GATESVILLE — Cramped for office space in the historic courthouse, Coryell County commissioners agreed Monday to purchase a nearby building from Extraco Banks, which will then lease a quarter of the space back from the county to continue its Gatesville banking operations.
“This is a very good agreement for both the county and the bank,” County Judge John Firth said. “The county is buying the building, but Extraco is not leaving.”
The commissioners voted unanimously to approve the deal following an executive session that was closed to discuss the real estate transaction.
Financial terms of the deal are still under negotiation, Firth said. Commissioner Darren Moore and County Attorney Brandon Belt will continue to work with bank officials on the contract.
In a news release Monday, Extraco Banks President and CEO Michael W. Thompson called the deal a “partnership” and a “win-win for all involved.”
The county will purchase the 16,000-square-foot building, which is one block east of the courthouse and use 12,000 square feet for much-needed county office space.
The bank will continue to occupy 4,000 square feet on a long-term lease, the news release stated, and customers will still use the Main Street lobby.
“Customers can continue to transact their day-to-day business in the bank lobby and drive-thru, or at the deposit-enabled ATM,” the release stated.
The commissioners have had an eye on the bank building since last fall when Moore was exploring an arrangement in which the county would lease office space from the bank.
County officials seemed ready to make the move to occupy the portion of the building facing Leon Street in October, but it delayed action.
Commissioners have met several times in closed executive session to discuss the transaction but took no action until Monday.