F&M Trust purchases new building for corporate headquarters in Chambersburg
Franklin Financial Services Corporation and its subsidiary F&M Trust, recently completed the purchase of the former Danfoss manufacturing facility located in both the Borough of Chambersburg and Guilford Township. The facility, which is three miles from the bank’s current location, is the future site of the bank’s new corporate headquarters and operations center.
The bank purchased the facility for $7.0 million from CFDC, LLC, an entity jointly owned by the Franklin County Area Development Corp. and Chambersburg Area Development Corp. The 67,000 square-foot Gold LEED building, constructed in 2009, is located at 1500 Nitterhouse Drive, Chambersburg, on an 11-acre parcel.
“Due to the pandemic, we decided to temporarily put our plans on hold so that we could focus on other priorities, including taking care of our customers and communities,” Timothy G. Henry, President and CEO of F&M Trust, said. “It was always our intention to move forward with this project, and we are excited to complete this phase.”
To prepare for its future move, F&M Trust sold its 41,000 square-foot corporate headquarters located at 20 South Main Street, for $3.3 million to CFDC and entered into a lease agreement for the 20 South Main Street property until renovations are completed and the move to the new building occurs in late 2022.
Renovation costs are currently estimated at $8.7 million. The one-story building will house roughly 145 employees with the capacity for additional employees as the bank continues to grow.
“After 18 months of Covid induced delays, we are finally able to consummate our investment in downtown Chambersburg,” Michael Ross, President of FCADC, said. “The purchase of the F&M Trust building at 20 South Main Street represents a $3.3 million investment in the continued revitalization of downtown Chambersburg.”
“We are fortunate to be in a unique position to assist F&M Trust with their future expansion in Franklin County,” Stephen Christian, President and Executive Director of CADC and the Greater Chambersburg Chamber of Commerce, said.
Carley Bonk is a Watchdog Reporter for the USA Today Network – Pennsylvania. Her coverage spans across the southcentral region of Pennsylvania. She can be reached at firstname.lastname@example.org or on Twitter at @carls_marie