The Martha’s Vineyard Savings Bank plans a second off-Island location in the former TD Bank building on Palmer avenue. Pending regulator approval, the branch will open in May.
The Martha’s Vineyard Savings Bank is opening a new branch in Falmouth, the bank’s second off-Island location.
According to a press release from the bank Friday, the Island’s largest bank will open a new branch at 397 Palmer Avenue in Falmouth. The 3,030-square-foot bank is scheduled to open on May 5 pending the required approvals. Drive-up teller stations and a 24-hour ATM are planned.
Bank president Paul Falvey told the Gazette that the opportunity for the new location arose when TD Bank, which previously owned the building, consolidated. The Martha’s Vineyard Savings Bank is purchasing the building.
Mr. Falvey said the location will be convenient for customers on and off the Island and offers ample parking. The new branch offers “added convenience for our existing customer base and allows us to expand our services in Falmouth and the Cape,” he said. “We’re excited about it. It’s a great location for us.”
He said the bank is not currently planning other new locations, though “we’ll always be looking for opportunities to expand.”
The new location will also be a full-service banking center, the press release said, with wealth management, private banking, residential lending and safety deposit rental services.
The bank has seven branch locations on the Vineyard and one in Woods Hole. The bank’s headquarters are in Edgartown.
As of Dec. 31 the bank reported $720 million in total assets under management.
Comments
Good for them, but if bank
Stan Ford MenemshaGood for them, but if bank management issued this press release, why are they misrepresenting the bank's size. The bank has assets of $535 million. The $720 million represents the total of accounts that they manage for customers within the trust department and is irrelevant.
Good point and why has they
Bob EdgartownGood point and why has they bank not told the public what really happened with the last president who left in a hurry. Something fishy with this bank. I would not trust my money with them.
I don't understand opening
concerned tisburyI don't understand opening another branch off island. Every time I go into the Woods Hole branch it's either empty or one customer will be there. In this day and age, banks are closing branches not opening new ones. Most of our banking can be done online. And the fact Mr. Falvey said the opportunity just presented itself is inaccurate. Chris Wells had these plans going way before Falvey took over. Do u think TD would sell a busy branch? Our little island bank is not an island bank anymore, just a wannabe big bank. How long before all the back rooms of this bank are shifted off island? Bad business decision again!
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