For the second time in less than two months Portland has been given a valuable piece of property. The Farmers Bank has offered the city the property located at 107 North Broadway, which is the location of the branch office.
According to tax records the building is valued at $584,300. The branch bank is scheduled to close on Dec. 31 and will be consolidated with the bank’s main branch in January.
Senior Vice- President Branch Administrator Nicole Minnis said, “After the decision to consolidate the two branches, we started thinking what to do with the property. The city owns the parking lot behind our building, and we knew they had an immediate need for space because of the renovation.
“We could have sold it, but it meant more to us for the city to have it so they could control what happens with it in the future. We hope to close the first week in January.”
On November 18, the Board of Mayor and Aldermen voted on first reading to accept the property from the bank as a donation. Alderman Drew Jennings abstained from voting because he is an employee of the bank. The city charter requires an ordinance with two readings for final approval.
According to Mayor Mike Callis, the donation of a piece of property with a drive-in window will be an asset when the business office has to be relocated during the renovation of the current city hall. In addition the building has a safe which can be used to store city records and archives.
Callis said, “It is a great opportunity, and very timely as we renovate city hall. We are thankful for their community support.”
This is the second time The Farmers Bank has donated a building to the city. In the early 90s, the bank gave their bank building on Main Street to the city, when the bank moved to its current facility. The city later sold the property to Ken Robson, who remodeled it and opened Strawberry Station.
Recently, the city accepted a donation of property known as Dan’s Furniture Store from Larry Collins. The property will possibly be used as a city museum.