C1 purchase foretells new Miami banking option

June 8, 2013 by  

C1 Bank, which operates out of St. Petersburg hopes it is finally on track to open its first South Florida branch.

Trevor Burgess, C1 Bank CEO, stated in January of this year that he was looking to place five branches in the Miami-Dade area, and he was actively seeking locations. His announcement came on the heels of a couple of failed attempts by the bank at acquiring properties. An attempt to take over Doral-based U.S. Century Bank and the Brickell Avenue branch of U.S. Century Bank both fell through.

It looks, however, like the first area branch may soon open in Miami. C1 presently operates a lending office here, which has issued five mortgages, but does not have a depository branch. In May, the bank purchased a site at 2618 and 2632 North Miami Avenue comprising 13,126-square-feet with 9,306 square feet of that devoted to industrial and retail space. The site, previously owned by TMC Holdings, was purchased for $2.85m and is in the Wynwood neighborhood.

Requests for comment from Burgess received no response and, as of yet, the bank has failed to file a regulatory application with regard to the site in question, reports Bizjournals.com.

Although C1 operates 21 locations in Tampa Bay, the bank will probably need to engage in a vigorous publicity campaign to introduce itself to Miami residents. Those looking to change banks should be on the lookout for banner and flyer printing announcements of a C1 Bank grand opening, while local printing services will no doubt be angling for C1 Bank’s business.