Hartland-based Town Bank plans to open a new commercial banking office in downtown Milwaukee this spring, at 731 N. Jackson St.
[caption id="attachment_340037" align="alignright" width="379"] 731 N. Jackson St.[/caption]
The office is to be called Wintrust Commercial Banking at Town Bank, referring to the bank’s Chicago-based parent company while retaining its local branding. It will occupy a total of 20,000 square feet on the first and second floors of the nine-story, 108,000-square-foot building. Town Bank plans to renovate both floors, and install elevated signage at the top of the building.
“It’s east of the river, north of (I-94), it’s in an area that is in close proximity to what we call major centers of influence,” including major brokerage, law and accounting firms, said Jay Mack, president and chief executive officer of Town Bank.
The office will house most of Town Bank’s mid-market commercial banking group, as well as several members of its key senior management team, including Mack; Wintrust Commercial Banking Wisconsin executive vice president Dennis Krakau; chief credit officer Jeff Olsen; and executive vice president of Commercial Real Estate John Johannes. It will target client companies with revenues between $20 million and $200 million.
A full credit department, wealth services department and treasury management department will also be based in the new office. Town Bank will move approximately 30 employees from various locations into the downtown office, and is also hiring approximately 10 additional support staff, Mack said.
Construction is expected to begin within the next 30 days, pending state regulatory approval, with completion of construction by July.
Town Bank has recently sought to increase its visibility in downtown Milwaukee, with its first two downtown branches in the works at 1100 W. Wells St. and 400 E. Kilbourn Ave., both of which are expected to open in May or June. The 731 N. Jackson office will not have a branch.
Town Bank has 220 full-time employees, many of whom are based in Hartland.
“We have our loan operations and our deposit operations in Hartland and we’re out of space,” Mack said. “Moving some people out of Hartland will free up more room to better utilize our loan operations. A good portion of our senior management team will continue to be anchored in Hartland.”
He emphasized the bank is still committed to Waukesha County.
“Our move into downtown Milwaukee is really about increasing our profile and obviously Milwaukee being the biggest city in the state and the center of the metro here, we want to be there,” Mack said.