Iowa bank eyes expansion, breaks ground for facility

Northwestern Financial Review, Jul 1, 2001

The $220 million South Ottumwa Savings Bank in Ottumwa, Iowa held groundbreaking ceremonies May 11 to begin construction of a new full-service banking facility. The new bank will be located at the intersection of Highway 63 and North Court in Ottumwa.

"We are pleased to have the opportunity to expand in this growing commercial area," said Tom Awtry, president and CEO of Ottumwa Savings. "We have been contemplating expansion and feel fortunate that we were able to secure this prime location. This is an area of town where we didn't have a facility and that will develop in the future when they finish constructing a highway bypass close to the bank."

South Ottumwa has been in business since 1903. The bank currently has two locations and a drive-thru facility in the community of 26,000 people.

Although initial construction has been delayed by inclement weather, Waterloo, Iowa-based Kirk Gross Co., the architects for the project, estimates that the facility will be completed in the late fall or early winter. The building will include a 4,700-square-- foot main floor and a 3,700-- square-foot basement, which will house a meeting room and storage space. The bank will also have a three-lane drive-- thru and an ATM. South Ottumwa will be moving some staff from the existing organizational structure and will hire additional staff this summer to prepare for the opening of the new office.

Awtry said despite the weather setbacks, he has faith that the bank will be completed on time. "We have worked with Kirk Gross for many years," sais Awtry. "So far, it is going just great. They do an excellent job of designing and building banking facilities."