Located in the heart of Downtown New Albany at the highly visible southeast corner of Pearl and Market Streets, this two story commercial building was originally constructed in 1860 for the Bank of Salem. Many notable New Albanians were investors and directors of this bank, including J.B. Winstandley, Lawrence Bradley, G.W. Lapping, and Washington C. DePauw. The second floor of the building was occupied by the law office of Alexander Dowling, Esquire.

By 1877, the New Albany Insurance Company had purchased the property and was located here. Later, the New Albany National Bank took over ownership of the property and remained at this location until it was ordered closed in 1933 during the Great Depression. In 1938 the Union Savings & Loan Association, later to become Union Federal Savings & Loan Association, moved to this site. Union Federal extensively remodeled the building’s exterior in the 1950s applying the marble and stucco sheathing and adding the distinctive corner hanging sign. The Savings & Loan remained at this location until 1965 when its present building was completed at the southeast corner of State and Spring Streets.

The 2,800 square foot building plus basement features a commercial/retail space on the first floor which is presently set up as a bar. Open stairs to the basement offers additional space for expanded commercial uses. A walk-in safe, manufactured by the Mosler Safe Company, remains in the basement from the building’s banking days. The second floor features a residential loft-style living unit with two bedrooms, a kitchen, and huge bathroom. The unit has its own entrance off Market Street. The building has an elevator.

The Bank of Salem Building is located in the locally designated Downtown New Albany Historic District. The New Albany Historic Preservation Commission has design review jurisdiction over all exterior changes to the building. Perfect setting for retro-style restaurant, wine and cheese café, or retail store with living unit above. Eligible for state 10% tax credit and other local incentives.

For more information contact Mike Kopp, Lopp Commercial Real Estate, 812/949-6160, extension 105, 502/386-9022 or e-mail at mak@jwlopp.com.