Local banks in and around Britt, Iowa, are teaming up to support a remodeling project at Hancock County Healthy System.
The $7.4 million project involving the Surgical Services and Emergency departments will involve seven lenders:
- First State Bank, Britt, as the lead bank;
- Farmers Trust and Savings Bank, Britt;
- Clear Lake Bank and Trust, Clear Lake, with a branch in Garner;
- Reliance State Bank, Garner;
- First Citizens Bank, Kanawha;
- MBT Bank, Forest Lake, with a branch in Crystal Lake
- Iowa State Bank, Corwith.
“To get a local consortium of banks is great for the community, but not at all a common practice,” said Eric Newton, president and CEO of the $110 million First State Bank. “What is unusual with this project is that banks tend to work with other banks outside their immediate trade area. All the local Hancock County banks have respectful relationships and all want to see the betterment of the communities we serve.”
The last time it occurred for HCHS was when we updated HVAC and facilities in 1998, according to Julie Damm, HCHS’s chief financial officer.
Being a major employer in the county, HCHS’s Laura Zwiefel, CEO/chief nursing officer, invited all local banks to have the opportunity to work on this project. “HCHS is the county hospital and this project will benefit all county residents, so it was only natural that we would want to keep as much of the business associated within the county as well,” Zwiefel said.