Construction of a 1,200-square-foot addition is underway at the Bank of Milton, 323 Parkview Drive.
Bank of Milton President Dan Honold said he anticipates project completion in time for an open house, planned in conjunction with the Milton Area Chamber of Commerce, on Dec. 5.
The addition, when combined with the bank’s existing two-level building, will bring total office and customer space to just over 11,000 square feet, Honold said. Currently, the bank uses space on both its main and basement levels, he said. The addition will serve as the bank’s front entrance and house four new offices.
The City of Milton Plan Commission approved a site plan for the addition in November and work began mid-July. Clinton-based Gilbank Construction, Inc., is working on the project, Honold said.
When looking at expansion options, the bank was limited to building up, by adding a story, or building toward the street, Honold said.
“The city allowed us to build out to the street like the other old storefronts in town,” Honold added.
Along with the addition, several improvements are planed within and around the existing building. Inside, Honold described improvements as “a facelift,” including such items as new carpeting, wall coverings, furniture, and upgraded security equipment. Outside, security equipment, an ADA compliant entry ramp, automated doors and 10 new parking stalls are planned.
“We will redo the whole security system with better cameras,” Bank of Milton Vice President Tony Astin said. Security improvements will be both mobile, for electronic-based customer services, and physical within and around the building, he said.
Honold estimated a total cost of the project, including the construction of the addition and associated upgrades and improvements throughout the full bank property, to fall between $500,000 and $600,000.
Honold cited growth as the impetus behind the expansion and upgrades, noting that since his tenure with the bank, beginning in 1987 when he joined as vice president, the bank has increased its assets from $17 million to $127 million.
In 2003, the last time the existing building, built in 1970, saw renovations, the bank had $42 million in assets, he said.
The Bank of Milton was established in 1884, he said, and was, until 1970, located on land adjacent to where it stands today.
Describing changes within the banking industry over the last 32 years, he said, as family members with owning interests in independent banks aged, they sold their holdings to larger banks. Today, independent, locally owned banks are hard to come by.
Said Honold: “I intend to keep this bank independent for as long as possible.
“We offer personal service that is second to none. People want that, especially after the recession of 2007, 2008, people who put their trust in larger institutions lost their cars, their homes.
“We have the ability to work with people.”
Sharing growth statistics, Honold said: “In 2019, we have grown by $10 million in assets. That’s 8 percent growth. Loan growth this year is 8.25 percent, deposit growth in 2019, year-to-date, is 7.85 percent, and it’s on pace this year for 8-10 percent.”
The bank has 30 employees, he said.
Five shareholders own the bank. All are residents of Milton and the surrounding community, Honold said.
The shareholders and the bank’s board of directors, including Honold, Astin, Donald Brown, Robert Cullen, Jeffrey Roethe and James Warren, oversee both the Bank of Milton and the Bank of Edgerton.
The Bank of Edgerton was begun as an expansion of the Bank of Milton in 1996, Honold said.
Those interested in attending the December open house are encouraged to watch for updates on Facebook: https://www.facebook.com/bankofmilton/.