
The design will be similar to new branches in St. Augustine, Orlando, Daytona and Ormond Beach, he said.
It will include two teller pods, which are a new style of interaction to replace teller windows; a reception desk; a waiting area with a video wall for interactive marketing; new ATMs with larger touch screens and more options; and more advanced technology.
It will have eight full-time employees.
VyStar, formerly Jax Navy Federal, was founded in 1952 to serve civil service members, military personnel and their families.
According to the VyStar’s website, the credit union has more than 585,000 members across Northeast and Central Florida.
When Regions Bank closed the branch, spokesman Mel Campbell said it was part of a nationwide 22-branch consolidation.
Campbell said the closure was determined after “a careful review of our branches identified opportunities to consolidate based on traffic, volume, new technologies, location of other branches, profitability and other factors.”