Less than one month after its Oakes Field branch was forced to close following a fire that broke out in the midst of a record rain and lightning storm May 21, Commonwealth Bank executives said today they hoped to re-open the branch before the end of 2013.

"We had scheduled a major expansion and renovation at that branch to accommodate customer demand," said Commonwealth Bank President Ian Jennings. "That expansion had been scheduled to start mid-year. However, we have now had to amend our plans to repair the banking hall and also do the renovations. We are pleased to announce that the architect, contractor, engineers have all met and believe they can accomplish the work in about six months allowing us to re-open the branch before the end of the year."

The expansion will enlarge the building by 40%, adding 2,300 square feet., improving the lobby and customer seating areas by moving office space to new sections, said Mr. Jennings, to enhance the in-branch customer experience. Once the renovations are completed, the branch will continue to offer ABM service with two walk up ABMs. The renovation was expected to cost $1.9 million before the fire.

"All evidence points to the cause of the fire being weather-related," said Mr. Jennings. “We were eager to move ahead with the expansion that includes major roof and electrical repairs as soon as possible."

Meantime, bank staff working nearly round the clock managed to move the operations of the branch into its temporary location in the Burns House building on John F. Kennedy Boulevard and Bethel Avenue in record time. According to Oakes Field Branch Manager Marcus Cleare, customers are responding favourably to the new location.

"Our customers have expressed support and appreciation for the bank's responsiveness," said Mr. Cleare. "We've had very few issues about any difficulties finding the location. When we first moved, we did experience a change in volume, particularly those people who were able to walk to the old branch. But we've noted a steady increase in traffic and many customers have told us they find the new location more convenient and that parking is easier at peak periods of the day. Despite the move, we still offer full service Saturday banking from 10:00am to 1:00 pm to our customers."

Days before the fire that sped up plans already in place to expand the branch, bank executives told shareholders that Oakes Field had outgrown the capacity to serve its growing clientele and would be the one capital expenditure during the fiscal year. The bank that is branded as the leader in personal banking has some 550 staff members, more than 6,000 shareholders and operates branches and facilities in New Providence, Grand Bahama and Abaco. It has paid quarterly dividends every consecutive quarter since being Bahamianised in 1984. Total assets exceeded $1.43 billion at December 2012.