Construction has begun on the rebuilding of a Killeen branch of a major regional bank into a larger corporate center.
First National Bank of Texas is building its new headquarters at Trimmier Road and West Central Texas Expressway, near the Red Lion Hotel Killeen. The project is expected to be completed by the fall of 2021.
According to the bank’s blueprint, the five-story, 47,653 square-feet, commercial office building with full-service bank will be located on the first floor of the building. The other four floors will house various executive level and professional support departments. Employees from both the downtown Gray Street headquarters and the Trimmier Road branch would consolidate within the new facility. The bank’s motorbank location there is currently closed.
“We are currently working on a formal press release regarding our facility to submit to The Killeen Daily Herald in the coming week,” said Jessica Pelache, First National’s director of customer experience in an email statement on Wednesday.
In April, the Killeen City Council approved entering a tax abatement agreement with First National Bank on the property.
The 10-year, $858,715.27 deal was approved with a 6-1 vote, with Councilman Gregory Johnson in opposition. Johnson said he felt “uncomfortable” with the current state of local small businesses due to COVID-19 and the council voting on “something like this at this time.”
A tax abatement is an agreement between a local government and a property owner to exempt part of the taxes owed in return for improvements to the property.
On Feb. 24, 2020, the Greater Killeen Chamber of Commerce forwarded the bank’s tax abatement application to the city, requesting consideration.
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