Pedestal Bank, the state's eighth-largest bank, will open its second Lafayette location at 4525 Ambassador Caffery Parkway at the former Panera Bread location in the Ambassador Town Center.
The Houma-based bank, which currently has a branch location at 914 S. College Road, acquired the property Aug. 29 to expand its footprint in Lafayette and support growth on the south side of the city across the Vermilion River.
"We're looking to grow and expand, and we still feel that Acadiana is the best market that we've got," Pedestal Bank Regional President Donnie Landry said. "The market has slowed a bit, but we think Lafayette with its size and location is still the area with the greatest opportunity in our regions."
The 4,900-square-feet location is much larger, Landry noted, than then 2,200-2,700 square feet normally needed for branch offices and is expected to open in either late April or early May. He said the former Panera Bread was a savings at $2.2 million when empty land nearby would have cost around $1.6 million.
The building became available when Panera moved out last month.
"It has more square footage and it's a high-traffic area with good access near Costco," Landry said. "We're planning on adding our finance, technology and compliance departments to the building eventually to take advantage of the extra size."
Pedestal Bank was formed in February 2018 when Louisiana Community Bancorp's five subsidiaries, City Savings Band, Coastal Commerce Bank, Kaplan State Bank, Teche Bank and Trust and Tri-Parish Bank, merged. It now has about $1.2 billion in assets and serves 11 parishes with 25 branch offices and 300 employees.
Pedestal Bank generated $10.3 million as of June 30, $400,000 over the same second quarter in 2018. It is No. 14 when ranked by deposits in the Lafayette market.
The branch will employ seven, Landry said, but will add more as other departments are added.
Hammy Davis with Scout Real Estate was the selling broker for the deal.
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