Construction of a 1,200-square-foot addition is underway at the Bank of Milton on Parkview Drive.
Bank of Milton President Dan Honold said he anticipates project completion in time for an open house Dec. 5.
The addition, when combined with the bank’s existing two-level building, will bring total office and customer space to just over 11,000 square feet, Honold said. Currently, the bank uses space on both its main and basement levels, he said. The addition will serve as the bank’s front entrance and house four new offices.
The Milton Plan Commission approved a site plan for the addition in November and work began mid-July. Clinton-based Gilbank Construction is working on the project, Honold said.
When looking at expansion options, the bank was limited to building up, by adding a story, or building toward the street, Honold said.
“The city allowed us to build out to the street like the other old storefronts in town,” Honold added.
Along with the addition, several improvements are planned within and around the existing building. Inside, Honold described improvements as “a facelift,” including new carpeting, wall coverings, furniture and upgraded security equipment.
Security equipment, an ADA-compliant entry ramp, automated doors and 10 new parking stalls are planned for the outside.
“We will redo the whole security system with better cameras,” Bank of Milton Vice President Tony Astin said. Security improvements will be both mobile, for electronic-based customer services and physical within and around the building, he said.
Honold estimated the new addition and other improvements to cost $500,000 to $600,000.
Honold cited growth as the impetus behind the expansion and upgrades, noting that since his tenure with the bank, beginning in 1987 when he joined as vice president, the bank has increased its assets from $17 million to $127 million. The bank today has 30 employees.
In 2003, the last time the existing building, built in 1970, saw renovations, the bank had $42 million in assets.
The Bank of Milton was established in 1884, Honold said, and was located until 1970 on land adjacent to where it stands today.
Describing changes within the banking industry over the last 32 years, he said as family members with owning interests in independent banks aged, they sold their holdings to larger banks. Today, independent, locally owned banks are hard to come by.
“I intend to keep this bank independent for as long as possible,” Honold said.
Those interested in attending the December open house can find updates on at the bank’s Facebook page: facebook.com/bankofmilton/.