West Bend-based Commerce State Bank will move in January into its new, two-story 33,000-square-foot headquarters that is under construction at 1700 S. Silverbrook Drive.
The bank’s offices are currently located at 508 Shepherds Drive in West Bend. Its move to the new building was recently approved by the Wisconsin Department of Financial Institutions.
"We just had meetings with the contractor and architect," said Joe Fazio, chief executive officer of Commerce State Bank. "They’re putting the carpeting down in some areas and putting up cabinetry in other areas. They will be substantially complete by the end of December."
The bank is planning to move on Jan. 17, barring any unforeseen circumstances, Fazio said, and will re-open on Jan. 20. Jan. 19 is Dr. Martin Luther King Jr. Day, and most banks are closed.
Commerce State Bank now has 23 employees and will likely employ 26 by the time it opens in its new location. The bank is hiring new personal bankers and managers, Fazio said.
Commerce State Bank, founded in August 2005, has grown to $260 million in assets. To assist in future growth, the bank is planning to raise a third round of capital in the first quarter of 2009, when it hopes to raise up to $10 million.
"We’re seeking a limited number of new shareholders," Fazio said.
