West Michigan Community Bank has expanded its footprint in the Grand Rapids area with a new office in the Township of Grand Rapids.
The new location on Cascade Road is home to the company’s newest retail banking office in Hudsonville, as well as business lending and wealth management staff. The office that opened this week sits along a busy hallway with high visibility as the bank continues to expand into the Grand Rapids area market.
âThis is a statement for us in Grand Rapids,â said bank chairman Phil Koning. âIt’s a big investment in this community.
West Michigan Community Bank now has seven offices in Ottawa and Kent counties: two in Holland and one each in Zeeland, Hudsonville, Jenison and downtown Grand Rapids, in addition to its most recent location.
The bank first entered the Grand Rapids market with the opening of a downtown branch in early 2012. Much of the bank’s growth today comes from the Grand Rapids market. Rapids, Koning said. He is considering additional locations in Kent County, particularly in the Byron Center / Wyoming area, although any additional office is at least two years away, he added.
âIt’s in our sights and then we’ll look at other longer-term locations as well,â Koning said.
While the company has no immediate plans for further expansion in the Grand Rapids area, the bank recently purchased the building next to Van Andel Arena which houses a Chemical Bank office. The location once housed the former Bank of Holland which Chemical acquired in 2015. The bank may open an office at the site in 2022, Koning said.
West Michigan Community Bank at the end of the second quarter has total assets of $ 702.9 million, an increase of over 26% from the previous year and 62% from 431.5 million dollars at the end of 2017, according to a quarterly financial report. with the FDIC.
West Michigan Community Bank had $ 583.1 million in net loans as of June 30, an increase of nearly 24% from mid-2019.
Commercial loans alone rose 57.2% in the 12 months to June 30 to reach $ 211.6 million. Much of the growth in commercial loans comes from the $ 70 million in loans the bank took out this spring under the U.S. Small Business Administration’s Paycheck Protection Program.
The bank in the middle of the year had net income of $ 3.4 million, according to the FDIC file.
In Cascade’s new office, David Bareman of DLB ââArchitects LLC in the Netherlands was the lead architect for the project. First Companies Inc. in Grand Rapids was the general contractor.