CLINTON — Gateway State Bank has announced that it has purchased property for its third location in Clinton.

The property, located at 2600 Lincoln Way, was formerly owned by Lemke Funeral Homes.

The new bank office will open in mid-2008 after the building is renovated. The 5,900-square-foot facility will include a full-service main lobby, a drive-up automatic teller machine and three drive-through lanes.

“With our current locations in Clinton, Goose Lake and Charlotte, this is a natural move for us,” Brigham Tubbs, president and CEO of Gateway State Bank, said in a statement. “The western edge of Clinton is a dynamic area and we are excited to be a part of it. This new location will complement our other offices and give our customers a convenient full-service office on the west edge of town.”

Gateway State Bank has two other locations in Clinton, at 1427 N. Second St., and 620 S. Second St.

The bank was chartered as Goose Lake Savings Bank in 1907. In 1980, the bank was renamed Gateway State Bank and the charter was moved to Clinton. The bank was purchased in 1998 by Ohnward Bancshares.

Ohnward Bancshares is a $700 million locally owned bank holding company. Founded in 1967 by Edward Tubbs and John Fagerland, the company is owned by shareholders living in Clinton, Jackson and Scott counties.

Ohnward operates several area banks, including Gateway State Bank in Clinton, First Central State Bank in DeWitt, Maquoketa State Bank in Maquoketa, United Security Savings Bank in Cedar Rapids and Tri-County Bank and Trust in Cascade.

Gateway State Bank’s board of directors includes Krista Grant, Brigham Tubbs, Kendra Beck, Alan Tubbs, Peter Clausen, Lori Freudenberg, Terry Metzger and Ron McGauvran.

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