HOLYOKE — In the near future Florence Bank will have 2,500 more square feet in Hampden County, this time in Holyoke, as part of a long-term plan to expand its reach south from its Northampton headquarters.
The bank on Tuesday announced its intention to build a new branch at 1504 Northampton St. in Holyoke, in a shopping center that includes a Dollar Tree store and not far from new Citizens Bank branch that recently opened across the street at the site of the former Lynch School.
Florence Bank is a mutual savings bank chartered in 1873, and the Holyoke location marks its fourth to be established in Hampden County since 2017.
Since then, branches in Springfield, West Springfield and Chicopee have opened, and the expansion into Holyoke will mean increased services for the 1,200 Paper City residents who bank with Florence.
Jim Hickey, the bank’s chief marketing officer, explained how the Holyoke location will “fill a geographic gap” in brick and mortar locations after the new Florence branch’s projected opening in the spring of next year.
“We feel like Holyoke is an important bridge for our footprint from Hampshire to Hampden County,” he said, highlighting how the Holyoke location will unite branches to the south, in Hampden County, with the nine branches in Hampshire County, including those in Florence, Northampton, Easthampton, Williamsburg, Amherst, Hadley, Belchertown, and Granby.
The Holyoke branch within the Dollar Tree Plaza, owned by Springfield-based The Colvest Group, will be a free-standing structure in the parking lot where there is currently a Bank of America ATM machine.
Colvest CEO Frank Colaccino said the Bank of America ATM will cease functioning in mid- to late-August to make way for the new bank. The Dollar Tree, however, will remain, he said.
Florence Ban’s new Holyoke branch, designed by HAI Architecture in Northampton, will include a spacious lobby, traditional teller stations, five offices, a drive-up teller window and a drive-up ATM. Six employees and a Spanish speaking mortgage originator will staff the branch.
“We’re thrilled to be able to provide our current and future customers in Holyoke with a convenient way to bank with us and look forward to serving the people, businesses and organizations in the Paper City,” Florence Bank President and CEO Matt Garrity said in a statement. “Our focus is on providing great customer service and helping to reinvigorate the community, and we are proud and committed to be meeting the banking needs of more residents of Hampden County.”
An invitation-only ceremonial groundbreaking event is planned for Friday, Aug. 22, at 10 a.m. at the site of the new branch. Garrity will address an audience that is expected to include bank employees, board members, Holyoke Mayor Joshua A. Garcia, and other community leaders and elected officials.
The corner parcel that the new Citizens Bank is on is also owned by The Colvest Group. The space is already welcoming customers, but will hold a grand opening on Thursday at 11 a.m.
Samuel Gelinas can be reached at sgelinas@gazettenet.com.
