MidWestOne Bank purchases land for possible expansion
With an eye toward possible future expansion, MidWestOne Bank, Belle Plaine, has purchased the lot north of its motor bank facility on Thirteenth Street.
MidWestOne Market President Eldon Zumbach said the bank purchased the lot at 1303 Eighth Ave. from Ben and Jenny Reineke. The Reinekes are building a new home in East Ridge Estates and hope to move in by early spring 2011.
Zumbach stressed the bank expansion is considered a long term project and nothing is planned for the next year or two.
“At some point in time we do plan a new facility where the motor bank is located,” Zumbach said, indicating the bank’s main offices on Twelfth Street would relocate to the new facility.
Ben Reineke said bank officials approached him and his wife about purchasing the property when they learned the couple was building a new home. “We were thrilled because we were wondering how we were going to sell our house,” Ben Reineke said, noting the purchase is a win-win situation for all parties involved.
Zumbach offered no further information. “We’re still in the planning process,” he stated.
UPDATED April 21, 2010 11:49 AM