Cape Cod Five Cents Savings Bank purchased the former bank branch building located at 1582 Iyannough Road in Barnstable.

The property abuts the 8.64 acre site where the bank just held a groundbreaking for its new banking campus that will consist of a 78,000 square-foot state-of-the-art multipurpose office building with a separate structured parking facility. The property was most recently a Bank of Cape Cod branch. The bank was able to purchase it from Rockland Trust, who acquired it earlier this week.

“Property acquisitions are never a sure thing until the transaction closes, so we will now focus on how best to incorporate this into our existing plans,” Dorothy A. Savarese, Cape Cod Five president and CEO, said in a statement.

The newly acquired property consists of 2.25 acres, with entry access from both Route 132 and Attucks Lane, and 12,300 square feet of finished space ready for immediate occupancy.