With plans to build a new branch, Peoples Bank and Trust Company of Pointe Coupee in New Roads has acquired a nearly 1-acre tract of vacant land on Jefferson Highway near the new Stumberg extension.
In a deal that closed Monday, the bank acquired the property for $765,000, or $21.82 per square foot, from Crossing at Stumberg LLC. Jonathan Starns with Berkshire Hathaway Homes Services-United Properties Commercial Division represented the buyer and the seller in the deal.
The bank will develop a new, 5,000-square-foot branch on the site. Peoples Bank President and CEO Stephen David hopes to begin construction in the next six months, with an opening some time in 2018.
The new branch will be the second in the Capital Region and fourth overall for the growing community bank, which also has branches in Central and Livonia in addition to its New Roads headquarters branch.
“We already have a solid base of loan customers in Baton Rouge so the next logical step for us was to have a physical presence,” says David. “Many of our customers have said they want to do business with us but the locations are not convenient.”
David says the Jefferson Highway site is ideal because of its high traffic and high population counts.
“We like that there is easy in and out from that site, but it’s a high traffic area,” he says.
—Stephanie Riegel
