KINGSTON — Penn Security Bank and Trust is close to purchasing the Kingston Post Office building, but the post office won’t need to fill out a change-of-address form.
Pat Scanlon, the controller for Scranton-based Penn Security, said the bank and Postal Service have agreed to a lease deal under which the bank would operate in most of the building and the Postal Service would continue to operate in a smaller part of the 73-year-old building.
Scanlon said the bank will pay the list price of $500,000 for the 18,446-square-foot building at 435 Wyoming Ave., at the Pierce Street intersection. The property is 1.03 acres and has 63 parking spaces. He said a drive-through teller lane will be added, and renovations will be started once the deal is closed.
The plan is to bring back the original glory to the building, including its large windows.
He said the post office will not close during renovations, though he was unsure of how many square feet it would lease from the bank.
“We can both serve the public in what we do,” Scanlon said.
Postal Service spokesman Ray V. Daiutolo confirmed the proposed sale and lease and said the post office will use about 2,000 square feet of space. He did not have any other information available to discuss. The Postal Service announced in 2010 the Kingston branch was going on the market.
Scanlon said the location makes sense for Penn Security, which would establish its southernmost bank location with this branch. Currently Duryea is the only Luzerne County location. The bank does operate a loan center on Pierce Street, which will be consolidated into this new location.
“It’s a very nice location,” Scanlon said of the post office building site. “It appears to be a bank from the outside. It’s a nice, busy corner intersection, easy traffic in and out.”
The only thing holding up the sale is a test for underground gas tanks. The tanks on the property supposedly were removed decades ago. However, no proof of their removal exists, hence the need for the tests, Scanlon said.
If the tests come back OK and the sale closes within weeks, the bank could be up and running by year’s end.
Penn Security Bank and Trust has locations in Mount Pocono, Gouldsboro, Moscow, East Stroudsburg, South Abington Township, Scranton, Old Forge, Peckville and Duryea.
According to the Federal Deposit Insurance Corp.’s annual analysis of the bank’s deposit market share in the Scranton/Wilkes-Barre metro area as of June 30, 2012, the Penn Security Bank and Trusts in Lackawanna and Luzerne counties reported $645 million in deposits.