WATERLOO -- Two locally owned financial institutions are expanding their operations -- one downtown, the other in east Waterloo.

Community National Bank announced Wednesday it is building a 2,500-square-foot, $750,000 addition to its main office at West Park Avenue and Commercial Street. The addition will be built over the drive-up lanes on the south side of the building. The addition is anticipated to accommodate 10 to 12 new offices.

"We just need room. We're out of space," CNB president Joe Vich said. The bank has reconfigured its office space several times since opening for business eight years ago at the downtown site, which for years was the Iowa Public Service Co. utility offices. The bank purchased the building from one-time property owner Dick Witham about three years ago.

The bank is going out for construction bids on the work. Construction is anticipated to begin in 90 days, with completion anticipated sometime in April.

The bank property is outside a 10-block area with a moratorium on new construction in anticipation of the Riverfront Renaissance downtown redevelopment plan. However, Vich said bank and city officials have discussed that plan's implication on any future bank expansions. However, he said the bank is glad to be investing in downtown concurrent with that project.

CNB also is building a 1,650-square-foot building in Austin, Minn. as a second branch office of Community Bank, Austin. CNB has operated a bank there since acquiring the Austin branch office of Security Bank, Minnesota.

Also, John Deere Community Credit Union has announced its new branch office at the new Logan Avenue Hy-Vee store will open Aug. 16, when the grocery store opens.

Concurrent with that, the lobby of the JDCCU branch on East Donald Street near the John Deere Tractor Works will close, but the drive-up facilities there will remain open. Much of the East Donald Street branch lobby staff will move to the Logan Hy-Vee branch, which will be open seven days a week. The new Logan Hy-Vee branch will offer the same services found at other Cedar Valley Hy-Vee branches, including extended night and weekend hours.

The credit union has 18 branches, including 12 in the Cedar Valley, several of which are in Hy-Vee stores near Crossroads Center, College Square in Cedar Falls and on University Avenue.

With the opening of the Logan Hy-Vee branch, JDCCU will have three locations in east Waterloo. In addition to the East Donald Street drive-up and Logan Hy-Vee locations, the credit union also has a location at 1616 Sycamore St., in the former location of the Heritage/Rath credit unions, which merged with JDCCU in 2001.

John Deere Community Credit Union will change its name to Veridian Credit Union beginning January 1, pending membership and regulatory approval.

Contact Pat Kinney at (319) 291-1484 or pat.kinney@wcfcourier.com.