The Martha’s Vineyard Commission unanimously approved a major redevelopment plan at the site of the former Santander Bank in downtown Vineyard Haven, calling it innovative.

Tisbury selectmen will go behind closed doors Tuesday to discuss the possible purchase of the historic stone bank on Main street Vineyard Haven. Owned by Santander, the property is for sale.

Three years after its Spanish-style tile roof was replaced with red asphalt shingles, the 1905 stone bank on Main street in Vineyard Haven is getting its original look back.

The historic stone bank in Vineyard Haven is expected to get its clay tiles back. Santander bank has agreed to replace the roof tiles.

Though the names of the players keep changing, banking remains a healthy business on Martha’s Vineyard.

Santander Bank will close two of its four branches on Martha’s Vineyard before the end of the year, including the historic stone bank in Vineyard Haven.