OAKDALE — If there’s such a thing as a banking district in Oakdale, it’s anchored at the corner of F Street and Yosemite Avenue.
Oak Valley Community Bank has its headquarters there, Chase Bank and Bank of Stockton have branches on opposing corners and Bank of America and Wells Fargo Bank branches are just down the block.
Not bad for a town with 21,000 residents.
But change is coming for Oakdale’s financial hub: Bank of Stockton plans to move about 10 blocks to the east, where it will build a new stand-alone branch.
“We want to have a more permanent location with more parking,” explained Douglass Eberhardt, chief executive officer of the privately owned bank. “We’re doing it for our customers.”
For the past 11 years, Bank of Stockton has been leasing its 346 E. F St. location, and that lease expires next year.
Eberhardt agreed that the corner of F and Yosemite is the most prominent in Oakdale, but he said the high-traffic corner and small, tricky-to-access parking lot makes it “hard to get in and out of there.”
So one of Eberhardt’s companies, the Miner Joaquin Building Corp., spent $950,000 in March to purchase the 2.5 acres at 1376 E. F St., which formerly was home to Richardson Motors.
A 3,500-square-foot branch will be built there with lots of parking and a drive-thru banking lane, said John Dentoni, Bank of Stockton’s chief financial officer. He said the bank plans to incorporate “green” construction features, such as solar power.
J.R. Lennen Construction of Stockton has been selected to build it.
The plans are working their way through Oakdale’s permitting process, but Eberhardt said the branch should be ready to move into by January 2015.