Investar Bank has purchased the former Mattress Firm property at the corner of Jefferson and Old Hammond highways, with plans to build a branch there.
The Jefferson branch will be built within the next two years and opened after regulatory approval, according to Marketing Director Lisa O’Deay. The bank was interested in the property because of its visibility and traffic count. The branch will be 1,500 to 3,000 square feet and employ roughly 10 people.
Investar currently has 13 locations in the Greater Baton Rouge market, its largest market served. There are no other branches planned for the Baton Rouge area at this time.
Benjamin Stalter, with Maestri Murrell, represented both Investar and the seller, JMNA Properties LLC, in the transaction. The sale was recorded for $10 and “other good and valuable consideration.”
The plans come as Investar Bank works to increase its footprint across the South. In June, Investar Bank received regulatory approval to move from being a state bank to a national bank, effective July 1, and in July, the company announced it was acquiring Bank of York, an Alabama bank. Last October, the Investar acquired Texas-based Mainland Bank for $19.9 million.
