Belmont Savings Bank has opened a new in-store branch at the Shaw’s Supermarke at 1070 Lexington St. in Waltham.

"We are very excited to open our first new branch in Waltham," said Bob Mahoney, president and chief executive officer of Belmont Savings Bank, in a statement. 

The new facility is a full service bank branch and will feature two ATMs and a night deposit drop off for businesses. It will be staffed with five tellers and a business banking officer, and keep extended hours, opening until 7 p.m. Monday to Friday and from 10 a.m. to 5 p.m. on Saturday.

The move is part of an attempt by Belmont Savings to compete head-to-head with larger banks on convenience and technological sophistication, the bank said. The bank has also recently launched online banking, mobile banking and bill pay services.

"People want banking to be convenient and fit into their lifestyle. There is not a better location to make it easy for people to handle their banking needs than in a place they visit two to three times a week. Partnering with Shaw’s in Waltham makes us the most convenient bank in the market," said Hal Tovin, Belmont Savings Bank executive vice president and chief operating officer.  Tovin was the architect of Citizens Bank’s 500 branch InStore branch franchise.

During the bank’s conversion from a mutual bank to a stock-ownership holding company last summer, branch growth was listed in the bank’s prospectus. The Waltham announcement continues the bank’s planned expansion of its branch network, bringing the total number of branches in the Belmont-Watertown-Waltham area to five. Bank officials pointed to the in-store branch as the next logical step for the bank.

The bank plans to have a grand ppening barbeque for the new branch on June 1.