- November 23, 2024
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Cheryl Tanenbaum, the bank's chief financial officer, called her company's construction area, on Williamson Boulevard, in an "up-and-coming" corridor of Volusia County.
BY WAYNE GRANT | STAFF WRITER
Intracoastal Bank, headquartered in Palm Coast, has announced plans to open a new branch just outside Ormond Beach city lines, with the current schedule calling for construction to begin early next year and the bank to open in 2015.
The company made its announcement to construct a banking center on a two-acre lot east of Vince Carter’s Restaurant on LPGA Boulevard Wednesday, Aug. 28. The planned 9,000-square-foot, one-story building will be 50% larger than its current office to the north.
Bruce Page, president and chief executive officer, said that when the bank was established five years ago, it saw the potential to fulfill a need for local economic development.
“We believe if we support business, the area will see growth,” he said. “We look forward to expanding our services to Volusia County.”
The bank will serve as the headquarters for all of the company's Volusia County operations, Page said.
Cheryl Tanenbaum, chief financial officer, said the bank will offer full service accounts for residents, a need she believes will grow steadily as the area develops.
“There are very few banks as you go west on Granada Boulevard,” she said. “We’re excited and hope we’ll be welcomed by the community. This is an up-and-coming area for Volusia County. The Williamson corridor will be the next growth area.”
Initial employment at the new branch will be about 15 workers and could grow to 30, she said. The bank already has a lending center in nearby offices and those employees will relocate to the new facility when it opens.
She expects the area to benefit from development coming to Volusia County, such as the Hard Rock Hotel, the Daytona International Speedway improvements and growth by Embry-Riddle Aeronautical University.
Tom Hury, chief risk officer, said Intracoastal Bank has less than 100 shareholders and almost all of them live in Volusia and Flagler counties.
“This is a natural progression,” he said. “Many of our shareholders and directors live in the area. We have ties to the area and are familiar with the market.”
He added that community banks help local economies by keeping their funds close by, in the area.
Page said the land is being purchased from Consolidated-Tomoka Land Co. The permitting and planning phase will begin soon and the closing is scheduled for November.
Since the interior of the building is still in the design stage, Page could not estimate the total cost of construction.
