Cape Cod Five Cents Savings Bank announced that it has purchased the former bank branch building located at 1582 Iyannough Road – Route 132 – in the Town of Barnstable. The property abuts the 8.64 acre site where the Bank just held a groundbreaking for its new banking campus that will consist of a 78,000 square foot state-of-the-art multipurpose office building with a separate structured parking facility. The property was most recently a Bank of Cape Cod branch. The Bank was able to purchase it from Rockland Trust, who acquired it earlier this week.
“The plans for our campus have always included a full-service branch and were based on the property that we controlled. When the opportunity to acquire this adjacent property presented itself, we saw the possibility to reconfigure our current plans in order to, subject to regulatory approval, include even more usable space in which to serve our customers and communities, including our financial empowerment services and community engagement initiatives, and for future growth. This was just something we could not pass up,” said Cape Cod Five President and CEO Dorothy A. Savarese. “Property acquisitions are never a sure thing until the transaction closes, so we will now focus on how best to incorporate this into our existing plans,” added Savarese.
The newly acquired property at 1582 Iyannough Road consists of 2.25 acres, with entry access from both Route 132 and Attucks Lane, and 12,300 square feet of finished space ready for immediate occupancy.