July 27, 2010
Webster Five To Donate Branch Sale Proceeds, Restaurant Planned
By Matthew L. Brown
Webster Five Cents Savings Bank, which sold its former branch office at 290 Main St. in Webster for $235,000 in June, will donate the proceeds of the sale to local nonprofit organizations through the Webster Five Foundation.
The building was sold to Jie Qiong Wang and Ren Gua Zhu of North Grafton, who bought the building as Eastern Pearl LLC. Eastern Pearl intends to establish a full-service Asian restaurant at the location, according to documents filed with the Secretary of State's office.
Webster Five moved into the 290 Main St. building in 1954. It acted as the bank's main office until the 1980s, when it moved its headquarters to 136 Thompson Rd. in Webster.
Through the foundation, the bank gave $99,000 to 40 nonprofits last year.
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