Pilot Grove Savings Bank breaks ground in Fairfield
Pilot Grove Savings Bank recently broke ground for the construction of a new branch office in Fairfield. The office will be on 13.5 acres at the northeast corner of the intersection of Iowa Highway 1 and U.S. Highway 34.
“We’ve been waiting for quite some time for the opportunity to become part of the vibrant Fairfield community,” said Ted J. Vonderhaar, president of Pilot Grove Savings Bank. “Pilot Grove Savings Bank acquired the property for the proposed building site on the south side of Fairfield several years ago, and we have been very anxious to move ahead ever since.”
According to Vonderhaar, Pilot Grove Savings Bank still is in the early construction stages.
“Our new building will be a 70-foot by 60-foot structure. It will be a full-service facility with all of the products, services and amenities we currently offer at our other branch locations including drive-up teller windows and ATM,” he said. “If the course of development continues on schedule, we hope to be opening the doors to our new Fairfield branch late in the second quarter of 2014.”
Initially, approximately five employees will be employed at the new Pilot Grove Savings Bank branch in Fairfield, with the ability to add further staff as needed, said Vonderhaar.
Pilot Grove Savings Bank is headquartered in Pilot Grove. The new Fairfield branch will join 10 other southeast Iowa branch office locations in Houghton, Donnellson, West Point, Mount Pleasant, Packwood, Winfield and Fort Madison.
In addition, Pilot Grove Savings Bank recently announced the signing of an agreement to acquire the State Central Bank main office building and the three State Central Bank branch offices in Keokuka. The acquisition is subject to regulatory approval and is anticipated to close late in the fourth quarter of 2013 or in the first quarter of 2014.
Established in 1911, Pilot Grove Savings Bank is a full-service independent bank with more than $450 million in assets and 100-plus employees. It is owned by employees through an Employee Stock Ownership Plan and 125 local stockholders, with no single stockholder owning more than 5 percent of the stock.