A new bank is coming to Belmont and it will be housed in the town's newest commercial development.

East Boston Savings Bank will be opening a branch office by year's end at the newly-constructed retail site at the corner of Concord Avenue and Bright Road, according to a statement released by Richard Gavegnano, the bank's chairman and CEO.

The 4,000 square-foot office will house a full-service branch as well as a loan center with commercial and residential officers serving the local market in and around Belmont, according to Gavegnano.

Once the home of the Murray Sandler Skate Shop, the site is being developed by Prospect Street resident Robert Orfaly to house a one-story brick retail "village" for two to five tenants at 58-60 and 70 Concord Ave.

Orfaly bought the Sandler building and a former gas station from Sandler for $1.1 million in December 2010 and received Planning Board approval in July of last year to construct the strip mall.

The redevelopment of the property began in February.

The Belmont office joins the bank's 15 other branches along with its main office at 67 Prospect St. in Peabody.