Following the year-long restoration of a historic rail depot, Gorham Savings Bank on Monday opened its newest branch in Yarmouth with a staff of three, including branch manager Adam Frawley.
The branch is in a refurbished stop of the former Grand Trunk Railway Co., at 288 Main St., and dates to 1906. The opening of the depot depository comes two years after the bank opened offices in another restored Grand Trunk building, in Portland’s East End.
Gorham Savings undertook the Yarmouth project in collaboration with owner Ford Reiche, who has rehabilitated four other properties listed on the National Register of Historic Places. They include Halfway Rock Light Station at the mouth of Casco Bay and the Grand Trunk Line station in Gilead.Â
The bank also worked with the Yarmouth Village Improvement Society and landscape architect Sarah Witte on enhancing the green space, pathways, lighting and other aspects of Village Green Park, the public area surrounding the new branch.
“We strongly believe in making a positive impact in the communities we serve,” said Steve deCastro, president and CEO of Gorham Savings, in a Monday news release. “When the opportunity to help restore the historic landmark presented itself, we believed it was an excellent way to invest in Yarmouth.”
Reiche added: “This is a first-rate restoration project and very good outcome for the building and surrounding area.”
Though it had initially targeted a summer opening for the new branch, the bank moved the timetable back to September, citing delays caused by a rainy spring.
DeCastro told Mainebiz in July that that while there are no near-term plans for additional branches, Gorham Savings would be open to looking at opportunities. It said at the time it plans to close its small Kennebunk branch later this year.
Gorham Savings’ new Yarmouth branch includes a drive-up video teller machine that allows customers not only to access and deposit funds as with a standard ATM, but also speak via video link to a teller in Gorham.
The bank also is the sponsor of a community space in Yarmouth, a 15-person board room available at no cost for business and civic group meetings, in Handy’s convenience store on Main Street, a few minutes’ walk from the new branch.
Both Grand Trunk buildings restored by Gorham Savings are on the National Register of Historic Places.