McFarland State Bank will donate its downtown Stoughton, Wis., bank building and the adjacent parking lot to the City of Stoughton to be used for public purposes and to serve Stoughton citizens for generations to come.
The City Council recently voted to accept the bank’s gift, which is valued at $1,525,000.
“We are overwhelmed by the generosity and willingness of McFarland State Bank to donate this unique, well-known piece of our downtown history to the citizens of Stoughton,” said Stoughton Mayor Tim Swadley. “As grateful as we are to the bank for gifting the city this property, we are just as thankful for their willingness to keep some presence in the building to provide much needed access to banking services in the downtown area and the east side of our city.”
The McFarland, Wis.-based bank has agreed to continue leasing space in the building, including the drive-up, which will be remodeled.
“Being an ongoing part of the downtown business landscape, even after the building is gifted, is a wonderful opportunity,” said E. David Locke, chairman and CEO of the $490 million bank. “We wholeheartedly agree with the city that everyone involved benefits from this and that access to
banking services is especially important to downtown businesses and people located on the east side of the city. We have been part of the Stoughton business community for a long time, and it has been a privilege to grow our relationship with the community over so many decades.”
New technology and the centralization of services across its network streamlined operations at the Stoughton branch. That increased efficiency freed up space inside the bank, galvanizing the donation.