Cape Cod Five Cents Savings Bank has announced plans to open a new branch in Tisbury.

The bank has acquired property at 412 State Road. Pending local and bank regulatory approvals, the bank hopes to open a banking center at the site by summer 2015.

The property acquisition follows the announcement of the addition of Richard Leonard as Regional President for Martha’s Vineyard.

“We truly appreciate the trust our many Martha’s Vineyard customers place in us.  The planned banking center will allow us to better serve both them and the island community at large with a tailored, local approach.  Cape Cod Five has the strength to make a difference and is committed to doing so,” Leonard said in a statement.

“The acquisition of this property underscores our commitment to Martha’s Vineyard,” Dorothy A. Savarese, the president and CEO of the Cape Cod Five, said in a statement. “It is in keeping with our core values to meet the needs of each community we serve across several dimensions, one of which is with a full service banking center where appropriate. We are also active participants in the communities we serve and make a point of giving back to them.”