CEDAR RAPIDS — Manchester-based F&M Bank is selling the building it acquired at Westdale Town Center and will close that branch office when a sale is completed.
Nate Dunn, F&M Bank president and CEO, said the 3,117-square-foot building at 2350 Edgewood Rd. SW was purchased in October 2011 with the belief the bank would attract commercial customers.
“The Westdale redevelopment never really took off,” Dunn said. “We opened the branch with the belief that we could attract new commercial customers, but the redevelopment of the mall has just fallen flat.
“Malls are just not making it anymore. I think we will continue to see strip centers for the near future, but malls ultimately may be repurposed as assisted-living facilities.”
The triangular-shaped, two-story building — constructed in 1979 for American Federal Savings and Loan — was owned by Westdale Associates and leased by U.S. Bank when F&M bought it for $750,000.
F&M continued to lease it to U.S. Bank until the latter opened a new office in September 2015 at 2510 Edgewood Rd. SW.
F&M opened its Westdale branch in December 2015. Dunn said clients of the branch are primarily located downtown and the two employees maintaining the branch will relocate when it closes.
ARTICLE CONTINUES BELOW ADVERTISEMENT
The Cedar Rapids Assessor’s office lists the F&M building with an assessed value of $929,500. It is listed for sale with GLD Commercial in Cedar Rapids.