Nov. 4--VALPARAISO -- The third generation of the Welter family could be entering the banking business by July or August of 2010 if the bank's charter is approved by the Federal Deposit Insurance Corporation.

Charles Welter, whose father founded the First National Bank of Valparaiso and who was with the bank until 2006, a few months before it was sold to First Source in 2007, plans to form Welter National Bank. Its first location would be at the corner of Ind. 2 and Eastport Centre Drive.

Plans for the bank and two other businesses on the 2.5-acre site were reviewed Tuesday by the city's Site Review Committee. Welter said he will be president and chief executive officer, and his daughter Katy, who recently graduated from the University of Chicago Law School and passed the bar exam, will be executive vice president.

"I do think Porter County and Valparaiso having a community bank is an important element," Welter said. "A lot of it relies on her. Katy was very involved in the community with the United Way and other organizations. I clearly have an interest in the bank, but I'm not the youngest person."

In addition to the bank, the building will house Valparaiso First Insurance, of which Welter is the owner and president, along with a wealth management firm yet to be determined. He said the bank's charter was approved by the comptroller of the currency but can't proceed without the FDIC approval, which historically is granted upon approval by the comptroller of the currency. He said that process takes longer now because of the additional scrutiny in the wake of the troubles that led to bank bailouts by the government over the past couple of years.

The initial strategy is for a single branch at the one location for at least three years. He said the total cost of the project will be about $1 million and won't look like what people would expect a bank to look like.

"It's a nice building," he said. "It will have more of a frontier style with Colorado limestone, a lot of wood and glass, an arched ceiling and a fireplace to create warmth and be an appealing feature when you first enter."

The basement of the 5,200-square-foot building will have an employee lounge, bathrooms and an exercise area with lockers and showers. The bank eventually will employ 14 people in addition to the four who work for the insurance firm. The wealth management operation is expected to have one or two employees. If approved by the FDIC, Welter said he expects to open the doors next summer.

"I'm excited about the location and the design we have," Welter said. "I'm also excited for my daughter and for the community."

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