St. Joseph-based Edgewater Bancorp trades as an over-the-counter stock. Photo via fb.com
A bank plans to open a new loan office in the region this month.
St. Joseph-based Edgewater Bancorp, the holding company for Edgewater Bank, said last week it will open a loan production office in Fremont by the end of June.
The office will be at 701 W. Main St. in the H&S Plaza Building in downtown Fremont.
Edgewater has hired Don Farmer as SVP and head of the new office.
Eventually, the location will house three employees, which will all be new hires. Initially, Farmer will be the sole employee in the office.
Richard Dyer, president and CEO of Edgewater Bank, said he has known Farmer since 1994, and the bank chose him because of his extensive knowledge of the Fremont market.
Farmer has worked in banking for 38 years, spending 30 of those years in Fremont.
“Don will have the flexibility, autonomy and resources to serve Fremont and the surrounding market areas because of the confidence we have in his abilities and experience,” Dyer said. “He will also serve on Edgewater’s leadership team, adding his talents to an existing team of accomplished community bankers.”
Dyer said Edgewater selected Fremont as the site of the new office because of Farmer’s expertise, as well as Dyer’s connections to the industry, as he formerly lived and worked in banking in Fremont.
In addition to Farmer's and Dyer’s connections to the area, Edgewater Bank’s SVP and CFO Coleen Frens-Rossman is a Fremont native.
“We’re a community bank that understands small communities and personalized banking,” Dyer said. “It is who we are as a bank, and it is who we are as bankers.”
The loan office will initially provide commercial and agricultural lending services to Fremont and the surrounding areas, adding traditional personal, mortgage and equity loans after a residential mortgage loan originator is hired.
Founded in 1910 as Industrial Building and Loan in Buchanan, Edgewater Bank provides commercial, mortgage and consumer loan and deposit banking services at five branches in St. Joseph, Bridgman, Buchanan, Coloma and Royalton Township.
The bank is a subsidiary of Edgewater Bancorp (OTC Pink: EGDW), which was formed in 2014 as the bank’s sole shareholder following an initial public offering.
Edgewater reported total assets of $154.7 million as of March 31, 2018.