St. Louis Business Journal: Montgomery Bank’s $1.25 million renovation includes a tenant

St. Louis Business Journal: Montgomery Bank’s $1.25 million renovation includes a tenant January 23, 2017

Montgomery Bank has renovated its Bridgeton branch at a cost of $1.25 million, reduced its space by almost half, and added AT&T as a tenant in the other half.

Due to changes in customer habits, including mobile and online banking, “The branch we had was just too large, 5,500 square feet,” Ken Witbrodt, Montgomery’s chief executive, said. Montgomery kept 3,000 square feet and leased the remaining space to AT&T.

Montgomery Bank spent $1.25 million on the renovation and added a AT&T retail store as a tenant.

It was an old Roosevelt Federal Savings & Loan Association branch built in the 1970s, which Montgomery acquired along with three others when it entered the St. Louis market in 2000.

In addition to adding an AT&T store, Montgomery removed the original eight teller lines and installed five computer pods. “You can go to any one of the stations and do any banking transaction,” Witbrodt said.

McGrath & Associates was the general contractor. “They deserve kudos for finishing it ahead of schedule and on budget,” Witbrodt said.

Montgomery, chartered in Sikeston, has 11 branches, five in St. Louis and six in southeastern Missouri. It had total assets of $884 million as of Sept. 30 and reported net income of $6 million through the first nine months of 2015.

St. Louis Business Journal © January 2017

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