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Webster Five Cents Savings Bank has purchased property in Auburn and plans to turn the space into its new corporate headquarters.

The bank bought the building at 35 Millbury St. for $2.75 million, according to public records. The building has about 40,000 square feet and was formerly the site of a Reliant Medical Group office.

Webster Five plans an extensive remodeling, with the project expected to take 12 to 15 months, according to a statement from the bank. The renovated building is anticipated to open in the first quarter of 2021.

Webster Five wants a larger, more centralized location to support its planned growth it approaches $1 billion in asset size, according to the statement. Plans call for three non-branch offices in Webster, Auburn and Worcester to move to the new building. No changes will be made to the bank’s retail footprint, including its branches in those communities.

“While Auburn is an ideal central location for its employees, Webster Five will remain deeply committed to its roots in Webster,” Donald F. Doyle, Webster Five’s president and CEO, said in a statement. “We also believe that this property will transform into an ideal workspace for our employees and play a significant role in meeting our vision of being a more innovative bank and continuing to be a leading community bank in Worcester County.”