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It looks like Rochester’s growing financial district, called the "Destination Money Center" by some, has a new branch deposit in the pipeline.
A building permit was filed Monday for "a new business center" along West Circle Drive Northwest featuring a long-time Med City credit union — First Alliance Credit Union.
The site development plan describes the project as "a new business center to house five tenants. One tenant will be First Alliance Credit Union, which will have two drive thru lanes on the south side. Another tenant is anticipated to be a bistro."
Another permit was filed for "footings and foundation for new credit union," described as First Alliance.
The possible project is slated to be built between West Circle Drive and Commercial Drive Northwest, according to the permits.
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Being at such an early stage, First Alliance officials could not discuss details of what appears to be a new type of financial branch for Rochester.
First Alliance has two other Rochester branches, at 320 Alliance Place NE and 501 16th St. SE, as well as one in Byron. First Alliance also has a full-service ATM site off 48th Street Southeast.
The northwest sector where the new branch is proposed is a rapidly growing area near the Costcoarea, with several stores, hotels and restaurants planned in the near future.
Most notably, that area has seen many banks and credit unions build branches that have sprout up there in recent years.
La Crosse, Wis.-based Altra Federal Credit Union built and opened a 7,400-square-foot branch office nearby on the southwest corner at West Circle Drive and 19th Street Northwest. It opened in January.
Sterling State Bank also recently built a nearby corporate office and branch at West Circle Drive Northwest and Badger Hills Drive Northwest.
The new Sterling complex is directly across West Circle Drive from another financial branch of the Mayo Employees Federal Credit Union.
If built as planned, the proposed new credit union branch will add to the growing list of financial institutions along that stretch of West Circle Drive.
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Think Mutual Bank, West Bank , F & M Community Bank , Home Federal Savings Bank, Associated Bank, US Bank and Foresight Bank all have locations in that area.
