NEW ULM — The new Alliance Bank building nearing completion at Third North and Minnesota Street in downtown New Ulm will enable the bank to consolidate a number of operations that were formerly done at other locations.

“We’re centralizing a lot of the operations that were done at multiple locations to our new New Ulm building,” said Alliance Bank Regional President Bob Reuter. “Loan documentation, loan administration, deposit operations, loan operations, IT (information technology), and finance will be done in the new bank.”

Reuter said the consolidation adds several full-time jobs to the New Ulm ban, which has two stories and more than 20,000 square feet.

Alliance Bank CEO V. Philip Reim of St. Paul said the new bank is “traditional with a new feel.”

“We wanted to make a positive statement for the City of New Ulm,” Reim said. “My dad (Victor) died 24 years ago. But he’d be proud of this bank. New Ulm is a gem. You don’t make an investment like this unless you’re serious about it.”

“We’ve got full digital technology for online banking,” Reim said. “Plus we’ve still got safe deposit boxes.”

Other niceties of the new bank include large cubicles with desks that can be electrically raised and lowered.

The bank was built to be easily expanded, Reim said.

The sidewalks outside the bank are heated to prevent ice and snow from forming on them.

All banking services will be on the main level. The top level will be designed for operations, finance, information technology and compliance to support Alliance Bank’s seven branches. The lower level will house storage and safe deposit boxes. An elevator is located near the main entrance.

The new bank is projected to open on Monday, April 20. A grand opening event will happen later, when all project work, including landscaping, is done.

“We’re excited about the new bank,” Reuter said. “It’s going to be great for our customers and employees. It’ll be much more accessible for customers. They won’t have to climb stairs.”

Reuter said more customer parking will be accessible right outside the bank’s front door.

“The bank architect and ownership by the Reim family purposely based the new bank design to specifically match the heritage of New Ulm,” Reuter said.

Alliance Bank began in 1914 as Farmers and Merchants State Bank of New Ulm. It was purchased by a group of investors headed by Victor Reim in 1982.

Privately-owned, Alliance Bank has more than $590 million in assets.

The Reim family still has strong connections to New Ulm and many family memories.

V. Philip Reim and his sister branched into St. Paul in 1996. Their father Victor Reim II died in December 1996.

“Alliance Bank has a rich history with the city of New Ulm. We are excited to construct the new, more modern building,” said V. Philip Reim, CEO. “With this investment, we are renewing our commitment to New Ulm and our employees, and improving hometown service for our customers.”

Other Alliance Banks are located in Courtland, Hanska, Lake City, Madelia and Red Wing.