Thursday, June 21, 2018
Business

1st United closes branch in New Port Richey while Grow Financial credit union grows in Wesley Chapel

One part of the county loses a financial institution, while another gains one.

Boca Raton-based 1st United Bank is closing its New Port Richey branch at 5138 Deer Park Drive in October.

Customers will be moved to the branch at 32700 U.S. 19 in Palm Harbor, said Charles Allcott, executive vice president for marketing for the Tampa Bay region. He said the branch primarily had accounts that were accessible online or by phone.

"It had very little walk-in traffic," he said.

The bank will make efforts to relocate its four employees from the small office condo to one of the other five locations in the area, he said.

The move is expected to save 1st United Bancorp Inc. (NASDAQ: FUBC), $400,000 a year, a statement from the company said.

The branch, with $28.9 million in deposits on June 30, 2012 — the most recent data available — is 1st United's only branch in Pasco County. The company inherited the property when it acquired Old Harbor Bank in 2011.

Across the county in Wesley Chapel, Grow Financial credit union will open its 21st branch at 2579 Bruce B Downs Blvd. The 3,805-square-foot branch features an interactive teller machine as well as an art room. Art will be displayed and rotated throughout the year by local artists and schools in the Wesley Chapel community. The opening exhibit is titled Within the Artists' Eye featuring art by some of the faculty of the Pasco Arts Council, Inc.

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