Port Washington-based The Port Washington State Bank plans to open a new branch in Thiensville next year.
[caption id="attachment_146408" align="alignright" width="518"]
A rendering of the planned Thiensville branch.[/caption]
The bank will construct a new 3,650-square-foot building for the branch at the corner of Main and Spring streets, it announced today. Construction will begin in October, and the facility will open in May 2017.
A vacant strip mall and single family home on the 0.66-acre site will be razed. The land and project altogether are expected to cost about $3 million, said James Schowalter, senior vice president and chief credit officer
Ron Knaus, vice president of the bank, will manage the Thiensville branch, which the company said will be optimally located between downtown Thiensville and the Mequon Town Center. Port Washington will hire another four employees to staff the branch.
"We chose Thiensville because it’s a logical extension of our existing branch network and Thiensville did not have a community bank,” Schowalter said. "We’ve been growing our existing business down there quite a bit.”
Port Washington State Bank operates branches in Belgium, Cedarburg, Fredonia, Grafton, Port Washington and Saukville. The fifth-generation family business has 110 employees. It reported second quarter net income of $1.7 million, net loans and leases of $330.1 million and assets of $507.1 million as of June 30, according to FDIC data.
"Our staff is very excited about this expansion to the far south end of the county," said Steve Schowalter, chief executive officer of Port Washington State Bank, in a statement. "While the Thiensville and western Mequon market is now served by several regional bank offices, it was determined through market research and local outreach that the area would benefit from the services and involvement of a truly independent community bank. Port Washington State Bank already numbers many households and businesses as customers in the area and intends to build on and expand those and new relationships with this office."