X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

OSHKOSH, WI-Firstar Bank will invest about $5 million over the next few years as it more than doubles the size of its Oshkosh commercial loan operations facility and the number of employees who work there. A 68,000-sf commercial loan operations center is currently under construction at the former Sears store at the City Center in Downtown.

Completion and occupancy of the new facility by Firstar is targeted for the end of this year.

Firstar’s existing 80,000-sf processing center at 1850 Osborn Ave., which now houses both commercial and consumer processing employees, will remain as a consumer loan processing center with 469 full-time employees.

The project is being developed by Jeff Pauly, Jim Larson, Kurt Koeppler, Tom Baker, Sr. and Gary Smith, five developers who came together to form City Center Associates, LLC. Firstar will be one of the project’s major tenants.

“It gives a tremendous boost to our Downtown redevelopment efforts,” says Oshkosh Mayor Jon Dell’ Antonia.

Wisconsin’s Department of Commerce is assisting the expansion with a customized labortraining grant and enterprise development zone tax credit. Besides Firstar, the state and City Center, also involved in the public/private partnership are the Oshkosh Commercial Development Corp. and the city.

The expansion will support the bank’s expanded commercial business line since its merger with US Bancorp this past February, according to Sherry Calbaum, Firstar senior vice president of commercial loan services. Calbaum says the building expansion takes into account Firstar’s anticipated growth over the next five years with an increased sales workforce located across 24 Midwestern and Western states as well as its continued demand for commercial loans. The current loan center site on Osborn Avenue was first occupied in 1992 and has expanded twice since then, she says.

Firstar is a subsidiary of Minneapolis-based US Bancorp, which has assets of $165 billion and is the 8th largest financial services holding company in the US. The company operates 2,186 banking offices and provides banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.