The Client
Northfield Savings Bank, an independent local bank headquartered in Northfield, VT since 1897.

The Project
As the population of Chittenden County continued to swell throughout the '80s and '90s, Northfield Savings Bank made plans to expand into the highly competitive market.

The Challenges
• The bank planned to open five locations, increasing its number of branches from eight to 13.
• All five new branches were scheduled to open in less than three years.
• As the state's population center, Chittenden County has a shortage of commercially zoned real estate available to develop a new project, let alone five with very specific location requirements.

The Solutions
• Northfield Savings Bank selected White + Burke to spearhead its expansion into Chittenden County because we offered a combined package: the dual roles of broker and consultant to locate and negotiate the acquisition of the new sites as well as obtain all necessary permits for each.
• We studied tax maps, traffic patterns, zoning requirements, and the competition to determine the sites that would best suit the bank's needs.
• Since most of the prime locations weren't on the market, we began negotiations with current property owners around the county to consider selling their site to the bank.
• Over the next three years, we brokered five deals that were favorable for both the property owner and the bank.
• Once the sites were secure, we began the permitting process in four different communities to turn a leather shop, gas station/carwash, skating rink, multi-tenant retail building, and a small motel into new NSB branches through a combination of renovation and new construction.
• We collaborated with architects, civil engineers, traffic consultants, attorneys, landscape architects, zoning officials, and city planners over several years to develop plans and secure the variety of permits required for each branch.

The Outcome
White + Burke managed the real estate brokerage and permitting process so Northfield Savings Bank could focus on the intensive staffing and marketing that five new branches required.  The Essex Junction branch opened in 2003, followed by three additional branches - Williston, South Burlington and Burlington - in 2004 and 2005.  The fifth branch opened in South Burlington in 2006.