In late 2013, Barefield Development Corp., Pottsville, acquired two bank buildings, one in Pottsville and another in New Philadelphia.
On Wednesday, the nonprofit development group acquired a third, Liberty Savings Bank, at 21 S. Centre St., Pottsville.
"We've got the bank buildings, except no one leaves money in them. That's the problem," Craig S.L. Shields, chief executive officer of Barefield Development, said Wednesday, shortly before he signed the paperwork to take over the property, which was donated by the Greater Pottsville Federal Savings & Loan.
However, he's optimistic about the future: "This will help stabilize downtown. The Liberty Savings building has four apartments. Right now, the bank is using them as offices, but we're planning to rent the apartments out. The kitchens and the bathrooms are already in there. And we'll be looking for a business or tenant downstairs on the first floor."
Established in 2001, Barefield is a nonprofit development group that has acquired and restored more than 30 Pottsville properties. While it operates the Necho Allen - an 66-unit high rise for the elderly and disabled - tax free, its other properties pay taxes to the city, county and school board.
With the acquisition of 21 S. Centre St., Barefield owns a total of 33 properties, Shields said Wednesday.
In late December, Riverview Bank, Halifax, donated two bank buildings to Barefield.
One is the former Union Bank and Trust Co. at 23-25 S. Centre St., Pottsville, which closed to the public Dec. 1.
"Riverview Bank is still using the property," Shields said.
The Liberty Savings Bank building is right next door to it.
The other is the former Union Bank and Trust Co. branch at 84 Valley St., New Philadelphia, which closed to the public Feb. 28.
"We have a 'for lease' sign on it," Shields said.
The building at 21 S. Centre St. was built in 1918 and the Greater Pottsville Federal Savings & Loan have owned it since 1987, according to the online Schuylkill Parcel Locator.
In March, The Gratz Bank merged with Liberty Savings Bank and acquired Liberty's two locations in Pottsville. The location at 21 S. Centre St. closed March 29 and consolidated with the one at 2221 W. Market St., according to Wesley M. Weymers, president of The Gratz Bank.
On Wednesday, Weymers and Joseph C. Michetti Jr., attorney for The Gratz Bank, met with Shields and William Reiley, attorney for Barefield Development, at Anthracite Abstract at 301 N. Second St., Pottsville, to sign papers and close the deal on 21 S. Centre St.
"We got the building as a donation and the bank will get a tax credit," Shields said.
"Due to the central downtown location of that building, The Gratz Bank wanted to assure the Pottsville community that an appropriate use of that property would continue since The Gratz Bank had no long-term need for that location. Having become familiar with various real estate projects successfully undertaken by the Pottsville based not-for-profit company Barefield Development Corp., The Gratz Bank is pleased to state that it has decided to donate the former Liberty Savings Bank building to Barefield Development Corp., which has indicated its desire to maintain and utilize the property for commercial and residential purposes that will support the downtown," Weymers said in a press release.
Employees of The Gratz Bank will vacate the property later this summer, Weymers said.