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June 15, 2010

Think Bank to sell 2 branches, re-build

Here's some from a piece I wrote Think Mutual Bank's real estate strategy in Rochester.

In a move to improve efficiency, a Rochester bank plans to sell two of its branches and build smaller ones to replace them.

ShowPhoto Think Mutual Bank is listing its branch buildings at 4001 West River Parkway, near 41st Street Northwest, and 1698 Greenview Drive S.W., near Salem Road, for sale.

“We are following a real estate plan that is designed to help us match our investments in facilities with the needs of our customers and the operations of the bank,” said Kirk Muhlenbruck, senior vice president of consumer banking.

Hamilton Real Estate of Rochester has listed branches for sale on the Minnesota Commercial Association of Realtors website.

The listed sale price for the 45,000-square-foot West River Parkway building is $3.9 million. Built by Benike Construction in 1989 as Think's headquarters, the complex sits on 10 acres of land.

Hamilton says he has already had talks with one interested party about this building.

The 21,000-square-foot Greenview Drive branch, which was built in 1993, is listed as $2.49 million.

Comments

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Seems like a stupid thing to do. Why sell two and build two new ones? But what do I know? Don't know the whole scenario.

@magpie The opening of the article states it is an attempt to "improve efficiency" as the two new branches will be smaller than the ones they are selling.

@Jeff - any word as to whether this means staffing cuts as well?

Just remember since they are no longer a Credit Union its no longer your money

Both of these moves make sense to me. It seems the trend in banks is to have many small branches on major thoroughfares; these too branches are too big and comparatively too out of the way.

Moving the SW branch to where the BP used to be on Salem Rd (just north of Wells Fargo) would make sense to me.

"too branches" -> "two branches" I feel stupid....

Are there any instructions for folks who have safe deposit boxes at those locations? Can anyone suggest other banks with which they've been happy about safe deposit boxes? thanks in advance -

Kc a better question is is there anyone with anything left to need a safety deposit box for? I am happy to see that someone puts a value on buildings already standing and not bulldozing to fuel the builders need for greed!

why my first post was booted is beyond me? But my comment was to KC and it was KC a better question I think is does anyone still have anything left to put in a safe deposit box? seriously, second it is refreshing to or at least i hope there plan is to utilize the building already standing and only 8 years old? rather than feeding more of the builders need for greed!

"is there anyone with anything left to need a safety deposit box for?"

You should always have a secure place outside your home for important documents. It's also a good idea to have a backup copy of your data outside your home.

Where are the two new locations going to be? Do they know yet?

There is a building going up behind Whistle Binkies North/Great Wall and I heard a rumor that it is a bank...a Think bank??

Staff cuts? YES! They need to get rid of long-time employees and make new Vice President roles for all the Wells Fargo staff they're bringing in.

When the name "Think" was chosen for the CREDIT UNION, it pertained to the word's use within the walls of IBM. It is no longer a credit union and has no ties to IBM. I'm waiting for an expensive name change to occur... signage, letterhead, advertising, plus... And it's great that Think has chosen to sponsor the entire season of Rochester Civic Theatre, but why not put some money elsewhere in our community... In our current economy, there are many of us that now utilize the services of Channel One, I THINK they could pony up some cash for donations to an organization(s) that reaches farther into our community. Many of us are now also uninsured Americans, and I THINK they could put money into a system to allow us health care when needed. Many of us are also past "members" facing foreclosure, and I THINK they could help find us alternatives to keep our homes in an ecomony where they really don't want our property either. Yes, there is a lot to THINK about.

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