CEDAR FALLS — Cedar Falls continues to expand with a second groundbreaking this month, this time for Rabo AgriFinance’s new location at Technology Parkway.
“We’re expanding in the Cedar Valley,” said Shawn Smeins, Rabo AgriFinance general manager. “We’re continuing to grow.”
The building is a $2.7 million project to house the company’s 18,000-square-foot office.
The building is owned by Six Kids LLC, located to the west of 1304 Technology Parkway and is part of the Mudd Advertising campus.
“We’re going to be partnering with them to continue our services within the Cedar Valley,” Smeins said.
The building’s site plan was approved by the Cedar Falls City Council in November.
Mayor Jim Brown said the company’s growth is indicative of Cedar Falls’ growth.
“It’s fantastic,” Brown said. “’Tis the season for the holidays so why not have some more good cheer with this groundbreaking.”
This is Brown’s second groundbreaking in December. On Dec. 3 Brown was present for the groundbreaking at the Cedar Falls Convention and Event Center at the Hilton Garden Inn.
“It’s great to see all this activity and prosperity, especially this time of year,” Brown said.
Rabo AgriFinance has been in Cedar Falls for 30 years, leasing a smaller office space in another building in the Technology Parkway.
In the past Rabo AgriFinance was known as Ag Services of America. It was acquired by the Dutch-owned Rabobank International investment banking firm in October 2003.
This will be Rabo Agrifinance’s third move. It originally built a large building in the Cedar Falls Industrial Park, but moved to a small location within Mudd’s buildings in 2010. CBE Companies is located in its original location. They’re moving around the corner from their previous location at 6919 Chancellor Drive.
Smeins said the company is looking to expand some of its banking products along with its physical expansion.
“We’re really expanding our crop insurance, continuing to expand on bank lending products across the United States and then this is where we house our headquarters for our vendor finance programs for farmers across the nation,” Smeins said.
About 90 people will be employed at Rabo AgriFinance’s Cedar Falls location over the next four to five years.
“It’s really a good win for our employees,” Smeins said. “The Cedar Valley’s a great place for people to raise families and be gainfully employed.”
About 500 to 600 employees work at their St. Louis headquarters, and Cedar Falls is set to be its second largest location.
“We have about 40 other locations across the 48 contiguous states,” Smeins said.
The company plans to move in around November 2019.
Rabo AgriFinance is the world’s 46th largest bank and involved with agriculture financing and insurance.
“Agriculture’s going through some tough times right now,” Smeins said. “We see it as a great opportunity as a company to continue to expand.”