The Chambersburg-based bank said this month that it expects to close on a new corporate headquarters three miles away from its current headquarters this year that would give the two entities room to grow.
The new building, at 1500 Nitterhouse Drive and located in both Chambersburg and Guilford Township, is the former manufacturing facility of Danfoss, a Denmark-based air conditioning manufacturer,
“F&M Trust’s story began in 1906 in downtown Chambersburg and in many ways it is bittersweet to move part of our team out of the downtown when there are so many new and exciting things happening,” said Timothy Henry, president and CEO of F&M. “Yet, as the bank continues to grow, we need more space in order to continue to bring high-quality service to our customers.”
The Danfoss facility is currently owned by CFDC LLC.
CFDC is operated in equal parts by the Franklin County Area Development Corp. and the Chambersburg Area Development Corp. It was formed in 2009 to redevelop the building into a manufacturing facility for Danfoss.
The building was sold back to CFDC by Danfoss after the manufacturer closed the plant last December. The bank expects to purchase the facility from CFDC for $7 million.
After completing renovations on the building, F&M will have 67,000 square feet of space to be used by roughly 145 employees. The bank has 285 employees total.
F&M’s headquarters currently consists of two buildings, a 41,000-square-foot main building on 20 S. Main St. and a smaller second space on 150 Lincoln Way East. The Lincoln Way East building houses the company’s drive-through bank and loan service and risk management departments, according to Shelby White, the F&M’s corporate communications officer.
The main building is planned to be sold to the Franklin and Chambersburg development corporations for $3.3 million.
“This represents another $3.3 million investment in the revitalization of downtown Chambersburg,” said L. Michael Ross, president of the Franklin County Area Development Corp. “It’s a win, win, win for everyone. It’s a great win for the community. It’s a win for F&M Trust, and it’s a win for us.”
The services at the Lincoln Way building, excluding the drive-through, will be moved to the new headquarters and the building will be sold to a different entity. White said F&M expects to announce the buyer in the coming weeks.
F&M Trust plans to open a new drive-through bank in downtown Chambersburg but has no plans to open a bank in the borough nor will it have one in its new headquarters.
F&M operates 22 offices in Franklin, Cumberland, Fulton and Huntingdon counties.