BANGOR, Maine (NEWS CENTER) -- Bangor Savings Bank purchased a new property for their headquarters on Bangor's waterfront -- it's part of a multi-million dollar plan that will eventually re-locate all Bangor-area employees to the headquarters new campus.

The announcement was made Wednesday afternoon at the banks current headquarters on Franklin Street in downtown Bangor. Bangor Savings Bank President and CEO Robert Montgomery-Rice said this was a plan that has been in the works for several years. The bank needs a bigger space to work with as their business continues to grow.

Bangor City Council chairman Joe Baldacci said this investment in Bangor's waterfront is vital to it's growth. "This is part of the rebirth of Bangor and Bangor's waterfront" Baldacci said. "Anytime we are having a new investment in money and jobs is a good thing -- its a real vote of confidence in Bangor and the future of our region".

The bank plans to have the new doors opened by February of 2018.