Martha’s Vineyard Savings Bank will move into former Santander location

The Chilmark location will allow the Island bank to expand customer services.

The former Santander Bank building on South Road will become a new Martha's Vineyard Savings Bank branch office.

Martha’s Vineyard Savings Bank announced Monday that it will open a new branch office in the Chilmark building formerly occupied by Santander Bank, located at 517 South Road.

The newly refurbished branch is expected to open in spring 2016, and will include a drive-up teller window and drive-up ATM, neither of which is available at the bank’s current Chilmark branch location due to space restrictions, according to a press release.

“We are extremely excited about this new branch,” Martha’s Vineyard Savings Bank President Paul Falvey said in a press release. “It represents our ongoing commitment to provide our customers with a complete banking experience that delivers professional, convenient, personal services. Our up-Island customers deserve to have a full-service facility with all the amenities.”

Mr. Falvey told The Times the bank has signed an agreement to purchase the property for $1 million, and expects to invest another $600,000 in modernizing and outfitting the building. “We’re here to provide a banking service across the whole Island,” Mr. Falvey said. “The decision was driven less by the numbers and more with the community in mind.”

Martha’s Vineyard Savings Bank plans to consolidate its existing Chilmark facility, located in leased space adjacent to the Chilmark Store, with the new facility. Mr. Falvey said the new location provides more parking and easier access.

Santander Bank closed its Chilmark branch office on May 29. The property sits on less than one acre of land, is assessed at $576,800, and is located directly across from the Chilmark Community Center. At the time, Santander described the action as a “consolidation” with its branch in the Triangle business district of Edgartown, 16 miles away.

The move continues an expansion of services by Martha’s Vineyard Savings Bank. One year ago, the bank opened a full-service branch office on Palmer Avenue in Falmouth. A Woods Hole branch opened in 2009. Martha’s Vineyard Savings Bank is a full-service savings bank headquartered in Edgartown. For more information, visit