Earlier this week, FM Bank began redeveloping the commercial lot that once held Shopko.
Preparations began just after the New Year, with demolition of the current building beginning this last Monday, January 8th.
Newly appointed President of the Fergus Falls FM Bank, Scott Debrito, says the relocation of the bank has been in the works for a few years now.
“We’ve been mulling over the idea of remodeling or relocating our current facility for some time, I’d say maybe seven or eight years.”
Debrito says that the company wanted to stay in the downtown area, but that most of the available properties in the area didn’t quite suit their needs.
FM Bank found out about the sale of the Shopko building in late 2022, and began negotiations that ended with the purchase of the lot in spring of 2023.
“We really liked the idea of staying downtown, we loved the idea of being on the Otter Tail River, and I think that when the project is said and done it’s really going to clean up that site there. It’s going to make it a really beautiful corner in Fergus Falls.”
According to Debrito, there isn’t a plan for much change in regards to banking services, but he says that the extra space will allow for a more easily accessible and convenient drive through.
The building will not only house FM Bank, but it will also have a restaurant on the first floor, and office space available on the second floor.
Debrito also says that there’ll be some extra space on the west side of the lot that FM Bank does not have a plan for yet.
While demolition of the old building has begun, the new facilities won’t be open for some time.
“Hopefully start construction this spring, and then if everything goes well, the timeline would be to move in sometime in the summer of 2025,” Debrito speculates.
The sidewalk that runs along the north side of the lot will be temporarily closed from January 15th through the 19th to facilitate the demolition, however the street will remain open.