Tisbury selectmen will go behind closed doors Tuesday to discuss the possible purchase of the historic stone bank on Main street Vineyard Haven.

Vacant since 2017 and currently owned by Santander Bank, the building at 75 Main street in Vineyard Haven is on the agenda for the selectmen Tuesday.

Following the regular meeting at 5 p.m., the board goes into executive session to discuss the property.

Reached by telephone Monday, town administrator Jay Grande declined to provide details beyond the wording of the agenda item, which says in part that the board will “consider the purchase, exchange, lease or value of real property (75 Main St.) if the chair declares that an opening meeting may have a detrimental effect on the negotiating position of the public body.”

One of Vineyard Haven’s best-known downtown landmarks, the fieldstone bank was designed by Boston architect J. Williams Beal and built on the former site of the Crocker Harness Factory. The building was financed by recording industry pioneer William Barry Owen, for whom nearby Owen Park is named. Mr. Owen was the son of sea captain Leander C. Owen.

Santander has listed the property — consisting of the 5,465-square-foot bank on .71 acres at 75 Main street and a 2,801-square-foot drive-through and office building behind it on .32 acres at 16 Union street — for sale with CBRE, a national commercial real estate firm.

A brochure from CBRE gives the asking price as $4 million for what the company calls a “gateway property to Vineyard Haven.”

The town of Tisbury has the two parts of the property assessed at $2.52 million for the main bank, built in 1905 and $1.16 million for the outbuilding that dates from 1910.

Santander closed its branch at 75 Main street in 2017 after replacing the Spanish-style terra cotta tile roof with asphalt shingles the previous year, which touched off a public outcry and litigation over the change.

Earlier this month, the bank replaced the shingles with new terra cotta tiles, as required by the Martha’s Vineyard Commission.