Mechanics Cooperative Bank today closed its Bay Street location in Taunton and has opened a new branch at 316 Broadway.

A functioning ATM will remain at the 308 Bay St. site along with back-office staff.

The Broadway branch will employ five full-time and five part-time staff. It is equipped with lobby banking services, drive-up ATM, drive-up teller access and a self-service coin machine.

“Mechanics Cooperative Bank cannot be thanked enough for their commitment to Taunton and for kicking off this project – the second of its kind might I add,” Taunton Mayor Tom Hoye said in a statement. “Mechanics has transformed two problem-properties within Taunton over the past three years into functioning bank offices – paying taxes, serving our community and ultimately improving the quality of life for our residents.”

Mechanics Cooperative Bank was recently honored with a Small Business Community Development Award at the Taunton Area Chamber of Commerce Annual Meeting for this project and committing more than $1 million in real estate development within the city of Taunton.