Central Bank Illinois building new location in Northland Mall parking lot

STERLING – Geneseo-based Central Bank Illinois, which moved into a leased location at 2607 E. Lincolnway a year ago, plans to move again, this time into its own space in the Northland Mall parking lot, across the street at 2900 E. Lincolnway.

The bank bought an eastern section of the lot in January from Bollman Investments LLC for $475,000, according to Whiteside County property records.

A groundbreaking was held Friday, and construction of the new building will begin Wednesday, said Rick Clary, CBI’s community bank president.

The new building is expected to open in the spring, with 10 to 15 full- and part-time workers, Clary said.

It will be the fulfillment of a promise Central Bank made in July, when it opened in the strip mall as a loan production office but said it was negotiating to buy a larger property to accommodate a full-service branch.

Ed Wolf, senior loan officer in the Sterling location, will be its market leader, Clary said.

Central Bank Illinois has 11 branches and four ATMs in nine towns, including Fulton, Ashton and Oregon.

Ryan McCowan, owner of Bollman Auto Center in Rock Falls, bought that section of the lot in September from former mall owner Brookwood Capital for $200,000.

“I kind of bought it just to buy it,” McCowan said at the time.