McALLEN — Rio Bank broke ground Thursday afternoon for a new corporate headquarters. The locally based bank will be moving to 9.5 acres on the northeast corner of Expressway 83 and McColl Road when the project is completed.
The building is expected to cost over $20 million, according to bank officials. Rio Bank, which will only occupy about a one-third of the building, will open over 60 positions in the facility.
The six-story highrise was designed by RVK Architects, and will include 125,469 square feet of office space constructed by G.W. Mitchell Construction. Leasing in the office building will be handled by Peloton Commercial Real Estate.
President and CEO Ford Sasser said the investment in the building holds true to their mission statement: “We help our community grow.”
“By making a capital investment in this project, we want the building to be a landmark that the Valley can be proud of and to solidify our roots in the Rio Grande Valley,” Sasser stated in a press release.
The bank was first organized in 1985 by local investors, and by 1999 Rio Bank had two locations in McAllen. Currently, the bank has eight banking centers in the Valley stretching from Palmview to Brownsville.
“Over the years, the bank’s volume of customers has grown and it continues to grow,” board Chairman Dr. Cayetano Barrera stated in a press release. “We continue to see the bank’s deposit base grow and its loan portfolio expand. This resulted in the need to open more branches and now a new headquarters.”
Construction of the bank’s new headquarters is expected to begin in the first quarter of this year, and the news facility scheduled to open by the second quarter of 2019.