GRSB leads construction financing for Active Living Center projectPublished by Andy Sween on Fri, 2014-04-04 12:53
In the spirit of community involvement that has characterized Grand Rapids State Bank’s 100 years of service to the area, GRSB recently organized a participated loan with four other community banks to help finance the building of an Active Living Center on the campus of the Itasca County Family YMCA. The project, which has been in the planning and fundraising stages for nearly four years, is a collaboration among the YMCA, Elder Circle, the City of Grand Rapids and Grand Itasca Hospital & Clinic. The YMCA already serves 1,200 people daily on its own, and the new project will increase the usage by providing a wider array of services to even more people from the area.
Rather than being one of several banks to “race to the bottom” with low interest rates to get the deal, GRSB took a more collaborative approach. Senior Vice President Al Liestman authored a proposal and secured commitment from four other local community banks to help finance a portion of the project. By working together with other community banks, GRSB was able to demonstrate that teamwork trumps competitiveness when an important community project needs support. Through this project Grand Rapids State Bank and the four lending partners were able to model the YMCA’s capital campaign motto of “the power of community.”
Grand Rapids State Bank takes pride in its 100-year legacy of sponsorship and support for a wide range of community projects and organizations. This support comes through monetary donations as well as active involvement and leadership by the bank’s owners and employees in community organizations. We believe this active involvement improves the lives of all residents in Grand Rapids and the surrounding area.
The much needed expansion will become a reality in 2014: the construction on the project is expected to begin in June. This will leave a legacy to the people of Grand Rapids for years to come.