PORTLAND, Maine — Bangor Savings Bank plans to build a three-story drive-thru branch on the site of a former car wash on Marginal Way, a site now demolished and cleared for construction.
The bank said in a press statement Tuesday that it plans on Thursday to announce $10 million of investments in Southern Maine, including the new office, expanding branches and “strategic moves.”
The announcement comes after the merger of Camden National and Bank of Maine made Bangor Savings the second-largest Maine-based bank in the state, according to Camden National’s filings with the U.S. Securities and Exchange Commission. The merger gave Camden National its first branches in York and Cumberland counties.
Bangor Savings did not detail the extent of the $10 million investment in its initial press advisory.
The bank has, however, received local approval for a 7,284-square-foot building at 20 Marginal Way, where it plans to construct a three-story bank and office building that would include a coffee shop on the ground floor. The entire lot measures 17,862 square feet and previously housed the Northern Pride Car Wash.
The corporation Northern Pride Auto Wash LLC and car wash lot owner, William Desena, signed a lease with the bank for an undisclosed term in late May, according to city records.
The bank received unanimous approval from city planning officials, with certain stipulations for the development, at a July 17 meeting of Portland’s Planning Board.
The bank hired civil engineering company Gorrill-Palmer, which has an office in Gray, to prepare site plans and permit applications for the project, which it plans to fund itself.
The car wash previously located at the site had been demolished as of Wednesday.