Mid America Bank, a Janesville-based bank with about $45 million in total assets and three branches, will open a 1,450-square-foot loan production office at 17035 W. Wisconsin Ave. in Brookfield in March.
A loan production office is typically a bank’s first entry into a new geographic location, and generally focuses on winning new commercial clients and gathering deposits. When the Brookfield office opens, it will have two commercial lenders and a receptionist, said Brad Palubicki, president of the bank. Within 18 months, the office will also likely employ a credit analyst, a residential and retail lender and an administrative support person, he said.
“We’re committed to a three year lease at this location,” Palubicki said. “We’re in no hurry for a full service (branch). I’m more interested in having bodies on the street doing loans. But within the three year period we will establish a full service location.”
Palubicki and a group of about 115 investors purchased Mid America Bank in July for an undisclosed sum.
Before he bought the bank, Palubicki worked in commercial lending for Wells Fargo Bank in Milwaukee. In addition to being the bank’s president, Palubicki is also head of commercial lending at Mid America Bank. He lives in metro Milwaukee, and most of his clients are in Milwaukee and Madison.
“(Metro) Milwaukee fits well because of the customer base here,” Palubicki said.
Mid America Bank has been on a growth spurt since it was acquired in July, growing to $45 million in total assets from $36 million.
“By the end of next year, we will probably be a $90 million bank,” Palubicki said.
For more information, visit www.bankmidamerica.com.