The locally owned institution closed on the purchase of the property Thursday afternoon and is looking to open the new location in 2019. The block is bordered by Taylor, Bunch, Webster and Childs Streets.
The bank has also purchased an additional parcel at the northeast corner of Childs Street and Webster Street for employee parking and overflow customer parking.
Commerce President and CEO Frank Davis said the bank has enjoyed growth since opening in 1999, particularly during the last few years, and is excited to make this significant investment downtown.
“With our customer base continuing to expand and our deposit relationships continuing to expand, we’re now up to just over $111 million in total assets,” he said. “We really just need more room to grow and expand and help Alcorn County to succeed.”
With 26 full-time employees, the bank currently has 5,760 square feet at 306 South Cass Street, the former ACE Power office, which has been home to Commerce since 2001. Davis said the bank will look at its options for the current facility, including the possibility of retaining it as a branch location, as the project moves forward.
At the planned main office location, the bank will demolish the existing older commercial structure, which has been home to a number of businesses through the years. The employment office and Girl Scouts office are among those that have been there in the past.
After existing tenants relocate, the next step will be demolition of the existing building and beginning the design for the new headquarters.
Davis said the bank is excited to contribute to ongoing downtown improvements.
“There have been significant investments over the last 10 years downtown,” he said, “and we are so thankful that we are able to take part in it and position our company for growth with Corinth and Alcorn County.”
The projected opening in 2019 will coincide with the bank's 20th year of operations.
As of June 30, the bank had total assets of $111.5 million and capital of $12.9 million.