Friday, February 7, 2014

Salem Five Savings Bank May Be Coming to Old Travelodge Site

Salem Five recently filed an application with the Federal Deposit Insurance Corporation in Braintree to open a branch at 285 Great Road in Bedford, which is the old Travelodge site. The current plans for the site include a drive through.

According to a LoopNet posting, a lease of 2800 square feet is under review at that location, while a lease for 1600 square feet is still available. This additional space could be used for retail or office space.

Comment:
It's interesting that the number of Bank Branches seem to be increasing in and around Bedford. On a national level, the total number of Bank Branches is down about 1500 in the past year. During the past 20 years, the average number of transactions processed by individual branches is down almost 50%. Going forward, I would expect to see the average square footage of new bank branches to decrease.

2 comments:

Anonymous said...

Awesome, another bank, just what Bedford needs! I can't do with just Santander, Bank of America, TD, Brookline Bank, Cambridge Savings, Middlesex Savings, Citizens, Hanscom Credit, and the single use atm's...All within 1 mile of each other! I'm so glad they tore down the Travelodge for yet ANOTHER bank, so glad they aren't using the space for something more useful.

Adam Schwartz said...

Landlords tend to like renting to banks as they have a very low default rate on paying rent.

One one hand it's surprising that banks are still opening new branches. On the other hand when I wander by a bank during the day, I am surprised at how many people are usually coming in and out.