Archive for Wednesday, March 22, 2000

First State Bank plans 2 new branches

March 22, 2000

First State Bank and Trust, based in Tonganoxie, plans to establish two new branches, one in Lawrence and the other in Wichita.

The bank hopes to construct a building at the intersection of West Sixth Street and Monterey Way in Lawrence, according to Bill New, chairman at First State Bank and Trust.

First State has had a presence in Lawrence for about two years and operates a branch at Sixth and New Hampshire streets.

"It will remain," New said.

In Wichita, First State plans to open in a retail center on West Central Street, adjacent to a convenience store.

"It's in a rapidly growing area," New said.

The plans to establish the new branches must be approved by both the Federal Deposit Insurance Corp. and the Kansas Banking Department.

If approved, New said, the Wichita branch could open within six months.

The new building in Lawrence would take longer, but New said he anticipates opening during the first six months of 2001.

First State also has two sites in Tonganoxie, as well as offices in Basehor and Clearwater.

The Clearwater bank, which First State has operated for about five years, is a 15-minute drive from the new site in Wichita, New said.

"It's a community that's very similar to Tonganoxie, located outside of the metropolitan area," he said. "It has a culture all of its own, a little business base. They interviewed us, technically, and felt like we were the right fit and selected us out of potential acquirers."

New said opening two additional branches should ultimately keep costs down for First State's customers.

"Banking is becoming so sophisticated and it demands significant resources and enterprises that take substantial investments," he said. "So by serving more customers, we can spread the cost of those services over more people and make more services available."

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