McFarland State Bank donates building
It’s not every day that a community is gifted a building, but that’s what has happened between the McFarland State Bank and the City of Stoughton. According to a release, the Stoughton City Council voted 7–4 to accept McFarland State Bank’s donation of its downtown Stoughton bank building and parking lot “to be used for public purposes and serve Stoughton citizens for generations to come.”
The building and parking lot is valued at $1,525,000.
New banking technologies have led to efficiencies that allow McFarland State Bank to make better use of the historic building. “We are mindful of the importance of banking in the downtown community, and we also believe deeply in supporting the city’s vibrant growth into new areas,” notes McFarland State Bank CEO E. David Locke. “We are dedicated to being a part of both.”
McFarland State Bank has agreed to lease its current space for drive-thru and walk-up services, but the rest of the building will be remodeled as the City of Stoughton determines. “We are evaluating a number of options for the building’s use that will benefit our city and residents,” stated Stoughton Mayor Tim Swadley.