Item 2. Properties
ITEM 2. PROPERTIES
The corporate office of the Company is located in the main office building of West Bank, at 1601 22 nd Street in West Des Moines, Iowa. West Bank leases its main banking office, along with additional office space for operational departments. West Bank operates 11 branch offices in addition to its main office. Five branch offices in the Des Moines, Iowa, metropolitan area are leased. Three of the branch offices are full-service locations, while the other two are drive-up only, express locations. One of the leased express locations will close in May 2022. West Bank also leases three full-service branch offices in Owatonna, Mankato and St. Cloud, Minnesota. West Bank owns three full-service branch offices in Coralville and Waukee, Iowa, and Rochester, Minnesota. We believe each of our facilities is adequate to meet our needs.
In October 2020, West Bank purchased land in Sartell, Minnesota, a suburb of St. Cloud, for the purpose of constructing a full-service office to serve all of the St. Cloud, Minnesota MSA. West Bank owns the land and building for the Sartell branch office. West Bank employees will occupy the new building beginning in March 2022, at which time the leased branch office will close.
In August 2021, West Bank purchased land in Mankato, Minnesota for the purpose of constructing a full-service office. West Bank will own the land and building for the Mankato branch office, and construction is expected to be completed by the end of 2022, at which time the leased branch office will close.
In the fourth quarter of 2021, West Bank announced plans to construct a new corporate headquarters in West Des Moines, Iowa. West Bank purchased the land for the headquarters in January 2022, and construction is expected to be completed in 2024.
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