River Valley Community Bank breaks ground for new building in Grass Valley
October 12, 2017
Nevada County's economy has been slow to recover from the recession.
One bright spot celebrated a milestone Thursday, breaking ground for a brand-new building to cement its roots in the county.
River Valley Community Bank, which got its start in Yuba City, first moved to Nevada County a little over four years ago.
In June, the bank closed escrow on a parcel of land at the corner of Brunswick and Town Talk roads for the future construction of a permanent branch location.
"Our board gave us the green light to move into Grass Valley four and a half years ago and we opened the branch fairly quickly," said CEO John M. Jelavich. "That initial location was secured quickly, but we knew it wouldn't be sufficient in the long run. We had been looking actively for the last couple of years as we built our customer base, and the result is what we're celebrating today — the groundbreaking."
On Thursday, Jelavich and building architect Robert Wallis unveiled a rendering of the new building at the site, which fronts Brunswick Road and which will also have access to a realigned Town Talk Road.
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Wallis described the style of the building as Gold Rush architecture with a contemporary feel and noted it includes space for additional tenants.
Jelavich called the new facility "a visible demonstration of our commitment to the community," and said he hopes it will be up and running by next fall.
He said River Valley has started the preliminary groundwork and is hoping to start construction soon.
"Assuming we can get things started before the wet weather hits, we would be in good shape to relocate by the third quarter of next year," Jelavich said. "A lot of it will come down to weather and what we're able to get done."
Jelavich noted that the region has been in a "prolonged period of economic malaise" but that there have been encouraging signs, with business owners making investments that had been deferred and starting new projects, and with interest rates trending up.
"I think the economy is moving in the right direction," he said. "People are doing things that require financing."
River Valley is "predominantly a commercial bank, that's the sweet spot we serve," Jelavich said. "We get behind that segment, enable them to expand operations or grow, and that helps the community with jobs. We're excited to have that positive impact."
For more information visit http://www.myrvcb.com.
To contact Staff Writer Liz Kellar, email email@example.com or call 530-477-4236.
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