Southern Michigan Bank and Trust, a Coldwater based bank since 1872, has a purchase agreement for a parcel of land at the corner of Horton Road and Weatherwax in Summit Township. According to Jackson Market President John Waldron “due diligence will take 45 – 60 days and the plan would be to close this year and build next year.”
Waldron went on to say the 4-acre parcel isn’t all buildable, as “towards the back it gets a little wet”, but the spot is perfect for Southern Michigan Bank and Trust. Waldron estimates the traffic at the intersection of Horton and Weatherwax to be about 20,000 cars per day.
This won’t be Southern Michigan Bank and Trust’s first location in Jackson, as Waldron shared during a recent visit on WKHM that 6,000 square feet of the Post Office building’s top floor in downtown will be home to the Loan Production Office in Jackson. The office there could be open in a matter of a few weeks according to Waldron, as there are very few renovations that need to be done.
Southern Michigan Bank and Trust’s first branch location will be in the 200 Building in downtown Jackson, but until then the bank will operate in Jackson without a brick-and-mortar location. Deposit accounts and other banking transactions can be completed online via there Hillsdale and Calhoun County locations.