Medallion Homes will Grow in Watertown

Pierre - A Watertown-based manufacturer of custom homes will not only keep its doors open, it plans to add jobs in the future thanks to a buy-out by a group of Watertown natives, John Calvin, secretary, Department of Tourism and State Development, announced today, August 19, 2003.

“Medallion Homes has been a strong employer in the state for the past 35 years,” said Calvin. “This company was basically ready to close its doors when the investors, the state, Focus Watertown and Great Western Bank pulled together to provide a creative financial package to keep them here,” he said.

Richard Benda, executive director, Focus Watertown, credits Governor Mike Rounds for his open-door policy on economic development. “Governor Rounds has continually challenged communities and companies to bring him a plan and he’ll find the money to make it happen. This is the perfect example of that,” Benda said.

Benda said that Great Western Bank worked closely with Gary Reichling of Texas, a native of Watertown who led a local investment group to form Superior Homes. Superior Homes then purchased the operation of Medallion homes. Reichling put together the financial package necessary to make this project a reality. “After looking at the proposal, the state approved a $500,000 REDI (Revolving Economic Development & Initiative) Fund loan,” Benda added.

New management expects to retain the 60 employees and plans to add additional people in the near future. “It was exciting to see the employees back to work building homes,” Reichling said. “The jobs would have been lost if not for the efforts of Focus Watertown, the State and Great Western Bank.”

“There is nothing more beneficial to the state’s economy than keeping solid South Dakota companies in business here,” Calvin concluded.

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