First & Farmers will break ground May 24 for its new headquarters on South U.S 27

“We are about ready to begin construction” — Steve Morgan.

Morgan, president of Albany Bancorp Inc. and CEO of First and Farmers National Bank, said in a voice mail Tuesday a groundbreaking ceremony will be held May 24 for the banking company’s new corporate headquarters at 2020 South U.S. 27 on the former Golden Corral location.

Designed by The Redmond Company, Waukesha, Wisconsin, the headquarters building will take 12-14 months to construct, Morgan said. Name of the building contractor is unavailable and Morgan had not returned a telephone call by presstime. He said earlier construction would be done by local contractors and most materials will be bought locally.

The new bank’s lobby, Morgan said, will be super modern with traditional teller windows and such innovations as smart ATMs. The building will have access from both U.S. 27 and Monticello Street.

According to his latest conversation with the Commonwealth Journal, Morgan said the future of First and Farmers National Bank’s location in downtown Somerset had not been totally decided.

“We more than likely will vacate the downtown building ... but that’s not 100 percent decided yet,” he emphasized. “We’re looking for feelers to see if someone is interested in the building.”

After the popular Golden Corral restaurant suddenly closed, Albany Bancorp bought the Golden Corral property May 26, 2016 at a Master Commissioner’s Sale. A news release issued by the bank said the property was foreclosed by BankUnited, N.A., a Florida corporation. First and Farmers National Bank purchased the property for $1,800,000. The Golden Corral building has been razed.

Albany Bancorp Inc. was formed in January 1993. The company operates 12 banking locations in Pulaski, Adair, Cumberland and Clinton counties. First and Farmers National Bank has six locations in Pulaski County, including main offices in downtown Somerset. The banking corporation regionwide employs approximately 145 people and ended 2015 with total assets of $495,684,000.

First and Farmers National Bank can trace its history to Citizens Bank of Albany dating back to 1898; First National Bank of Columbia, dating back to 1903; Bank of Cumberland located in Burkesville, dating back to 1889; and First and Farmers Bank in Somerset, dating back to 1818, according to the bank’s website.

 The original First and Farmers National Bank of Somerset is a consolidation April 1, 1952, of First National and Farmers National banks. A bank called The National Bank was founded in 1870 and 17 years later was reorganized as First National Bank. Farmers National Bank was founded in 1901.

The late J.T. Wilson, one of Somerset’s most prominent citizens, served as president of First and Farmers National Bank after consolidation in 1952. First and Farmers National Bank’s imposing main office building on the south side of Fountain Square was completed and occupied in late 1963. During the late 1970s and early 1980s, First and Farmers National Bank was a part of Butcher brothers’ Tennessee banking empire. Jake Butcher changed the bank’s name to United American Bank and charted it as a state bank.

After the fall of the Butcher banking empire, First and Farmers Bank of Somerset was rescued by six prominent residents of Pulaski County.