Metro East Bank Completes Three-County Expansion
Date Posted: September 26, 2023
Posted In: Projects,
From St. Louis Business Journal: Bank of Belleville has completed a $7 million expansion by adding locations it owns in Madison, Monroe and Clinton counties, and also has named a new chief lending officer.
Bank officials decided in 2018 to move into the three counties adjacent to St. Clair County, said CEO and President Ron Stephens. In 2019, the bank began to hire staff, operate virtually in the three markets ahead of construction and meet with architects.
Then the pandemic hit in 2020.
“We struggled a little bit with what to do. Do we stop? Do we go? Do we slow down? Ultimately, we took a little bit of a breather in thinking about the expansion. We spent the better part of six months focusing on (Paycheck Protection Program) loans,” Stephens said, referring to the federal government-backed program to help businesses retain their workforce during Covid-19.
Bank of Belleville revisited the expansion in late 2020 and opened the three locations in 2021: Bank of Madison County in March in leased space in Edwardsville and two new buildings: Bank of Clinton County in New Baden in July and Bank of Monroe County in Waterloo in December.
In August, Bank of Madison County moved into an Art Deco building that the bank purchased and renovated in downtown Edwardsville, the former Illinois Bell Telephone facility at 119 S. Main St.
All three locations are divisions of Bank of Belleville. Stephens avoids the use of the word “branch.” He said the goal of the naming strategy was to tap into local loyalty with three brand names.