Upper Peninsula State Bank (UPSB) has officially broken ground on a new full-service office in downtown Houghton, Michigan. The project marks the return of banking services to the city's downtown core after an absence of nearly a decade and is expected to be completed by the fall of next year.
The new facility is part of a larger mixed-use development managed by Moyle Construction. For UPSB, the groundbreaking represents a significant milestone in a planning process that has spanned nearly three years, aimed at serving the local community.
Key Takeaways
- Upper Peninsula State Bank has started construction on a new two-story office in downtown Houghton.
- The project will fill a nearly 10-year void of banking services in the downtown area since Wells Fargo's departure.
- Construction is scheduled for completion in approximately one year, with an opening targeted for fall 2026.
- The bank is part of a larger development by Moyle Construction that also includes new housing units.
Restoring Banking to Downtown Houghton
The new UPSB branch addresses a long-standing need in the Houghton community. For almost 10 years, the city's downtown area has been without a local bank branch after Wells Fargo closed its office in the historic Houghton National Bank Building.
David Williams, President and CEO of Upper Peninsula State Bank, highlighted the significance of the project, which has been in development for several years.
"It’s been two-and-a-half to three years to get to this point. We are a community-focused bank, and to bring a bank to vibrant downtown Houghton – it’s an honor and a privilege," Williams stated.
A Decade-Long Gap
The closure of the Wells Fargo branch nearly a decade ago left a noticeable gap in financial services for residents and businesses in downtown Houghton. The new UPSB office is strategically positioned to restore convenient, in-person banking to the heart of the city.
Construction Timeline and Building Features
While site preparation has been ongoing for some time, the official groundbreaking ceremony kicks off the primary construction phase. Williams outlined the bank's ambitious schedule for the coming months.
"We’re going to work pretty hard into November, December – do some foundational work," he explained. The initial phase will focus on establishing the building's base, which includes a notable feature for the area.
Key Project Phases:
- Fall/Winter 2025: Foundational work, including the construction of underground parking.
- Winter 2025-2026: A temporary pause in major above-ground construction.
- Spring 2026: Construction resumes with the main structure.
- Fall 2026: Targeted completion and opening of the new bank office.
The final structure is planned as a two-story building designed to integrate into the downtown landscape. "We do hope to be in here about a year from right now, with a two-story beautiful bank building with lots of cute little surprises," Williams added.
Project at a Glance
Location: East edge of downtown Houghton, former Hodge Building site.
Features: Two-story structure with underground parking.
Developer: Moyle Construction.
Timeline: Approximately 12 months, opening Fall 2026.
A Part of a Larger Downtown Development
The UPSB office is a key component of a broader revitalization project in Houghton. The site, located at the eastern edge of downtown, was previously occupied by the Hodge Building, which housed the Keweenaw Peninsula Chamber of Commerce.
The development, spearheaded by Moyle Construction, is not limited to the bank. The project will also introduce a number of new housing units, contributing to the mixed-use character of the area and addressing local housing needs.
This integrated approach combines commercial and residential development, aiming to enhance the economic vitality and livability of downtown Houghton. The bank's presence is expected to serve as an anchor for the new development, providing essential financial infrastructure for both new residents and existing local businesses.
The multi-year planning effort by UPSB underscores its commitment to becoming a permanent fixture in the community, reflecting its mission as a community-focused bank. The project is seen as a significant investment in the future of downtown Houghton.
