Frontier Bank on the move in Park City
July 12, 2006
Frontier Bank broke ground last week on a new building next to the current one on Deer Valley Drive.
President Andrew Volkman said the current building was cramped when they first opened in 1998, but after doubling the number of employees at the branch, a bigger building is now a must-have.
"We just outgrew this," Volkman said. "We opened this bank 8 years ago and we have just sort of made it work. We’re sort of bursting at the seams. When we started we had eight or nine employees and now we have over 20, so it will give us some needed elbow room. When you walk into the bank it will feel more like a living room."
The current building is 4,5000 square-feet, miniscule in comparison to the 13,000 square-foot building that will begin construction this week and be done in 10 to 12 months.
The bank will occupy two of the three floors in the new building, leaving roughly 4,500 square-feet of third-floor space Volkman said he will rent to another business. He also plans on selling the current building once the bank has moved to the new location.
"Almost a year ago we were looking at another building in town, but kept running into the same problems with them not being big enough," Volkman said. "It just so happened the city was selling a couple parcels of land and this just happened to be one of them. It was actually one of the sites we originally looked at when we first opened here."
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When Frontier Bank opened in 1998, it was the bank’s "international headquarters." There are now two branches in Utah, one in Park City and one in Sandy, as well as two in Palm Desert, Calif.
"The bank has been more successful than anyone could have hoped for so we need to expand our facilities," Volkman said. "We have the need to add even more people. We need more lenders and more service personnel."
Volkman said the quick growth of the bank has been unexpected, but certainly welcome.
"We started with zero dollars in deposits and $5 million in capital," he said. "Now we have almost $250 million in assets. There are 11 banks in Park City, we’re the newest, and we are now the third largest in Park City just behind the big banks Zion’s and Wells Fargo."
Volkman said the reason for the success is the local feel the bank provides. The new building will continue to feature that facet by including a fireplace, couches, a plasma-screen TV, Starbucks coffee and freshly baked cookies.
"I think there’s some very definite reasons why we’ve been so successful," he said. "We are locally owned so all the decision-making is local and all the establishment of policies is done right here in this office. We’re very agile, we’re very small. We get to run the bank in a very common sense way and we get to respond to the things people need and are looking for."
Frontier Bank is currently located at 1245 Deer Valley Drive and can be reached at (435) 615-2265.