Newspaper article The Florida Times Union

Beaches Get a New Bank

Newspaper article The Florida Times Union

Beaches Get a New Bank

Article excerpt

Backed by some 750 shareholders -- a lot for a community bank

-- Oceanside Bank of Jacksonville Beach opened for business

yesterday.

The investors put up about $5 million at $10 a share and

Oceanside bought an old Tucker State Bank bank branch at 1315

South Third St. for $850,000. Another $300,000 was spent

reworking it and adding a second floor.

Oceanside joins 10 other banks, plus credit unions, scrambling

to serve some 60,000 residents in an area that stretches from

Mayport south to the St. Johns County line.

The bank's focus will be small business and consumer banking,

said Barry Chandler, president.

With so many shareholders, Oceanside has a built-in customer

base, said Mike Witherspoon, chairman and CEO.

Lenders and senior officers among the banks's 13-member staff

previously were employed by other local banks that were bought by

bigger banks, and many of their customers/investors followed

them, Witherspoon said. …

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