Bangor Savings Bank has purchased a building on South Street, part of a multi-million dollar plan to relocate its headquarters to the Bangor waterfront.

The addition of more than 60 Bangor positions in the last five years, coupled with projected job growth rates over the next fifteen-year period, led to plans for a multi-building campus, the company said in a news release Wednesday.

“Bangor’s waterfront area has truly become a jewel for the city, and we believe it is the perfect location for a new Bangor Savings Bank campus, “President and CEO Bob Montgomery said in the release. “For 165 years, Bangor has been our hometown, and investing in the downtown area was important to us.”

The bank hopes to have the building renovated and begin moving in sometime in February or March 2018. The bank plans to vacate and sell its current headquarters on Franklin Street over the next 18 months.