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 ten branch offices in addition to its main office. Four branch offices in the Des Moines, Iowa, metropolitan area are leased. Three of these branch offices are full-service locations, while one is a drive-up only, express location. West Bank also leases two full-service branch offices in Owatonna and Mankato, Minnesota. West Bank owns four full-service branch offices in Coralville and Waukee, Iowa, and Rochester and St. Cloud, Minnesota. We believe each of our facilities is adequate to meet our needs.
In March 2022, the Company completed construction of a new office for its St. Cloud, Minnesota branch. At that time, the previously leased location was vacated. In August 2021, West Bank purchased land in Mankato, Minnesota for the purpose of constructing a full-service office. Construction of the new office began in the first quarter of 2022 and is expected to be completed in 2023, upon which time the leased office in Mankato, Minnesota will be vacated.
West Bank also purchased land in West Des Moines, Iowa in the first quarter of 2022 for construction of its new corporate headquarters. Construction began in the second quarter of 2022 and is expected to be completed in 2024. Upon completion, our current headquarters will be vacated, which will coincide with lease expirations.
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