The Martha’s Vineyard Savings Bank is opening a new branch in Falmouth, the bank’s second off-Island location.

According to a press release from the bank Friday, the Island’s largest bank will open a new branch at 397 Palmer Avenue in Falmouth. The 3,030-square-foot bank is scheduled to open on May 5 pending the required approvals. Drive-up teller stations and a 24-hour ATM are planned.

Bank president Paul Falvey told the Gazette that the opportunity for the new location arose when TD Bank, which previously owned the building, consolidated. The Martha’s Vineyard Savings Bank is purchasing the building.

Mr. Falvey said the location will be convenient for customers on and off the Island and offers ample parking. The new branch offers “added convenience for our existing customer base and allows us to expand our services in Falmouth and the Cape,” he said. “We’re excited about it. It’s a great location for us.”

He said the bank is not currently planning other new locations, though “we’ll always be looking for opportunities to expand.”

The new location will also be a full-service banking center, the press release said, with wealth management, private banking, residential lending and safety deposit rental services.

The bank has seven branch locations on the Vineyard and one in Woods Hole. The bank’s headquarters are in Edgartown.

As of Dec. 31 the bank reported $720 million in total assets under management.