Northwest Bank announces they have entered into a contingent agreement to sell their downtown location in Spirit Lake

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posted 7/22/2013 in Community News

(Spirit Lake, Iowa) Northwest Bank announces that they have entered into a contingent agreement with Rembrandt Enterprises, Inc. to sell their property located at 802 Lake Street in downtown Spirit Lake, Iowa.

Joe Conover, Lakes Market President for Northwest Bank said, “I couldn’t be happier to announce this agreement. This is an opportunity to welcome a strong and growing company to downtown Spirit Lake.” In addition, Conover stated, “We were very deliberate in finding a buyer that would appreciate the history of downtown and be committed to Spirit Lake. Rembrandt Enterprises is a company with a very bright future and their community partnership will bring value to our community.”

Larry Shaffer, Spirit Lake Market Leader for Northwest Bank says, “The downtown Spirit Lake bank building has been a center for economic activity in Spirit Lake for decades. It was important for us to find a buyer that could make a significant impact to the downtown community. Rembrandt Enterprises, Inc. fit the vision we had in mind, in keeping downtown Spirit Lake vibrant.”

Rembrandt Enterprises, Inc. plans to bring 70 jobs to the downtown location. Their current plans are to use a portion of the main floor and the entire second floor. This will require significant restoration to the exterior and interior.

Dave Rettig, Co-Owner and President of Rembrandt Enterprises, Inc. commented, “We are excited to be working with Northwest Bank on the opportunity to move our headquarters to downtown Spirit Lake. Many of us are longtime Lakes residents and appreciate the character and history of our downtown community. The building will allow us an opportunity to grow our business by providing an inviting environment for our current and future employees.”

Rembrandt Enterprises, Inc. is a worldwide leader in the production and processing of egg products. Since their inception in 2000, they have invested millions of dollars in the Lakes Corridor area. They are one of the leading job creators in northwest Iowa having added over 470 jobs to the Iowa Lakes Corridor region since 2000.

In the coming months Northwest Bank and Rembrandt Enterprises will be working with the city of Spirit Lake on the details of this move. The purchase agreement is contingent on reserving sufficient employee parking for Rembrandt and the use of an existing downtown revitalization program.

Northwest Bank is a $1.05 billion community bank and offers a full line of business, agricultural, mortgage, consumer deposit and lending services as well as wealth management services. Northwest Bank has offices located in Algona, Arnolds Park, Ankeny, Belmond, Estherville, Fort Dodge, Humboldt, Milford, Spencer, Spirit Lake, Storm Lake, West Des Moines, Iowa and Omaha and
La Vista, Nebraska.