MONROE - One of the higher traffic intersections in Monroe soon will have a new neighbor, Sugar River Bank/Bank of New Glarus.
Sugar River Bank/Bank of New Glarus will be expanding by adding a sixth branch in the area, at the north end of the strip mall, which includes Cousin's Subs, at 250 N. 18th Ave., on the southeast corner of the Wisconsin 11 and 69 intersection.
"We feel there is always room for a locally owned bank," said Joe Klein, vice president of Sugar River Bank, and the branch manager of the new location.
While the reasons for the numerous bank failures nationwide are far too detailed to explain in relation to the expansion of Sugar River Bank, the slumping economy, Klein believes, does help smaller banks.
"In this economy I think people turn to locally owned banks," he said.
Sugar River hopes to open the branch before March 1, Klein said. Initially, the project was delayed in the regulatory process banks go through when building a new location or expanding to a different building, he said.
"We have regulatory approval now," Klein said. "It was a combination of just getting our ducks in a row."
At this point, the City of Monroe has not received any building plans, according to Kathy Babler, Monroe Department of Inspections secretary.
Once the department receives the necessary permit applications, a city inspector will look over construction plans and final work before the 2,200-square-feet building would be ready to open.
The branch will provide a two-lane drive up window, an ATM, and a full range of bank services, Klein said.
The bank, which started in 1893, has focused its expansion on Green County, he said. Sugar River Bank has locations in New Glarus, Belleville, Brodhead and Juda.
While there is perhaps a larger customer base north of Belleville, in Dane County, Sugar River chose to focus on its bread-and-butter market, Klein said.
"Green County is our core market, we have a strong presence there (Monroe) now, and we hope this expansion will help us serve our customers there," he said.
The new location also is advantageous, because the intersection is accessible and has a high traffic volume, Klein said.
Drivers in the area will be alerted to the new branch coming, but will have to wait to see construction workers retrofitting the building.
"The banner (announcing the branch) will go up in the yard by the end of the week," Klein said.
Sugar River Bank/Bank of New Glarus will be expanding by adding a sixth branch in the area, at the north end of the strip mall, which includes Cousin's Subs, at 250 N. 18th Ave., on the southeast corner of the Wisconsin 11 and 69 intersection.
"We feel there is always room for a locally owned bank," said Joe Klein, vice president of Sugar River Bank, and the branch manager of the new location.
While the reasons for the numerous bank failures nationwide are far too detailed to explain in relation to the expansion of Sugar River Bank, the slumping economy, Klein believes, does help smaller banks.
"In this economy I think people turn to locally owned banks," he said.
Sugar River hopes to open the branch before March 1, Klein said. Initially, the project was delayed in the regulatory process banks go through when building a new location or expanding to a different building, he said.
"We have regulatory approval now," Klein said. "It was a combination of just getting our ducks in a row."
At this point, the City of Monroe has not received any building plans, according to Kathy Babler, Monroe Department of Inspections secretary.
Once the department receives the necessary permit applications, a city inspector will look over construction plans and final work before the 2,200-square-feet building would be ready to open.
The branch will provide a two-lane drive up window, an ATM, and a full range of bank services, Klein said.
The bank, which started in 1893, has focused its expansion on Green County, he said. Sugar River Bank has locations in New Glarus, Belleville, Brodhead and Juda.
While there is perhaps a larger customer base north of Belleville, in Dane County, Sugar River chose to focus on its bread-and-butter market, Klein said.
"Green County is our core market, we have a strong presence there (Monroe) now, and we hope this expansion will help us serve our customers there," he said.
The new location also is advantageous, because the intersection is accessible and has a high traffic volume, Klein said.
Drivers in the area will be alerted to the new branch coming, but will have to wait to see construction workers retrofitting the building.
"The banner (announcing the branch) will go up in the yard by the end of the week," Klein said.