CHAMBERSBURG (Aug. 15, 2019) – Franklin Financial Services Corporation (NASDAQ: FRAF), and its subsidiary F&M Trust today announced plans to relocate their corporate headquarters and operations center to a larger, state-of-the-art building situated in both the Borough of Chambersburg and Guilford Township, three miles from the bank’s current location.
The bank is purchasing the former Danfoss manufacturing facility for $7 million from CFDC, LLC, an entity jointly owned by the Franklin County Area Development Corp. (FCADC) and Chambersburg Area Development Corp. (CADC).
The 67,000 square-foot Gold LEED building — constructed in 2009 — is located at 1500 Nitterhouse Drive, on an 11-acre parcel.
The move should take place in late 2020 after the bank has completed renovations. The one-story building will house roughly 145 employees with room to add employees as the bank grows.
F&M Began Downtown in 1906
F&M Trust’s story began in 1906 in downtown Chambersburg, according to the bank’s president and CEO Timothy G. Henry.
He called the move out of the downtown area “bittersweet” at a time when so many new and exciting things are happening there.
The need for more space was a driving factor in the decision to move the bank’s headquarters out of the downtown area, he said.
Staying local was important also. So keeping their headquarters in Chambersburg, Guilford Township and Franklin County was a good compromise.
“With this move and renovation, F&M Trust reaffirms its commitment to supporting the vitality of Chambersburg and Franklin County,” Henry said.
It also positions itself for future growth as an independent community bank, he pointed out.
Preparing for the Future
To prepare for its future move, F&M Trust is selling its corporate headquarters at 20 South Main Street to CFDC. The sale price for the 41,000 square-foot building is $3.3 million.
“This represents another $3.3 million investment in the revitalization of downtown Chambersburg,” FCADC President L. Michael Ross said. “It’s a win, win, win for everyone. It’s a great win for the community. It’s a win for F&M Trust, and it’s a win for us.”
“We were in a unique position to be part of the solution by purchasing the bank’s existing real estate in downtown Chambersburg,” said Stephen Christian, president and executive director of CADC and the Greater Chambersburg Chamber of Commerce. “We’re excited to support F&M Trust’s continuing success and expansion.”
F&M is woven into the fabric of Chambersburg and Franklin County’s community.
Neither FCADC or CADC plan to relocate their operations to the building. Instead, they will lease office space to other tenants.
F&M Trust will maintain its current retail community office in downtown Chambersburg by leasing back the first floor of the Memorial Square office from CFDC. Lease terms have not been finalized.
Both sales agreements should close in the fourth quarter of this year.
About Franklin County Area Development Corporation
Established in 1986, FCADC formulates, implements and promotes a comprehensive countywide economic development strategy.
The corporation strives to create an atmosphere that nourishes planned growth and family sustainable employment opportunities.
Since its establishment, FCADC has successfully facilitated more than 760 projects throughout Franklin County, resulting in more than $2.2 billion in capital expenditures and creating/retaining more than 50,000 jobs.
About Chambersburg Area Development Corporation
Founded in 1960, CADC aims to improve the economic health and quality of life of the Chambersburg Area by bringing major employers to the area.
It has created more than 2,800 jobs with over $3 million in local payroll and property tax revenues annually.
CADC owns and operates an extensive commercial and industrial real-estate portfolio providing quality building solutions for dozens of businesses in Chambersburg and Franklin County. It is an affiliate of the Greater Chambersburg Chamber of Commerce.
About F&M Trust
F&M Trust, an independent community bank headquartered in Chambersburg, is a subsidiary of Franklin Financial Services Corporation.
With approximately $1.3 billion in assets, F&M Trust has 22 community offices in Franklin, Cumberland, Fulton and Huntingdon counties.