The Ashland, Ky.-based Classic Bank has announced that it will replace its Ironton branch with two new facilities located along Park Avenue in downtown.

In June, Classic Bancshares, Inc., the holding company for Classic Bank, headquartered in Ashland, Ky., merged with First Federal Financial Bancorp Inc., the holding company for First Federal Savings Bank, headquartered in Ironton. In 2000, First Federal purchased Lincoln Savings and Loan.

Classic Bank is in the process of finalizing a $210,000 deal with the city of Ironton to purchase a 17,424-square-foot parking lot on the corner of Fifth Street and Park

Avenue where it will build a 3,600-square-foot main office building.

Jeff Clark, president of Classic's Southeastern Ohio market area, said it is the customer acceptance of the products and services offered by Classic Bank that helped make the new facility possible.

"Thanks to strong acceptance of Classic Bank by the Ironton community and anticipated growth in the future, we're excited to be building a new home for Classic Bank in Ironton," he said. "This state-of-the-art facility will feature the latest in customer and banking technology including a customer service kiosk with light refreshments served throughout our banking hours."

The timeline for construction will depend on when the existing building at 415 Center St. is sold, he said.

Classic also has begun construction of a new drive-thru facility across the street at 420 Park Avenue, where the Lincoln Savings and Loan building stood until earlier this month.

The drive-thru probably won't be completed until early next year, Clark said.

Both projects have a combined construction cost of more than $500,000. Clark said all the current employees will keep their jobs and new jobs may be created if the branch is successful and if the community experiences growth.

Currently, the vacant parking lot has been used for permitted public parking and as the location of the farmer's market on summer weekends.

"This is another indication of Ironton's economy being on the rebound," Mayor Bob Cleary said in a written statement. "I am very excited of Classic Bank's growth and look forward to their new development projects further enhancing downtown Ironton's beauty."

Cleary said that the farmer's market will not be in jeopardy and may use and area on Railroad Street between Seventh and Eighth streets.

"We have got other city parking lots downtown that they can use," he said. "One possibility is on Bobby Bare Boulevard."