LAKE PLACID - Champlain National Bank gained approval from the North Elba-Lake Placid Joint Review Board this week to build a new office at 2040 Saranac Ave.
The company's Lake Placid branch currently leases an office in the Crestview Plaza. It hopes to build at the new location between Super Shoes and Burnham Financial Services, close to another vacant lot where Family Dollar is planning to build a store.
"The new office is going to serve as our Tri-Lake office," said Jacqueline Hallock, director of marketing for the company.
The 105-year-old family-owned company is based in Willsboro and has nine branches in Essex and Clinton counties. The Lake Placid branch opened in 2006.
Hallock, who is a former Lake Placid branch manager, said now that the bank has permission to build, it will begin to check its finances before approving the project.
"We're considering it, but nothing's decided yet," Hallock said. "We're still in the planning phases."
Hallock said she could not specify a date when the company might begin to build, if it goes ahead with the project.
"The plan has always been for the current location to be temporary," she said.
The bank bought the property in 2003, with plans to build the next year. It previously received approval to build in 2004, but the project fell through.
"There was a first effort to build, and that came in a little above budget, and now we are back with this plan," said Edward Finnerty, vice president of the bank.
A decade after that first approval, the company resubmitted a new plan in 2013, and that was approved Wednesday.
The new bank will have dark brown cedar siding with Redwood trim. It will face the road.
There was an agreement between the bank and neighbor Jeffrey Burnham to create a screen of shrubbery and a small path between the two properties. The bank will also make sure it allows access to the Jackrabbit Trail, which is behind the property.
In a recent letter to the review board, the bank's president and CEO, Jeffrey Shaw, said Champlain National plans to stay in Lake Placid for a long time.
"Our Chair, President and Board have decided it is time for us to demonstrate to the Town and Village we are here to stay and to build a branch that will complement the community and send a clear message that we want to be permanent part of the community," Shaw wrote.