A bank owned by the Citizen Potawatomi Nation plans to expand further with another branch location along one of the busiest traffic corridors in Oklahoma City.

Sovereign Bank — formerly known as First National Bank & Trust Co. until a recent rebrand — purchased three-and-a-half acres of land on the south side of Northwest Expressway for an additional branch location and corporate offices.

The country's largest tribally owned bank already has a building in Union Plaza between May Avenue and Hefner Parkway, but officials said more space was needed after a 2021 merger with The First State Bank increased the bank's asset size to over $800 million.

"We are excited to be able to complete this new building for our community," said Bryan Cain, president and CEO of Sovereign Bank. "It helps to elevate our area and provide the best banking services to Oklahomans and the members of Citizen Potawatomi Nation."

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What to know about the new Sovereign Bank branch

Construction is set to begin in March 2024 for a 57,500-square-foot building on the purchased property just west of Villa Avenue. The bank bought the land for $4.13 million, and officials said current plans are to complete the three-story building by November 2025.

About 90 employees are expected to work at the new location once it opens, according to officials.

"This is the first significant office project along Northwest Expressway in decades," said Brent Conway, senior vice president of Newmark Robinson Park, a real estate firm, who represented the seller, Cox Enterprises. "This will be a great Class A addition to the NW office corridor."

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The property sold for about $27 per square foot, and Conway said real estate prices, particularly in the city's northwest area, are continuing to climb despite high interest rates. Office buildings currently at the location are vacant and will need to be demolished in order to make way for the new Sovereign Bank building.

The bank looked at different sites throughout Oklahoma City for nearly 18 months before ultimately deciding on the new Northwest Expressway location, according to Tim Strange, another real estate veteran who represented the Citizen Potawatomi Nation in their purchase of the land.

"This was a win-win," said Strange, who recently left Newmark to launch Pivot Brokerage. "The Cox family was looking to sell the property, and the bank wanted a highly visible site to build in Oklahoma City."

More: Getting to know the Citizen Potawatomi Nation

Last month, Sovereign Bank announced it had rebranded with its current name, reflecting its Indigenous ownership and expanded services.

The new logo depicts the Potawatomi medicine wheel, which symbolizes the tribe's expansive and comprehensive presence around the globe, officials say.

Apart from its Shawnee headquarters and its current and upcoming Oklahoma City sites, Sovereign Bank's other Oklahoma locations include Canute, Edmond, Granite, Holdenville, Lawton, Mangum and Midwest City.

This article originally appeared on Oklahoman: Sovereign Bank to build new building along Northwest Expressway in OKC