Commonwealth Bank Signing – Construction started this week on the
new 10,000-square foot Commonwealth Bank branch at Golden Gates
Shopping Centre, Nassau, with a targeted completion date of October 31.
Pictured at the contract signing with Osprey Developers, standing; l to r:
William B. Sands, Jr., President & CEO, Commonwealth Bank, Kenneth Lam,
Architect, Godwyn Blydon, Commonwealth Bank Manager of Administration.
Seated, l to r; T.B. Donaldson, CBE, Chairman, Commonwealth Bank;
Thomas Whitehead, Vice President, Osprey Developers Co. Ltd. and Franklyn
Butler, Director and Chairman of the Premises Committee, Commonwealth
Bank.
Commonwealth Bank starts construction of Golden Gates
Branch
Construction started Monday on a new 10,000 square foot Commonwealth Bank
building in the Golden Gates Shopping Centre. The $3 million facility, designed by the
architect firm Kenneth Lam and Associates, and being built by Osprey Developers Co. Ltd,
is expected to be completed in time for an early November, 2006 opening.
The stand-alone branch, located on the north-eastern side of the Golden Gates
Shopping Centre, will serve the increasingly busy Carmichael and southern New
Providence communities.
“When we broke ground on this site in May of 2005, we were proud to state that
construction of this new branch demonstrated our commitment to take complete banking
services to the people,” said Chairman T.B. Donaldson, CBE. “Now, as all preliminary
work is in place and we have signed the contract for construction, we re-iterating our
commitment to community banking and the strength of the Bahamian economy to support
it.”
According to William B. Sands, Jr., the new branch will follow what has become
the signature Commonwealth Bank look – white Bermuda roof, concrete block
construction, gray exterior with white trim. Much of the interior will be dedicated to a
customer-friendly lobby in gray and pink marble and granite with ample customer parking
as well as handicapped access.
“When Commonwealth Bank built the first building in this style at Oakes Field, we
built about a 5,000 square foot structure and by the time they moved in, the bank had
outgrown the building because the population in the area had grown so fast, beyond
anyone’s expectations,” recalled Mr. Sands. Other similar buildings were built in Grand
Bahama, Cable Beach and Wulff Road, with other branches updated to reflect the readily
identifiable look. Aware of the population explosion in the southern end of the island, this
time, the bank was not taking any chances of building too small.
“Commonwealth Bank has always been a bank of the people and is located in areas
that cater to the Bahamian public,” he said. “Carmichael Road is the area of greatest
growth.” A traffic study a few years ago identified the triangular intersection that faces the
new branch as the busiest in the nation.
Commonwealth Bank’s history with Golden Gates goes back nearly two decades
when the bank operated a sub-branch, offering only deposit services, within the Super
Value Food Store. When the new branch opens, it will employ nearly 40 additional staff,
offer full banking services including walk up and drive through automated banking
machines. With this branch Commonwealth will have 10 branch locations serving the
public throughout New Providence, Grand Bahama and Abaco.
Commonwealth Bank is the nation’s largest publicly-held firm with approximately
7,000 shareholders.