Tisbury town officials joined executives of the Cape Cod Five Cents Savings Bank Wednesday to officially open a new branch bank on Martha’s Vineyard.

While Cape Cod Five has had a mortgage lending presence for two decades, and opened a lending and wealth management office four years ago, the branch at 412 State Road in Vineyard Haven is the first full-service retail facility on the Island for the Orleans based bank.

“Our customers had really been asking us to provide this,” said Dorothy Savarese, chairman, president and chief executive officer of Cape Cod Five. “The issue of demand wasn’t really the question in this case. It was more how to do it that was appropriate to the Island, sensitive to local needs.”

Richard Leonard takes over as regional president of Cape Cod Five on Martha’s Vineyard. Formerly president of the Martha’s Vineyard Cooperative Bank, Mr. Leonard later joined the Martha’s Vineyard Savings Bank as a senior executive following a merger of the smaller cooperative with the larger Dukes County Savings Bank.

Mr. Leonard retired from the savings bank in 2013.

Returning to his role as an Island banker, he said this week he is excited about the opportunity to serve new customers.

“From this new branch, Cape Cod Five will be able to offer expanded banking and wealth management services from a more convenient location, and allow Cape Cod Five to more fully engage in its commitment to the communities of Martha’s Vineyard,” Mr. Leonard said.

The bank plans to employ six to 10 people at the branch.