Owensboro-based Independence Bank of Kentucky wants to replicate Independence Hall, a Philadelphia landmark, with a major project in St. Matthews.

This is a project we first reported on last year, but work on the site, at the corner of Shelbyville and Westport roads, started today. This is where Gross Diamond Co. and St. Matthews Hardware had previously been located, though the site is now clear. Independence now owns the land.

It’s an approximately $10 million project that will give the bank a permanent location in Louisville. Independence currently has one location in Louisville, on 2120 High Wickham Place near Old Henry Road, which this building will replace.

“This project will stimulate growth during the construction phase as well as after completion,” Louis R. Straub II, the bank’s president for the Louisville market, said in a news release. “The new Independence Bank location will be called ‘St. Matthews Square’ not only because it’s physically located in St. Matthews, but also in honor of St. Matthew, the patron saint of bankers.”

The future bank site also has a deeper connection for Straub, according to the release. His great-uncle, Karl Straub, served as president of St. Matthews National Bank, which later merged with First National Bank of Louisville in 1954 and was located on the site where the new location will be built.

Calhoun Construction Service Inc. of Louisville will build the new office, using local subcontractors. Construction is slated to begin in early December with an estimated 12- to 18-month construction timeline. Owensboro-based Axiom Architecture is providing architectural service on this project.

Independence Bank has nine employees in Louisville. Since joining in April of this year, Straub has focused on growing that team and assembling a board of directors to provide a new direction and vision to the market, according to the release.

Independence Bank is a regional community Bank with 24 locations in Bowling Green, Frankfort, Hawesville, Henderson, Lewisport, Louisville, Madisonville, Mayfield, Murray, Owensboro, Paducah, Providence and Sebree, with assets over $2.1 billion.