SpencerBANK has begun construction on its new retail office in Worcester.

The new office at 230 Park Ave. is located in the former Fire Alarm and Telegraph Building, which is listed on the National Register of Historic Places and Preservation Worcester’s "Most Endangered Structures" list.

Under an agreement with the city of Worcester and Preservation Worcester, the bank and Worcester-based commercial construction company, F.W. Madigan Company Inc., are renovating the building according to historic specifications. A portion of the ground floor will be available for community use.

"We are very excited about this project and feel that this branch will allow us to continue to serve this vibrant market area with a full complement of products and services to business owners, professionals and consumers," K. Michael Robbins, bank president, said in a statement. "Similarly, our collaboration with Preservation Worcester will allow the community room to be used in a way that builds capacity for many great organizations in Worcester."