Monday, April 1, 2019 || By Michael Romain || @maywoodnews
Featured image: A rendering of the new facade of Maywood Plaza created by local artist Shanee Edwards. A branch of Wintrust Financial Corporation will move into the plaza this summer. | File
A new bank is expected to be up and running in Maywood by the summer. Proviso Community Bank, a branch of Wintrust Financial Corporation, recently signed a lease to move into two units inside of Maywood Plaza, 1109-23 W. Madison St.
During an interview last week, Wintrust officials said that the bank will pay to overhaul the plaza’s façade and interior renovations to the building’s east side, where the bank will house a full-service branch. The bank will lease at least 1,800-square-feet of space in the plaza, Wintrust officials said.
Christopher J. Parker, a Wintrust vice president who is heading up the company’s effort to grow within the Proviso market, said that there could be a drive-thru installed at the location in the future.
“This is a full-service bank,” he said. “The drive-thru will come later on, but for now this is a standalone branch that offers a full suite of financial products and services. In the event people are looking for a conventional deposit relationship — savings, CDs, checking accounts, IRA’s — we’ll offer that.”
Parker, who also serves as president of the Bellwood Chamber of Commerce, said that he’ll serve as the bank branch’s commercial lender. The bank will also have a mortgage professional in the office, as well.
A worker busy readying the outside of Maywood Plaza for its newest tenant, Wintrust Bank. | File
The move to Maywood comes after Wintrust’s attempt to enter the village in 2013 fell through. That year, InSite Real Estate Development had offered to purchase the empty lot on the northwest corner of 1st and Lake in order to build a development that would house a branch of Proviso Community Bank, in addition to several retail establishments.
A vote to authorize an alley vacation near the development site, which was considered to be critical to the development and required a 5-trustee supermajority, failed to pass.
Parker said that Wintrust is taking another chance on Maywood.
“We believe that we can help Maywood thrive,” Parker said. “Maywood allows us an opportunity to invest in a community that is turning around. Things are already happening in the local housing market, for instance. The local business atmosphere is evolving, too. So, we feel there’s an opportunity for us to help build on this evolution.”
Parker also touted the village’s “prime location” to downtown Chicago and the ease of access to the highway and the railroad.
“All of these means of transportation make Maywood an attractive place to buy and live,” Parker said. “We want to be part of that change.”
Parker added that the Maywood branch would complement the services and products offered by the Proviso Community Branch in Stone Park, which Wintrust acquired in 2014. He said that Jose Villa, who manages the Stone Park branch, will lead retail banking in Proviso.
Parker said that the new Maywood bank branch will create between five and 10 new jobs, including teller, personal banker and front-line supervisory positions.
Bridgette Chatman-Lewis, the principal at Chatman Lewis Flaggs Enterprises, said that the Maywood Plaza’s redevelopment is part of a comprehensive redevelopment initiative her firm is spearheading called The Square project.
Chatman-Lewis’s Economic Growth Initiative, which is a series of economic revitalization projects based in Maywood, will have a presence in the plaza. She added that she’ll reveal more information about other businesses that plan on moving into the plaza in the near future. VFP
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