(MENAFN- GlobeNewsWire - Nasdaq) itemprop="articleBody">ST. PAUL, Minn., May28, 2019(GLOBE NEWSWIRE) -- Alliance Bank, a community bank with over $590 million in assets, announced that crews will begin demolition work to prepare for construction of the new Alliance Bank building. Demolition marks the first critical step towards the development of the building, which will officially break ground later this summer. The new building will be completed no later than first quarter of 2020.
The buildings to be demolished include the apartment building located at 301 German Street North and the 314 N. Minnesota Street building. Once construction is complete on the new building, the existing bank building will be vacated and a new development plan for that space will await New Ulm. The move will take place after hours so there be no disruption in service.
The new bank building will be a two story building, totaling over 20,000 sq. ft. All banking services will be located on the main level. The top floor will be designated for operations, finance, IT and compliance to support Alliance Bank's seven branches. The lower level will house storage and safe deposit boxes.
The demolition marks the beginning of a new chapter for Alliance Bank. Alliance Bank was started in 1914 as Farmers and Merchants State Bank of New Ulm and was purchased by a group of investors headed by Victor Reim in 1982. The Reim family still has strong connections to New Ulm and many family memories as well. V. Philip Reim and his sister Ann branched into St. Paul in 1996. Their father Victor Reim II passed away in December of 1996.
'Alliance Bank has a rich history with the city of New Ulm and we are excited to begin the first step towards construction of a new, more modern building,' stated V. Philip Reim, CEO. 'With this investment, we are renewing our commitment to New Ulm and our employees, and improving hometown service for our customers.'
About Alliance Bank
Alliance Bank is aprivately owned community bankwith assets of over $590 million. Alliance Bank provides highly integrated commercial, agricultural, private and personal banking services through seven locations throughout Minnesota.
Chartered in 1867, Alliance Bank delivers big bank expertise with community bank service. As a family owned bank, Alliance Bank is committed to remaining independent and providing personal interaction and timely decision making. From basic checking and savings products, tobusiness loansandag loans , sophisticatedcash managementand mobile banking services, Alliance Bank offers services to help companies and individuals succeed. Visitwww.alliancebanks.comor call 1-888-959-9425 to learn more.
Debra Kosch
Vice President – Marketing
651-229-2873
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