Home Business & Finance Enterprises City of East Dubuque to Purchase Dubuque Bank and Trust Property

City of East Dubuque to Purchase Dubuque Bank and Trust Property

Dubuque Bank and Trust and the City of East Dubuque announced the pending purchase by the City of East Dubuque of the bank’s property at 261 Sinsinawa Ave. in East Dubuque and the upcoming closure of the East Dubuque Banking Center in mid-September of this year. Dubuque Bank and Trust plans to sell the building to the City of East Dubuque for $350,000, which is well below what bank executives believe is fair market value. Dubuque Bank and Trust is donating a considerable amount to the City. The sale of this property is contingent on regulatory approval.

Since 2010, East Dubuque’s most urgent priority has been to own an accessible building that could accommodate the day to day business of the City. However, the City, which has operated from one rented property since 2010, could not justify spending more than a million dollars to construct a new building.

East Dubuque residents overwhelmingly support keeping East Dubuque’s City Hall downtown. The current banking center property is in the heart of the city.

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