116 3rd St SE
Cedar Rapids, Iowa 52401
F & M Bank nixes buyout, aims to reopen downtown branch
F & M Bank, after rejecting a city buyout of its flood-damaged downtown branch, is making plans to fully restore the partly reopened branch.
The community bank has been unable to find a suitable location with adequate parking to replace the branch at 200 1st St. SW, F & M Executive Vice President Tim German said.
"Just taking the buyout and not having a branch was not an option," German added.
The building at 200 1st St. SW would be directly under a new flood wall if the city builds a new flood control system on the west side of the Cedar River, German said. Because of the failure of an extension to extend the local-option sales tax for 20 years to pay for flood recovery and other projects in April, however, F & M Bank's leaders aren't sure the flood control system will be built in the foreseeable future, however.
The drive-up facility at the location was reopened in late 2008, and a commercial lending operation has returned to the site. German said plans to restore the walk-in lobby with a full menu of services have been made, but the bank's board and management don't want to go forward with the project until they see how a modified local-option sales tax that could be on the November general election ballot fares.
"We've been sitting on it for three years, and would sure like to get it done," German said.
F & M, based in Manchester, has a full-service location at 4000 1st Ave. NE and recently acquired a building that now houses U.S. Bank at Westdale Mall for future expansion. It expects to open a branch at the Westdale location sometime after U.S. Bank's lease on the Westdale property expands in November 2015.
The Board of Directors at F&M Bank announces the employment of Tim German as Executive Vice President. Tim will begin his employment in August and will be located at the First Avenue location. Tim graduated from Iowa State University and has over twenty years of banking experience. He comes to F&M from State Center, Iowa, where he was President of the Central State Bank for nine years. Prior to his employment at State Center, Tim was a Loan Officer at American Trust & Savings Bank in Dubuque, Iowa. Tim and his wife have two sons who are very active in wrestling.
The Board of Directors at F&M Bank announces the employment of Tim German as Executive Vice President. Tim will begin his employment in August and will be located at the First Avenue location. Tim graduated from Iowa State University and has over twenty years of banking experience. He comes to F&M from State Center, Iowa, where he was President of the Central State Bank for nine years. Prior to his employment at State Center, Tim was a Loan Officer at American Trust & Savings Bank in Dubuque, Iowa. Tim and his wife have two sons who are very active in wrestling.
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