Northfielders could have another bank in town by November.
A groundbreaking ceremony to mark the beginning of construction on the approximately 7,000-square-foot Heritage Bank building, south of Allina Clinic at 1520 Clinton Lane, took place Friday.
The bank’s main focuses are on mortgages and consumer banking. Heritage Bank provides mobile banking and other commercial and personal services.
The bank has two other locations, in Dennison and West Concord, and assets at the two branches are approximately $50 million.
“It was a natural progression,” said Vice President Erick Organ.
“We’re excited about the opportunity to serve Northfield and the Northfield area,” said fellow Vice President Ken Organ.
Approximately eight employees are expected to staff the Northfield branch.
A new restaurant, The Hideaway Vault, will share a lobby with the bank after Ken Organ approached the business, Hideaway Coffeehouse & Winebar, last year to gauge its interest. Some items the restaurant plans to serve include BLTs with avocados, breakfast burritos, salads and coffee. It will have inside service and a drive-thru.
“We are really excited to be working with Ken and Eric, and having that partnership with their bank is wonderful,” said Hideaway Coffeehouse & Winebar co-owner Joan Spaulding.
Heritage Bank, formerly Farmers State Bank until it changed its name in October to more closely mirror the company’s mission, joins Community Resource Bank, Premier Bank, Wells Fargo and First National Bank of Northfield as banking institutions with a presence in Northfield.
Although Ken Organ acknowledged there is competition for local banking services, he said there is a strong niche for a family bank in Northfield.
He thanked contractor Northfield Construction Co. and subcontractors for their work during the pre-construction process.
After the ceremony, Northfield Area Chamber of Commerce Executive Director Lisa Peterson noted that some Northfield residents already bank with Heritage Bank.
“It’s a big deal,” she said. “It’s a big deal to have another bank.”