Enterprise Bancorp in Lowell, Mass., has purchased the site of a former hotel that recently burned to the ground and plans to put a new branch there.
The $2.3 billion-asset Enterprise paid $585,000 for a lot in Leominster, Mass., where the former Columbia Hotel stood. The acquisition also included two adjoining properties.
Enterprise Bank & Trust has outgrown its current Leominster branch and it plans to build a larger facility at the hotel site, said Matt Coggins, an Enterprise spokesman.
The Columbia Hotel building was destroyed by a six-alarm fire in November 2012. The three-story building had housed 20 apartments, 10 business units and a pizza restaurant, according to the Boston Globe. The Columbia Hotel closed several decades ago.
Enterprise has 22 branches in Massachusetts and New Hampshire.