GREENFIELD — Pending successful negotiations, Greenfield Savings Bank officials say the acquisition of the Leavitt-Hovey House, formerly home to the public library, will accommodate the bank’s need to expand while also “bringing Greenfield into the future” with the rehabilitation of one of the city’s historic properties.

“We wanted to make sure the building was properly maintained,” said GSB President and CEO Thomas J. Meshako. “We decided it was the right thing for us to buy it and do the renovations to make it suitable for us and bring it back [into use] for the community as well.”

Having crossed the billion-dollar threshold in terms of investments, loans and fixed assets, the bank’s employee headcount increased to meet regulatory requirements, explained Meshako. As a result, “we’re outgrowing our current building” at 400 Main St., he said.

Many of his employees at the location on Main Street currently work from home, he added. The expansion into the Leavitt-Hovey House will offer them the opportunity to work in person, while also opening the door to the possibility of hiring a few new employees. Currently, there are 90 employees in Greenfield, with the possibility to hire as many as 10 more with this expansion.

“The building is adjacent to our current location, and we thought it was a perfect fit for increasing the size of our campus,” he said.

Meshako said the bank would like to begin rehabilitation and renovation work on the Leavitt-Hovey House as soon as October. He said the building will house offices for the Wealth and Management Trust and Residential Lending departments. There will be no retail there.

The bank plans to buy the historic building from the city for $10,000. Meshako said there were only “minor” details to be worked out before signing a purchase-and-sale agreement. As the only applicant to submit a proposal to the city, the bank expects to spend up to $3 million on interior, exterior, mechanical and fire protection upgrades.

Meshako clarified that the $2.5 to $3 million rehabilitation estimate only accounts for improvements to the first floor, as well as the installation of an elevator with access to all three floors. Future renovations to the second floor and basement are further down the road and are not currently part of any design plans, he said.

The planned work does include the demolition of the most recent addition to the library, located at the back of the eastern side of the building. The addition was built in 1955, according to Greenfield Historical Commissioner Margo Jones. It was originally built as a carport for a bookmobile before it was enclosed and eventually developed into a part of the children’s reading room.

Though the Greenfield Historical Commission already reviewed this consideration late last year, the bank will have to go through the process for official approval to demolish the structure.

According to Tim Blagg, a member of the Historical Commission, the Federal-period building was designed as a house for the Leavitt family in 1797 by designer/builder Asher Benjamin. Over the years, the building has had multiple uses, including housing a doctor’s office. The structure has been added to, gutted and further modified since it was first constructed.

Last year, with construction on the new public library underway, Mayor Roxann Wedegartner said her plan for 2023 was to find a new use for the Leavitt-Hovey House. At the time, there was talk of the city retaining the property for municipal offices.

Meshako said that in addition to increasing the city’s property tax base, the company’s investment will allow more of its employees the chance to work in person, bringing more people to the downtown area to eat and shop.

“With the [Franklin County Justice Center], the YMCA that’s acquired the church next door … the brand new library, and our building here … it’ll really start to be a cornerstone of the city,” Meshako said. “I think that’s important for us to keep the city moving forward, yet keeping some of the history as well.”

Reporter Mary Byrne can be reached at mbyrne@recorder.com or 413-930-4429. Twitter: @MaryEByrne.