OakStar breaks ground on permanent bank

The banking institution, operating in temporary facilities at 1020 E. Battlefield Road since November 2005, broke ground Dec. 21 on its adjacent 28,000-square-foot permanent facility.

The three-story building, which has a price tag between $5 million and $6 million was designed by Baron Design and Associates and is being built by general contractor Killian Construction.

The new facility will improve customer service, according to bank CEO Jim Bracht, who said the bank’s 21 employees are currently spread among two temporary buildings and leased space on the site.

“The new building will allow us to bring more customer service to our clients more effectively,” Bracht said. “It will allow us to house all of our employees in one place. It will give us a more solid physical presence in a very good location in Springfield, and then we’ve built the building such that it will allow for future expansion if we need additional space.”

The building is slated for completion in January 2008. The third floor will remain empty for future growth.

“I’m hoping that by the time we move into that building, we’ll have the number of associates that we can quite easily use all of the first and most of the second floor for the people we hire during the next year to 14 months,” Bracht said.

OakStar, a business-oriented bank, opened with $10 million in capital put up by 40 investors.