A Bristol building that was most recently known for its take-out service will, if all goes according to plan, begin accepting deposits, as the former Wendy’s Hamburger restaurant is transformed into a Bank Five branch.

The property, located at the intersection of Metacom Avenue and Gooding Avenue, has been vacant since Wendy’s closed its business in December 2012. In November 2013, the town learned of Bank Five’s interest in the property and the discussions of opening a branch in town began.

“We already have a long standing relationship with 850 households in Bristol,” said Bank Five’s assistant vice president of marketing, Andrea Rodrigues. “This will increase the convenience.”

Bank Five has already been approved with a special use permit, a variance for signage, and received preliminary approval from the town’s planning board. Once the Fall River based company completes its final application and submits it to the town, their plans will go before the Technical Review Committee before the planning board can give its final approval.

“We’re currently working with the zoning and planning boards,” Ms. Rodrigues said. “We had meetings last week.”

The company currently has seven branches, all in southeastern Massachusetts. This will be their first entry into a Rhode Island market.

“We’re excited,” Ms. Rodrigues said. “We’re a community-minded company and will be a good fit for Bristol.”

Once the approval process is complete, Bank Five will begin renovating the building from a fast food restaurant to a full service bank. Ms. Rodrigues said the whole building will undergo remodeling, with the hope that it will be open for business by the end of summer or early in the fall this year.