BankProv, one of the nation’s oldest banks and a steadfast financial partner to businesses and individuals throughout Northeastern Massachusetts and Southern New Hampshire, today announced its intent to sell its historic main office building in downtown Amesbury, MA to the City of Amesbury. The building, located at 5 Market Street, is a significant landmark in Amesbury’s Market Square, with deep roots in the city’s history and architecture. BankProv’s nearly two centuries of dedication to the community is reflected in the fact that the oldest section of the building was constructed in 1856. Founded in 1828 as the ‘Provident Institution for Savings in the Towns of Salisbury and Amesbury’, the bank has long been an integral piece of the community fabric. This transaction will allow for BankProv to continue to operate at the location, and for the city to provide more effective services to the residents of Amesbury.
The City of Amesbury plans to relocate city hall to the Market Street location. The move will include operations of the Clerk’s Office, Assessor’s Office, Treasurer/Collector’s Office, Information Technology, Human Resources, Administration and Finance, the Office of Retirement, and Mayor’s Office. The Office of Community & Economic Development will also relocate from 39 South Hunt Road to the Market Street location. Relocating to Market Street will allow municipal operations to grow with the city, stay centrally located in the downtown area, and offer services to constituents in an accessible building with ramps, lifts and elevators.
The sale of the building will allow BankProv to continue its strategic focus on providing innovative financial services, while preserving the historic site under city stewardship. As part of the proposed agreement, BankProv will continue to operate at the location, leasing back a portion of the space from the city to maintain uninterrupted banking services for clients. This transaction represents an exciting new chapter for both BankProv and the City of Amesbury, allowing the bank to maintain its longstanding presence and commitment to the community’s economic vitality, while empowering the city to reimagine this historic landmark for public benefit. Under a 10-year agreement, BankProv will continue to serve their customers in their existing location, utilizing approximately 4,000 to 5,000 square feet of lobby and office space. Lease payments over the life of the agreement will help to offset the public investment in the building.
“We are proud to have served our clients and community from this building for generations,” said Joe Reilly, President & CEO of BankProv. “By retaining our operations at the location, we continue to honor our legacy while supporting the city’s vision for this historic space. We’re excited to see how the City of Amesbury will reimagine and utilize the building in ways that benefit our shared community.”
Most of the city’s public buildings are over 100 years old and have not seen any major renovations. City leadership recently began a study of these buildings, particularly in the Friend/School Street area, for capital needs and long-term planning. Concerns that have risen to the top include accessibility, fire suppression, climate control, security, space and function, and parking. The significant needs of these buildings, including the current city hall, have early estimates of several million dollars solely to address accessibility. Relocating City Hall allows room for growth that is more economical and provides future opportunities in the Friend/School Street area that are more realistic. Immediate reuse for the current City Hall, which was constructed in 1890, is being reviewed and prioritized.
“Although we had begun the process of evaluating our current municipal properties to meet the needs of our constituents, a new city hall was low on our list of priorities. When we heard from BankProv regarding their intention to sell and the forthcoming RFP, it gave us pause. This provided a great option for us to not only explore the possibility of relocating to a building that meets the needs of a growing city, but also build civic pride in Amesbury through stewardship of a landmark building that is anchored in Amesbury’s history”, said Mayor Kassandra Gove. “Additionally, BankProv’s commitment to maintaining a presence here shows our shared dedication to Amesbury’s growth and redevelopment as a vibrant and walkable community. They have been a great community partner for many years, and we are happy to see them continue that through their support of local businesses and residents in our city.”
The appropriation of city funds for the purchase does require a vote of the City Council. A council order was filed on Wednesday requesting approval to expend funds for a purchase price of three (3) million dollars. Pending approval from City Council, the city will seek partial financing for the purchase, with the remainder coming from certified free cash.
Closing is anticipated to occur in early 2025.