Last updated on May 15th, 2019 at 05:02 pm
Brookfield-based North Shore Bank announced today it will build a new branch in Shorewood and combine its two existing Shorewood branches there.
The new office will be located at 4060 N. Oakland Ave., at the southeast corner of North Oakland Avenue and East Kenmore Place. The bank’s nearby branches at 3970 N. Oakland Ave. and 4414 N. Oakland Ave. will be consolidated into the approximately 3,600-square-foot space. North Shore owns the building at 4414 N. Oakland and leases the other location. It has not yet determined what will happen with those spaces, said Sue Doyle, senior vice president of retail banking at North Shore.
There are about 12 employees total at the two existing branches, and some will move to the new location, Doyle said. Others may be placed at different North Shore branches.
Whitefish Bay-based Michael Peine Architects designed the new branch, which will have an open concept lobby and the latest banking technology, including a drive-up remote teller machine, a self-serve coin counter, interactive kiosk technology and video conferencing capabilities with product experts. It will also have extended hours.
The company is working with Shorewood officials to tailor its design to the central business district master plan. It is seeking approval from the Shorewood Plan Commission and the village board.
The Plan Commission is scheduled to discuss the branch at its July 26 meeting. The site plan calls for razing the existing building on the site, which is currently occupied by printer Shorewood Press and hair salon Robert Laurence, and building a two-story bank. It would have nine parking spaces.
“We continually evaluate our branch system to see what makes sense,” Doyle said.
In this case, it was most feasible to combine the existing branches in a new facility fitted to North Shore’s uses that was about equidistant between the two, she said. Like many banks, North Shore adapts its branch network to changing customer behavior, which has shifted more of banking online and decreased its foot traffic at branches, Doyle said.
“We just don’t need two branches in that marketplace anymore because customers are not coming to us for their day-to-day transactions,” she said.
If approved, demolition would begin in spring 2017 and the branch would open in fall 2017.
North Shore was the first bank to implement video teller technology in Wisconsin in 2014, and now has eight units in place. The company, which has 445 employees at 45 branches in eastern Wisconsin and northern Illinois, is in the process of acquiring West Allis-based Layton State Bank parent Layton Park Financial Group Inc. That transaction is expected to close in the fourth quarter.
“The Village of Shorewood is North Shore Bank’s home,” said Dane Didier, manager of the bank’s Shorewood branches. “It’s where our bank was founded in 1923, and we are so proud to be an active and involved member of this terrific community. We’re excited to be launching our future here in Shorewood. This modern, technologically advanced branch will help meet our customers’ evolving needs while maintaining our significant presence in the village’s central business district.”
North Shore has assets of more than $1.8 billion and deposits of $1.5 billion as of March 31. Net income was $873,000 in the first quarter, down from $1.3 million in the first quarter of 2015.