Milford Federal moving to former Bank of America building

Milford Federal moving to former Bank of America building

The former Bank of America branch on Diamond Hill Road, Woonsocket, is being renovated for the new home of Milford Federal Savings Bank, located in the plaza nearby. The new branch will offer more direct access to Diamond Hill Road. (Breeze Photo by Tom Ward)

WOONSOCKET – Milford Federal Bank plans to move its Woonsocket branch to the former Bank of America building at 2020 Diamond Hill Road, according to an announcement on the company’s website last week.

The move will take the local branch, one of four in Rhode Island and Massachusetts, only a few hundred feet down the road from its current address at 1950 Diamond Hill Road, but representatives for the company seem optimistic about the switch. According to the announcement, the new location will offer a full range of services including personal banking, residential and commercial lending and investment services.

Once home to a Fleet Bank, the newly acquired property became a Bank of America branch after the two companies merged in 2004. Bank of America later closed the branch following the exodus of Lowe’s and several other large companies from the plaza, leaving the property vacant with little sign of activity until a few months ago, when construction equipment indicated a possible renovation might be underway.

According to the city’s tax records, Milford Federal purchased the property in April from the previous owner, still listed as Fleet National Bank, for $375,000. The company announcement confirmed a renovation has been happening and includes an open floor plan with a café-style waiting area and a “tech bar.”

The new space sits adjacent to the Woonsocket Plaza parking lot and appears to be part of the larger complex, but is actually an independent property with its own access point from Diamond Hill Road. Company representatives declined to comment on the reason for the move, but said they hope to have the new location up and running in November.