The rush for new lending locations is slowing for at least one existing bank.
First State Bank & Trust, which recently completed an expansion at 609 Vt., has shelved its plans for a new $1.2 million branch location at the southwest corner of Sixth Street and Monterey Way.
Although the bank announced plans for the new location more than a year ago -- and expected to have the 4,800-square-foot branch open by this summer -- officials now expect construction to begin in February.
The delay will give everyone a chance to recover from the downtown expansion project, which wrapped in January.
"It's very much moving forward, but it's just back a little bit," said Vickie Randel, the bank's president. "Our business has not slowed down at all, which is the good part. Our growth has not slowed down at all.
"It's just that I didn't want to be a general contractor for a while."
The new branch had been expected to include 1,600 square feet available for lease as professional offices, possibly for a dentist or chiropractor. Now those plans are gone, and officials instead are thinking about opening a third location in town.
"We're not wanting to be involved in real estate management," Randel said. "We're a bank."
The bank, owned by Tonganoxie Bancshares of Tonganoxie, opened in downtown Lawrence two years ago with two employees, offering full-service commercial and personal banking. Today it has five employees.
Tonganoxie Bancshares also operates First State Bank & Trust locations in Tonganoxie, Basehor and Clearwater. It has assets of $130 million.
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