Construction begins on new Lone Star State Bank headquarters
Construction is under way along Milwaukee Avenue near Spur 327 on the Lone Star State Bank.
Steven Yandell, senior vice president of the bank, said employees of another bank which was bought out by a larger, national bank, formed Lone Star State Bank to continue providing more local, community banking in West Texas.
The bank began with two locations in Lubbock and Odessa, but added locations in Big Spring and Brownfield.
Since the bank headquarters opened in
December 2007 in what was once a credit union building at 2599 74th St., it has grown rapidly and now boasts $435 million in assets and $340 million in loans.
People in Lubbock seem to be more comfortable with local banks, Yandell said.
Yandell said within one year, the bank had outgrown its location and had to move some employees to another location nearby, and soon after, management started considering other locations.
The bankers originally considered the auto dealership right at the corner of Milwaukee Avenue and Spur 327.
But Yandell said the bankers eventually decided that renovating that building to meet their needs would be as expensive as building a brand new building.
Impressed with the traffic and growth of that area, they closed on the land next to the former L2 Autos.
Now bank employees, who Yandell described as shareholders in the bank, are looking forward to moving to the new location in September. The current bank has about 4,000 square feet of room, Yandell said. When the bank moves to the new location, employees will be able to spread out over 16,500 square feet.
The new bank will have a four-lane drive-up, an ATM and a covered patio for bank events. A meeting room will be available for both the bank and any public needs.
“We did plan extra offices. We do intend to grow,” Yandell said.
Although the bank is now mostly steel beams, it will eventually have stone outer walls and a galvanized sheet metal roof, an architectural feature that Yandell said is a nod to the bank’s roots in agricultural lending.
“You see a lot of that in the warehouses and the cotton gins,” he said.
Yandell said the bank’s management and architects, MWM Architects, wanted the building to be welcoming.
“We don’t want it to be a stuffy bank,” he said. “We want it to be a place people could come in and hang out for a while.”
He estimated that the project will cost between $5-6 million.
Yandell said the bankers hope the location close to the Marsha Sharp Freeway and along Spur 327 and Milwaukee Avenue will be convenient for customers — even those who live in central Lubbock. With the presence of the freeway and the spur, Yandell said he hopes it will be accessible to most Lubbock residents within 10 minutes.
Lone Star State Bank has 74 employees in all four of its locations, with about half in the Lubbock area.
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