Southbridge Savings Eyes Route 20 Location
Southbridge Savings Bank is planning to construct a new branch location in Charlton at the corner of Route 20 and North Main Street, a location that has seen a flurry of activity in recent years.
Bank President Philip Pettinelli said bank officials saw the opportunity to purchase land on the corner of Route 20 and North Main Street last year and took it. The bank, which has $448 million in assets, purchased the property from a real estate holding group for $850,000, according to state land records.
Location, Location, Location
“This location will eventually give us great visibility at a great intersection,” Pettinelli said. Across the street from the future bank branch is a new CVS Pharmacy and a new medical office location built by Harrington Hospital of Southbridge.
Town Administrator Robin Craver credited work by the town to expand water access at the intersection for attracting development interest in recent years.
Charlton, a relatively small town of just 14,000 residents, already has four bank branches including a Southbridge Savings location.
But Pettinelli said he’s in no rush to begin construction. Some buildings at the site – notably an old farmhouse – have already been taken down and some environmental cleanup work has been completed.
Southbridge Savings Bank already has a location at 63 North Main St., about a mile away from the bank’s undeveloped property. It’s unclear what would happen to the existing branch location if a new branch is constructed, Pettinelli said. No definitive timeframe on construction is set, he added.
“Based on the economic situation and just the way things are, expending money on the branch right now is not something we’re prepared to do,” he said. “Could we do it? Yes, we probably could. But there’s a better time, and we don’t feel compelled to rush it.”
Building a new branch would continue the shakeup of branches the bank has.
The bank closed its Worcester/Mayfield location within the last year and another branch in Palmer is set to close in the coming months.
Pettinelli said the bank is focusing on its core market in Southbridge, Charlton and Sturbridge, which includes the possible new location on Route 20 in the coming years. Pettinelli said he’s looking for some stability in the market before making a construction investment.
“Operations and profitability are coming back to what they use to be, but we’re not out of the woods yet,” he said.
According to Pettinelli, the last few years have been a “roller coaster” for the entire banking industry, which has mean the bank is refocusing its efforts on building residential and commercial lending.
Then, eventually, Pettinelli said he hopes to begin construction at the Route 20 site.
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