News - 04/04/2017

News

PeoplesBank plans to acquire Yankee Pedlar

Tom Senecal, President and CEO of PeoplesBank
Tom Senecal, President and CEO of PeoplesBank

Holyoke, MA (April 4, 2017) – PeoplesBank, a 132-year-old community bank headquartered in Holyoke, MA, has announced their intention to acquire the property located at the corner of Northampton St. and Beech St. in Holyoke, to construct a new state-of-the-art Financial Services Center. The property is the current location of the former Yankee Pedlar restaurant.

The current owners, the Clayton family, has had the property on the market since August, 2016, and the Yankee Pedlar restaurant closed in December, 2016. The location is approximately two acres, and the current plans call for a new structure on the site that will offer retail banking services.

Tom Senecal, President and CEO of PeoplesBank, commented, “As a business founded and headquartered in Holyoke, we are deeply committed to the economic success of the city, and the region. It is our vision to contribute to the city’s future growth by offering retail and business customers a wide array of financial services in this highly visible location. The allure of a high traffic, visible location, combined with the ability to construct a brand new state-of-the-art Financial Services Center to best serve our customer needs, makes this an opportunity worth exploring.”

“We are also keenly aware of the historical and cultural significance of the Yankee Pedlar, and of the many area residents who have fond memories of events held there over the years, from wedding receptions to family reunions, as well as gathering each year to watch the St. Patrick’s Day festivities. While no buyer emerged during the time the property was on the market who would commit to keeping the current structure in place, we do plan on incorporating some of the unique memorabilia and features of the former Yankee Pedlar into our design. Similar to PeoplesBank, we will both honor history and tradition while also offering the convenience and innovative products and services that customers are seeking.”

According to Jeff Clayton, one of the owners/managers of the property, “While we once held out hope that the physical structure of the Yankee Pedlar would be sold intact, and continue to operate as a restaurant or banquet facility, it became increasingly clear to us as the property remained on the market that this would not be economically feasible. Once we determined that the future of the site would include new construction, rather than costly renovations, we began to closely examine the potential buyers to assess who would be most likely to honor the heritage and history of the site, and it was very clear to us that PeoplesBank, as a local institution with strong and deep roots in the community, understood this important component. We are very confident in the vision that their leadership team has communicated to us.”

PeoplesBank has retained the services of O’Connell Development Group, also established locally in Holyoke in the late 1800s, to manage the construction process. An architectural firm has not been selected at this time.

Current plans call for the eventual consolidation and closing of the bank’s two branches located in Holyoke on South St. and Hamden St., sometime in late 2018, depending upon construction timelines. There will be no job eliminations, and everyone within each branch would either be a part of the new location, or provided a new opportunity within the bank.

Financial terms of the deal were not disclosed.

 

About: PeoplesBank is a leader in innovation, corporate responsibility, environmental sustainability, and employee engagement. Our three LEED® certified offices are environmentally friendly, and we have financed more than $126 million in wind, hydroelectric, and solar energy projects.

As the largest community bank in the market, we have a unique ability to help the communities we serve through volunteer efforts and millions of dollars in donations to charitable and civic causes. Our associates devote an average of 6,000 hours to volunteer work each year, and 48 of the bank’s officers serve on the boards of directors and committees of 115 nonprofit organizations in the area.

As a mutual bank, PeoplesBank is responsible to its depositors, employees, and the community. This organizational structure allows us to focus on the long-term viability of the bank and the best interests of our customers.

PeoplesBank – a passion for what is possiblesm
 
Media Contact
Matthew Bannister, First Vice President, Marketing & Innovation, PeoplesBank
413.493.8704
mbannister@bankatpeoples.com

 

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