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Central Bank in Princeton proposes expansion, seeks input from council

Plan to consolidate operations may require vacating portion of Company Street

Jeff Hunt, president of Princeton Community Bank, speaks to the Princeton City Council about proposed plans to expand Central Bank’s South Main Street location.

Jeff Hunt, president of Princeton Community Bank, speaks to the Princeton City Council about proposed plans to expand Central Bank’s South Main Street location. (Bill Freskos)

By Bill Freskos

Central Bank is exploring options to expand its Princeton location, with president Jeff Hunt presenting the proposal to the Princeton City Council after months of discussion with the city’s planning and zoning commission.

The bank currently operates out of two locations across one another, which Hunt said has been inconvenient for his employees. The proposed expansion would allow the bank to consolidate its operations into a single building along South Main Street.

“We continue to grow, and now our issue is we don’t have enough office space, we don’t have enough storage space,” Hunt said. “We have some confusion being in two locations, even though they’re right across the street from each other.”

The plan would involve expanding the existing bank building to the north and potentially selling the building across the street. Hunt said bringing all employees under one roof would improve efficiency and create opportunities for future growth.

However, to move forward the bank is asking the city to consider vacating a portion of Company Street between Main Street and the alley to the east.

Hunt said the bank conducted its own informal traffic study to see the number of cars that go through there during business hours on Monday through Friday.

“We average about 175 cars per day going through our drive-through,” he said, also believing much of the traffic in the area is generated by the bank itself.

City officials said any proposal to vacate the street would require further review, including a potential traffic study and consideration of infrastructure impacts such as stormwater flow.

Council members expressed mixed reactions, with councilman Don Saletzki and Jerry Neuman raising concerns about setting a precedent by giving up a public road.

“I find it a difficult leap for me to give up a city street,” Saletzki said, noting the decision could influence future requests from other businesses.

Hunt emphasized that the proposal is still in the early stages and said he is seeking feedback before moving forward with more detailed plans.

“Tonight is just of a discussion,” he said. “I’m here to gauge the council’s mood on this so we can adjust accordingly.”

Notably, Hunt said it’s possible to expand to the south but it would cost a lot more money- making the move north a more feasible option.

With no action made, the proposal will return to the planning and zoning commission for further consideration.

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Bill Freskos

Bill Freskos is a multimedia journalist based in the Illinois Valley. He covers hard news, local government, sports, business enterprise, and politics while contributing to Shaw Local Radio stations for Shaw Media across La Salle, Bureau, and Putnam counties.