Union Bank plans to move its corporate office to a new facility now under construction in Grand Rapids Township.
The Lake Odessa-based community bank broke ground last week on the new office at 670 Cascade W Parkway SE. Designed by Ghafari Associates Inc., the office is targeted to open next summer.
“Over the past several years, we have observed and maintained steady organizational growth and relocating our corporate office will allow us to continue that trend by expanding our footprint to assist more small businesses and their hardworking employees in reaching their financial goals,” Union Bank President and CEO Cortney Collison said in a statement.
The bank intends to sell its existing corporate office in Lake Odessa within a few years.
Union Bank has seven branch offices in the region in Barry, Clinton, Eaton, Ionia and Kent counties. The bank moved into the Grand Rapids-area market with the opening of an Ada office in 2017.
The privately held Union Bank at the end of the second quarter had $308.9 million in total assets, total deposits of $282.2 million, and $186.1 million in net loans, according to a quarterly financial report to the FDIC. The bank recorded $752,000 in net income through the first half of 2021 and $1.7 million for all of 2020.