9/24/2009 6:00:00 AM Blackhawk Credit Union eager to open branch here
Kevin Murphy and Rick Hummell Stoughton Courier Hub
When Janesville-based Blackhawk Community Credit Union began looking at opening another branch location, president and CEO Bob Carmichael had a hunch Stoughton would head the list of preferred candidates, and after market research confirmed it, the choice was a no-brainer.
"The research shows us Stoughton is perfect in terms of age, income, home value, and population growth, said Carmichael.
In July, the Stoughton Planning Commission unanimously approved a request to split the former Stark Motors auto dealership property at 1509 Hwy. 51-138 in two, with the proposed credit union to be constructed on 1.7 acres on the west side of the property. The remaining part of the tract, which includes the former Stark Motors showroom, was split off from the property and is not part of the Blackhawk proposal.
Over the past couple of months, Blackhawk has been securing the various permits and governmental approvals necessary for construction to begin, with an anticipated groundbreaking early in October.
Although the branch facility is not slated to open until spring, Blackhawk plans on opening a temporary facility on the site in the next few weeks. The "temporary" facility will be a 14- by 70-foot-long trailer, from which credit union members and customers will be able to receive the full range of Blackhawk's services, said Carmichael.
The temporary branch will have a teller counter, loan offices, an ATM, and a drive-up window.
Weather permitting, the new branch office could be completed by April 2010. Plans conditionally call for a 3,260-sq. ft. building with full lending and other financial services and possibly 3-4 drive-up teller lanes. Carmichael put construction cost estimates at "a couple of million dollars."
Knowing of Stoughton's reputation as a close-knit, volunteer-minded city, Carmichael said Blackhawk is a perfect fit for the community.
"Our employees are very volunteer-minded, we work with the Big Brother, Big Sister organization and the schools," he said.
This fall, Blackhawk opened new branches in Craig and Parker high schools in Janesville, which Blackhawk equipped when the buildings recently were renovated. Students banking in their own schools gives them exposure to financial responsibility before they graduate and using students to staff the branches gives them work opportunities, too, said Carmichael.
Carmichael said Blackhawk is interested in partnering with the Stoughton Area School District about opening a branch credit union here.
"It's also a tremendous opportunity to work with teachers on curriculum, teaching practical economic literacy, finance and getting high school students started out on the right path regarding their financial future," he said.
As General Motor's presence in Janesville lessened in recent years, Blackhawk begin looking to grow in surrounding communities and Stoughton's healthy financial picture and the availability of the former Stark Motors property on Main Street seemed an ideal match, said Carmichael.
Blackhawk membership has been growing and now numbers 34,000 in Rock, Dane and Jefferson counties. There are 150 Stoughton residents who are members already and have $750,000 in deposits, including employees from Uniroyal, Nabisco and Stoughton Trailers, companies that started financial associations with Blackhawk years ago, he said.
State laws governing eligibility of who can become a member of a credit union allowed credit unions to expand their "field of membership" beyond their original limits and provided Blackhawk with the ability to grow beyond to whom they can provide financial services.
Blackhawk hired the La Maccia Group, of Milwaukee, when it added a branch in Janesville, and had La Maccia heading its property acquisition effort in Stoughton.
Blackhawk Community Credit Union was established in Janesville in 1965.In addition to five branches in janesville (including the two new school branches), Blackhawk also has one branch in Edgerton and another in Delavan.
