Servis1st considers moving headquarters to Homewood

At a Monday finance committee meeting, representatives from Servis1st Bank shared their plans to relocate the bank’s corporate headquarters within the city of Homewood.

Servis1st has made an offer on a property on Woodcrest Place, near the U.S. 280 and Highway 31 interchange. The 4.5-acre lot would become home to a five-story building, parking and landscaping that the representatives said would have a “corporate campus” feel.

Currently, the company has around 150 employees at its Mountain Brook headquarters, but the representatives projected an additional 100 employees being hired at the headquarters in the next several years.

City council chairman Bruce Limbaugh said the project would be an economic bonus for the city, with estimated construction costs of $25 to 30 million and an annual economic impact of around $4 million.

The Woodcrest Place property currently does not have a business located there and is not bringing in income. Servis1st is asking the city for an incentive package with ad valorem tax abatement to encourage their selection of the site.

Limbaugh and both Ward 1 representatives, Michael Hallman and Britt Thames, expressed their support of the project at the meeting.

“It really is going to be about as good as it gets for years from now when my grandchildren are still in the city,” Limbaugh said.

The plans for the headquarters will be brought before the full council at its April 27 meeting for approval. Council members will study the details of the incentive package in preparation for that vote.