Insignia Bank buys Cattlemen branch

BUYER: Insignia Bank (principals: Charles Brown III, Timothy Clarke, Leon DeLieto, Harvey Glick, Cheryl Loeffler and Sam Norton), Sarasota

SELLER: WHR II LLC

PROPERTY: 5850 Fruitville Road, Sarasota

PRICE: $3.52 million

PREVIOUS PRICE: $1.88 million, May 2006

LAW FIRM ON DEED: Norton Hammersley Lopez & Skokos PA, Sarasota

PLANS, DESCRIPTION: Sarasota-based Insignia Bank purchased a 4,741-square-foot bank branch off Cattlemen Road for $3.52 million.

The price equated to $741 per square foot.

The bank has operated from the branch for two years.

“We thought it was a good time, given the market, to own our property,” says Charles Brown III, Insignia Bank's chairman and CEO. “We've done very well there.”

Insignia bank also operates branches in downtown Sarasota and Lakewood Ranch.