First Southern Bank in Boca Raton, Fla., reportedly plans to sell one branch and open another.

The $1 billion-asset company is looking to sell its branch in Ponte Vedra Beach for $3.5 million, the Jacksonville Business Journal reported Monday. First Southern acquired the branch when it bought the failed Haven Trust Bank Florida in 2010.

First Southern is selling the Ponte Vedra Beach office because the building is larger than its needs require, market president Matt Greene told the Jacksonville Business Journal.

The company is also preparing to open its second branch in the Jacksonville area, according to the Business Journal.

First Southern did not immediately respond to calls seeking comment.

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