Credit Union One is the latest to announce a major move in a flurry of bank and credit union openings and relocations in the Traverse City market.
Ferndale-based Credit Union One closed earlier this week on the long-vacant property at 1407 S. Division, confirms Tom Schaeffler, executive vice president, COO of the financial institution. The property most recently housed the South City Limits restaurant, which closed in 2009, and was listed with Schmuckal Real Estate for $1.19 million.
The new facility will replace the current Credit Union One branch at the intersection of Fourteenth Street and Veterans Drive – a location it has leased for 19 years and was in need of a significant remodel, says Schaeffler. However, due to limitations with parking, credit union officials had been looking for the last few years for a new location altogether to construct a state-of-the-art branch.
The facility’s site plan, approved by the Traverse City Planning Commission in September, calls for a 4,800 square-foot building along with drive-up teller lanes and a drive-through ATM, says Schaeffler. Demolition of the building currently on site will take place either later this fall or next spring.
If all goes to plan in the final permitting process, the financial institution is eyeing a springtime groundbreaking with a target opening date of September 2014. Construction manager is Corrado Contracting, LLC of Warren, Mich.
In other banking moves:
Traverse City State Bank will have a new home less than a half-mile from its current location next month, opening at Harbour View Centre, 333 W. Grandview Parkway (across from the volleyball courts) on Nov. 12, according to CEO Connie Deneweth.
The move will accommodate growth, bring staff into a combined office space, and position the bank next to one of its highest profile customers, the under-construction Hotel Indigo.
The bank was also exploring a drive-through location at a building it owns at the northwest corner of W. Front and N. Maple, but Deneweth says that is no longer being pursued.
“We are looking for better alternative locations or lower cost options, maybe a few full locations for service ATMs instead of a full service branch,” Deneweth says.
Meanwhile, two other financial institutions have left (or will soon) Harbour View Centre.
First National Bank of America recently relocated to 315 N. Division, after acquiring several condominium units and renovating them into a permanent branch location.
Next up: Lake Michigan Credit Union will move to occupy some of the space at 310 W. Front (following Traverse City State Bank’s move). The Grand Rapids-based organization will expand from just mortgage services here to serve a wider audience. Bank officials previously told The Ticker they are looking to grow and expand and view Traverse City as a vibrant market for those plans.
Finally, TBA Credit Union, which celebrated the groundbreaking on its new regional headquarters in June, is on schedule for a June 2014 opening at the corner of E. Front and Hope streets in Traverse City.
CEO Karen Browne says many of the environmental clean-up activities have been completed, the walls of the lower level have been poured, the liner system installed and passers-by will see steel going up by Thanksgiving. When completed, the three-story building will house a full-service lobby, 24-hour ATM and a community room.