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Business

Bank of Santa Barbara Planning New Branch in Goleta

Bank officials look to expand to the former Blockbuster location at 5880 Calle Real

The Bank of Santa Barbara has filed an application to open a new branch at 5880 Calle Real in Goleta.

The branch would take over the former Blockbuster Video location adjacent to the Calle Real Shopping Center, according to Bank of Santa Barbara CEO Eloy Ortega. Blockbuster leased the 8,400-square-foot retail property in 1993. 

“Having this presence in Goleta is the perfect opportunity for us to take the first step in expanding our service footprint so we can fulfill our vision to provide that elevated service to the Goleta market,” Ortega said.

The Goleta branch would mark the bank’s first expansion since a group of Santa Barbara business leaders and philanthropists purchased the bank from Capitol Bancorp in 2009.

The Calle Real location would open by early July and operate from 9 a.m. to 5 p.m. Monday through Thursday and 9 a.m. to 6 p.m. Friday.

In terms of Blockbuster, Dish Network bought the company last year for $320 million, and planned to keep 1,500 profitable Blockbuster rental stores open and maintain 15,000 employees. But more stores have been operating in the red than expected, including the Goleta location and at 3993 State St. in Santa Barbara. The location at 101 N. Milpas St. in Santa Barbara is still in operation.

Blockbuster announced last Thursday that it will close 500 underperforming stores during the next few weeks despite netting a $313 million profit in the fourth quarter, which was up 24 percent.

The company lost 166,000 net subscribers in 2011 even though it introduced the Blockbuster Total Access package and gained back 22,000 subscribers in the fourth quarter.

Noozhawk business writer Alex Kacik can be reached at .(JavaScript must be enabled to view this email address). Follow Noozhawk on Twitter: @noozhawk, @NoozhawkNews and @NoozhawkBiz. Connect with Noozhawk on Facebook.

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