TC State Bank continues growth, looking to expand
TRAVERSE CITY – Six years after re-introducing the Traverse City State Bank name to the area, investors behind the locally-owned and managed community bank are celebrating its continued growth.
"Business is going very well," said TCSB Executive Vice President Alan Zelinski. "The bank has just grown phenomenally. The community has been very supportive."
In July 2000, local bankers and investors opened Traverse City State Bank, reviving a name which had served the community for more than a century until the early 1980s. The bank began in 2000 with 12 employees; it now boasts about 100.
Since opening its headquarters in downtown in July 2000, the bank has added commercial courier services as well as three branches, at 1239 S. Garfield Avenue; 4011 Eastern Sky Drive in the Copper Ridge development; and in the Hansen Foods Plaza in Suttons Bay. The bank also recently acquired Traverse Mortgage Corporation, adding mortgage origination and local mortgage servicing.
Traverse City State Bank's total assets were $175 million at year-end 2005-up $35 million from '04.
The bank's board recently approved a five percent stock dividend to shareholders, comprised of 240 Traverse City area residents.
When forming its holding company TCSB Bancorp, Inc. in April 2002, the bank declared a 10 percent stock dividend to charter shareholders.
"We appreciate the confidence and support of our shareholders and are very committed to increasing their value as we continue to grow and expand," said Peter Correia, bank chairman and CEO.
Future plans include another branch office, though a site has yet to be determined.
"We're looking at a few different areas to potentially expand our footprint," Zelinski said.
The bank also has plans to move its headquarters from its leased location on Front Street to the lot across the street.
"Our hopes would be to potentially break ground this fall," Zelinski said.
In mid-April, the Traverse City Area Chamber recognized Traverse City State Bank as one of the top 10 small businesses of the year, Zelinski said.
"We're very honored to be named, for a second year in a row, one of the top businesses in the area," he said.
For more information about the bank, visit www.tcstatebank.com. BN