Jasper-based German American Bancorp Inc. (Nasdaq: GABC) has unveiled plans for a $6 million operations center on the south side of the Dubois County city. The Dubois County Free Press reports the 40,000 square-foot facility would initially create a small number of jobs.
The facility, which would have space for up to 150 employees, could break ground in August and be complete next spring. GAB Chief Commercial Banking Officer Neil Dauby tells the Dubois County Free Press the expansion is necessary due to the job growth created through the bank’s acquisition of Madison-based River Valley Bancorp.
"What is going to be moving out there are our back office operations," said Dauby. "We will have loan operations, deposit operations, items processing, our contact center will be out there, so there is going to be a multitude of all of the types of support for our customer-facing people that are out in our branches."
The bank says the facility will help alleviate crowding at its current facilities on Main Street in Jasper. If approved, the operations center will initially house nearly 100 employees who will move there, plus create four additional jobs. German American’s executive team will remain in the Main Street offices.
The Jasper Economic Development Commission is recommending a nine-year tax abatement for the proposed project. The Jasper Common Council is set to consider the recommendation at its meeting Wednesday.