Wells Fargo, the California-based financial services corporation, formally announced plans this week to construct a new bank building on Main Street in Ketchum.
Company officials said the new facility will replace an existing Wells Fargo Ketchum branch at 600 Sun Valley Road.
"We are delighted to move all of our Ketchum operations from leased space to our own newly constructed building," said Janet Key, community banking president for Wells Fargo in South Central Idaho.
"Our new building is a strong statement of our commitment to Ketchum and the Wood River Valley."
Wells Fargo plans to build the new facility at the corner of Fourth and Main streets, on a lot acquired earlier this year through a land swap with the city.
The city traded the Main Street parcel for a piece of Wells Fargo-owned land at the corner of Fourth Street and East Avenue. The deal was finalized in November.
Wells Fargo is planning to construct an approximately 10,300-square-foot, two-story building with an underground parking garage and drive-up service window. In addition to a traditional bank, the building will house Wells Fargo business banking, home-mortgage and private-client services.
Construction is scheduled to start in early spring and be completed by the end of 2005. The project, however, must still be approved by the city.
In October, during an informal presentation of the plans, Ketchum Planning and Zoning commissioners showed general support for a first draft of the building design.
Wells Fargo is currently working with city to bring the plans through the formal design-review process. Once the necessary approvals have been acquired, the project will be put out for bid, company officials said.
Wells Fargo has nearly 2,000 employees and 90 banking locations in Idaho.