Stoneham Savings Bank is in the process of selling its Belmont branch to Arlington-based Leader Bank, Stoneham’s CEO has confirmed.

As a relatively unprofitable location for the bank, Stoneham Savings has opted to sell the branch and its deposits in order to cut down on expenses and liabilities, said CEO Don Fournier. The move has been announced to that bank’s depositors, posted in the lobby and printed in local newspapers, he added. The deal is still pending regulatory approval, but the agreement was signed as of this month.

Stoneham Savings Bank is under a regulatory consent order requiring that it raise capital levels and revamp its operations. Fournier, recently appointed CEO after the ouster of previous executive Richard Donovan, told Banker & Tradesman that the bank is seeking options for cutting expenses and raising capital. The branch’s sale is part of those efforts, as the bank will no longer have to pay interest on those deposits, and shrinking deposits also lowers the bank’s liabilities.

According to Stoneham’s website, the Belmont branch is at 4 Hill Road, and was opened in 2005.