Nashville is gaining two new places to do banking.

Centra Credit Union announced on Oct. 18 that it is moving into the building formerly occupied by First Merchants Bank on Commercial Street.

First Merchants closed that branch at the end of March and moved its operations to Morgantown.

The new, full-service Centra branch, including drive-up banking, is projected to open in early 2020. It will employ five people, says a press release from the company.

“We are very excited for this opportunity to expand Centra’s reach into the community of Nashville. This town is a unique treasure where a local focus thrives, and we look forward to bringing our member-centered services to the area,” said Rick Silvers, president and CEO of Centra, in the press release.

This will be the first credit union in Nashville. Credit unions are similar to banks, except that they are structured as not-for-profits and managed by elected members who make up the board of directors, said Hannah Nieman, marketing communications manager for Centra. Profits are returned back to the members in the form of new services, better rates and lower fees, she said.

Centra originated in Columbus. The Nashville branch will be its 25th location and the first to have a lobby with interactive teller machine service. ITMs allow users to perform more acts than ATMs do, such as cash dispensing and depositing, check cashing, loan and bill payments, new account opening and funding, transfers, cash and check advances and other services.

The Nashville Town Council was planning to buy the First Merchants building and turn it into a new police station, but pulled out of that plan when it couldn’t find a buyer for its current police station in time.

Even though First Merchants closed its branch here, it has been keeping its ATM working outside of this building. Nieman said it would be removed when Centra’s ITM is ready to be installed.

However, a new First Merchants ATM is in the process of being installed at the Foxfire Park parking lot, across from the BP station in downtown Nashville. Lot owner Andrew Tilton said that users will be able to enter from Van Buren Street and exit onto Schoolhouse Lane.

First Merchants did not answer questions by deadline about when the new ATM would be ready for use.