An expansion project in excess of $3 million is underway at Bonduel State Bank.
Bank officials and community residents gathered Oct. 23 to kick off the project that will enhance and update the drive-thru, add office space and bathrooms, and update the employee break area.
Mike Papendorf, president and CEO, said the updating and modernization is long overdue.
“It was built in 1971 with little updating since then,” he said. “We need more office space. We need to hire three to five more people here in the next 12-24 months.”
Papendorf said positions include a backroom staff lender, customer service and an analyst.
“(The) early stage has started,” he said. “(The) contractor said it will be about a 12-month project, done in stages.”
Bonduel State Bank prides itself on being the oldest local bank in Shawano County, stretching back 120 years.
The bank was organized in October 1905. The doors were opened Sept. 21, 1906, at Cecil and Green Bay streets.
As the bank continued to grow, it moved to its current location at 130 N. Cecil St. in September 1970.
Papendorf said the bank has made significant strides in the past three decades.
From 1995 to 2025, net loans have increased from $17.8 million to $85.5 million. Total assets and liabilities have grown from $35.2 million to $128 million, and total deposits have increased from $28.5 million to $110 million.
kpasson@newmedia-wi.com
This rendering shows the Bonduel State Bank as it will remodeled and expanded over the coming year. Ground was broken for the addition Oct. 23. (Schuh Construction Inc.)
