Looking to Buy a Bank Building? This One Still Has the Vault

The former Republic Bank building overlooking the entryway to Ocean City’s downtown retail district has hit the market for $2.4 million – complete with imported marble floors and a high-security vault tucked inside.

Previously, a price had not been listed when the building first went up for sale in December. At that time, the real estate company handling the sale had asked prospective buyers to submit private offers in a “letter of intent.”

According to the real estate listing, a Jan. 10 deadline had been set as a “final call for offers.” But apparently no offers were accepted, so now the property is publicly listed for $2.4 million.

Tom Skiffington, a broker with RE/MAX real estate, has not returned calls seeking comment about the sale. A RE/MAX sign listing Skiffington as the sales agent has been placed on the building at the corner of Ninth Street and West Avenue.

The real estate listing touts the building as being ideal for continued use as a bank location or possibly for conversion into commercial, retail or office space under new ownership.

“This impressive bank building, located in the heart of Ocean City, New Jersey, offers an unparalleled investment or development opportunity in one of the area s most desirable locations,” it says.

The listing goes on to say that the building stands out with its “high-end finishes and a sleek, full-glass facade.”

“The property stands out as a modern and attractive asset, ideal for continued banking use or other commercial redevelopment. The building’s design and positioning make it an ideal fit for investors or developers looking to tap into Ocean City’s thriving market,” it says.

    A Republic Bank sign overlooks the Ninth Street entryway.
  

The former bank includes “a touch of elegance and sophistication” with luxurious imported marble flooring throughout, “creating a refined atmosphere that will impress clients and elevate the building’s aesthetic appeal,” according to the listing.

“With premium interior and exterior finishes, it offers a polished, professional aesthetic that appeals to upscale clientele,” it says.

The building also comes equipped with a large, high-security vault containing safe deposit boxes in various sizes, making it “especially attractive for financial institutions or businesses needing secure storage options.”

City Council President Pete Madden earlier had suggested that Ocean City should consider buying the bank property. He thought the city could have explored repurposing the site, including the possibility of demolishing the building and redeveloping the land for public parking serving the downtown business district.

But now, Madden believes the city should instead concentrate on its capital plan for construction projects around town. He also indicated that he thinks the asking price is too steep.

“We have so much going on with our capital plan. I don’t think it makes sense at this time or at that price,” said Madden, who is also the broker-owner of Goldcoast Sotheby’s International Realty in Ocean City.

The bank building occupies a prime spot along the Ninth Street entryway to the downtown shops and restaurants. City Hall is only a block away at the corner of Ninth Street and Asbury Avenue.

    An armed guard takes valuables to an armored truck following the bank's closing on Sept. 16.
  

The construction of the Republic Bank building in 2021 was supposed to represent the next phase of the Ninth Street corridor’s transformation into a more inviting gateway into Ocean City.

The bank’s location ensures that the building is one of the first things visitors see while entering the city on the Ninth Street artery, the main gateway into town.

Fulton Bank acquired the Ocean City bank and other assets of Republic Bank after federal bank regulators seized the financially troubled Republic last April.

Fulton then announced plans to close Republic branches in Pennsylvania and New Jersey that it concluded were made redundant by the corporate takeover. Republic branches in Ocean City and Northfield were among the South Jersey banks on the closing list. The Ocean City location closed on Sept. 16, 2024.

The former Republic Bank property in Ocean City is actually owned by the Federal Deposit Insurance Corporation, the agency that maintains stability in the nation’s financial system, a Fulton bank official said in September.

Until the building is sold, the FDIC retains ownership of the location since Fulton chose not to operate the bank in Ocean City, the Fulton spokesman said.