Chanute-based bank to open loan production office in Newton
07/04/2012 5:00 AM
07/04/2012 7:27 AM
A Chanute-based bank plans on beefing up its Wichita-area presence by opening a loan production office in Newton.
Community National Bank & Trust, a Chanute-based bank with nearly $800 million in assets, said Tuesday it will open the office in Old Mill Plaza at 301 N. Main, Suite 101, on July 16.
And next year the bank hopes to open a full-service branch elsewhere in the city, said Colin Rowell, Community National’s regional president.
“We typically go into smaller towns outside of Wichita,” Rowell said. “We’ve been looking at Newton for quite a few years now.”
Rowell said the loan office will focus primarily on commercial and agricultural loans. It will be headed by Dwight Ray, a retired banker who most recently worked as a senior vice president at Midland National Bank, also in Newton.
Rowell said the bank has applied to its regulator, the Office of the Comptroller of the Currency, to open a full-service branch in Newton. He’s hoping that is approved sometime in the third quarter. Once it is, the bank could begin building the branch. He would not disclose its exact location because the bank is in the midst of negotiating to buy land for the branch.
He said construction likely would take nine to 12 months.
Community National has 26 locations in southeast and south-central Kansas. In the Wichita area, it operates two branches in El Dorado and one in Benton.
According to information from the Federal Deposit Insurance Corp., Community National ranks seventh in Butler County market share — out of 16 banks doing business there — and 28th in the Wichita area, which comprises 56 banks.
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