SAC Federal Credit Union said Monday it plans to build a $20 million, four-story headquarters on the hilly property southeast of 72nd Street and Nebraska Highway 370 in Papillion, the start of what may become an office park at the already-busy corner.
Construction would start in late summer, with occupancy in 2014. SAC Federal purchased five acres of land from a private owner and signed an agreement to buy five acres from the City of Papillion, subject to approval by the Papillion City Council.
The credit union's present headquarters near 39th Street and Highway 370 may be sold, although a credit union office likely would remain.
The new building would move SAC Federal's headquarters out of Bellevue, where it has been located since 1948, when it came to Nebraska from Andrews Air Force Base in Maryland, along with the U.S. Air Force's Strategic Air Command.
Gail DeBoer, president and CEO, said the new building is intended to handle the credit union's growth over the next 20 to 30 years.
The new 90,000-square-foot building would have a first-floor branch office, a community meeting room and space for 150 employees, many of whom now work in various offices around the area.
"Having all of our corporate functions in one area will reduce our overall costs and improve our internal communications and member services," she said.
The credit union has grown substantially since it moved into the Bellevue headquarters in 1980, expanding its geographic membership area and increasing its assets to $525 million.
Leo A. Daly Co. is designing and engineering the building. The new headquarters, with drive-up tellers and an outside ATM, will be just east of the Shadow Lake Towne Center.
SAC Federal has 19 offices and can accept memberships from people who live, work, worship or attend school in in Douglas, Sarpy, Cass, Washington and Saunders Counties in Nebraska and Pottawattamie, Harrison and Mills Counties in Iowa.
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