Lincoln Savings Bank (LSB) today announced the pending purchase of the top three floors of the historic John Deere Tractor Company R Building in Waterloo, IA.
Built in 1928, the building was constructed in response to John Deere’s pivotal decision to manufacture its tractor line in Waterloo. Since 2007, the building has been a prominent presence on the Cedar Valley TechWorks campus as part of a project to transform the former heavy industrial site into a vibrant economic engine for the downtown Waterloo community. The bottom three floors of the building are currently occupied, while the top three floors, totaling 75,000 square feet, have remained vacant.
This purchase will be a significant move for Lincoln Savings Bank and is anticipated to have a positive economic impact for downtown Waterloo. Once the multi-million-dollar renovations are complete, this location will house 150 of Lincoln Savings Bank’s staff and is projected to add up to 100 additional employees over the next five years. Renovation will include improvements to the exterior and interior of the building resulting in a modern, collaborative workspace for LSB employees.
“Our significant growth over the past few years has made it necessary for us to find a space that will accommodate us well into the future,” said
Erik Skovgard, President and CEO at Lincoln Savings Bank. “The building is ideal for our needs because it’s centrally located for our staff that live in Waterloo and surrounding communities. It’s exciting to be part of the rich history of John Deere and play a part in the revitalization that’s happening in the vicinity of the TechWorks campus, including new community facilities, restaurants, housing, hotels, and more.”
This announcement comes in the wake of sustained growth Lincoln Savings Bank has enjoyed over recent years. Contributing factors to the bank’s ongoing success include:
• LSBX, a new line of business launched in 2014, positions LSB as a “bank of record” for FinTech companies, adding more than 2 million customers across the United States.
• Purchase of a loan servicing partner in 2017 that specializes in SBA and USDA government guaranteed loan programs. Since many banks don’t offer government guaranteed loan programs due to their complexity, the acquisition proved to be an opportune vertical for expansion.
• Organic growth for the traditional bank has resulted in a 30% growth in staff over the past five years. This workforce expansion ensures Lincoln’s customers continue to receive professional and responsive service across the bank’s Iowa footprint.
• Purchase of a loan servicing partner in 2017 that specializes in SBA and USDA government guaranteed loan programs. Since many banks don’t offer government guaranteed loan programs due to their complexity, the acquisition proved to be an opportune vertical for expansion.
• Organic growth for the traditional bank has resulted in a 30% growth in staff over the past five years. This workforce expansion ensures Lincoln’s customers continue to receive professional and responsive service across the bank’s Iowa footprint.
Support from community leaders in Waterloo and the Cedar Valley has been a significant factor for selecting this location as LSB considered options for their expansion. “Long-term partnerships with University of Northern Iowa, and City of Waterloo have already helped TechWorks change the landscape around Technology Transfer and Advanced Manufacturing. Lincoln Savings Bank’s people, their expertise, and their unique Fintech business will bring an entirely new layer to the Tech Center – and we’re excited to work with their team.” noted Wes James, President at TechWorks Campus. While there are still aspects of the project that are subject to approval, including a Waterloo City Council vote on Monday, October 7, 2019, the project is expected to move forward quickly with renovations starting in January of 2020.
LSB has selected INIVISION, a local architecture firm, to design the space. INVISION has been involved in other recent TechWorks projects, including the Cedar Valley SportsPlex and the Courtyard by Marriott @ TechWorks. “‘Little’ Lincoln Savings Bank has made its mark on a national scale providing progressive moves in the financial technology industry. INVSION is honored to be a part of the team to help realize a physical environment at Techworks which represents and builds upon that culture in their new office,” commented Brad Leeper, Partner Architect at INVSION. “LSB is making an important community commitment to the Cedar Valley, and we are excited to work together while breathing new life into this important community asset,” he elaborated.
To learn more about the building’s history in Waterloo, click here.
About Lincoln Savings Bank: Founded in 1902, Lincoln Savings Bank (LSB) has been headquartered in Reinbeck, Iowa since 1934. Now with 16 branch locations, LSB has remained committed to providing a better banking experience. LSB’s employee-owners are not only experts in their field but give back through passionate community service. In 2014, LSB took a bold step, building partnerships with financial technology companies to deliver banking experiences in new and exciting ways.
Lincoln Savings Bank. Member FDIC.
