Savings bank

The Savings Bank, based in Wakefield, is building an addition to the main office

Wakefield-based Caisse d’Epargne has begun construction of a new office building adjacent to its head office, expanding the bank’s downtown campus in Wakefield.

The new two-story building at 3 Chestnut St. will house the bank’s commercial banking, human resources, training, facilities and IT, the bank said in a statement.

Located behind the bank’s headquarters at 357 Main Street, the new building will be on a site previously occupied by Chas. Insurance F. Hartshorne & Sons. The Savings Bank bought the building in 2018 for $515,000, according to property records.

The bank said the new building will provide office space for non-branch employees working in the bank’s building in the Lakeside Office Park on North Avenue in Wakefield.

The bank plans to complete construction and begin occupying the new building in 2023.

“This is an exciting time for Caisse d’Epargne as we begin building the long-awaited expansion of our physical footprint,” Bob DiBella, president and CEO, said in the statement.

The project is designed by architectural firm LYF Architects and the construction team is from Essex Builders.

“LYF Architects applauds Caisse d’Epargne’s continued commitment to having a strong presence in downtown Wakefield,” said Thomas F. Galvin, Principal Architect, LYF Architects. “We are honored to lead the design effort to expand their footprint and services to the Main Street campus. It was truly a collaborative effort between the management of the Savings Bank, our design team and Essex Builders to bring this project to fruition.

The bank said final preparations were underway for an interior fit-out that “will ensure a seamless transition” between the new building and the main office and the Odd Fellows building.

The $731 million asset, The Savings Bank, has eight full-service branches in Wakefield, Lynnfield, Methuen and North Reading, as well as a branch at Wakefield High School.


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