The Cape Cod Five Cents Savings Bank will acquire a Mutual Bank branch in Falmouth, and with it approximately $26 million in deposits.

The property, located at 668 Main St., consists of two buildings constructed in 2003, and includes a bank branch with a three-lane drive-up.

Cape Cod Five plans to relocate its current Falmouth operations from the nearby 763 Main St. location to the new location, pending regulatory approval of the acquisition.

“We have a significant customer base in Falmouth and had outgrown our existing facility. We wished to accommodate them with an enhanced structure,” Dorothy A. Savarese, president and CEO, said in a statement. “We had plans to renovate our existing branch, and this opportunity will allow us to provide our customers an attractive, expanded facility more quickly. We are also looking forward to increasing relationships with Falmouth residents and businesses from this new location.”

In addition to branch services, Cape Cod Five will continue to offer residential and commercial lending and wealth management services at the new facility.