Wisconsin Banking News

Commerce State Bank to move to new headquarters in January
West Bend-based Commerce State Bank will open for business in its new 33,000-square-foot headquarters at 1700 S. Silverbrook Dr. on Jan. 20. The bank’s move was recently approved by the Wisconsin Department of Financial Institutions.

“We just had meetings with the contractor and architect,” said Joe Fazio, CEO 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.

For more information, visit www.commercestatebank.com.

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