AYDEN, NC (WNCT) – The Town of Ayden said that they will purchase a bank building in hopes of bringing new businesses to the area.

Ayden officials said that with the payment of $5,000 in refundable earnest money, the town secured a six-month contract to buy the former F & M National Bank of Ayden building at 4251 Lee Street.

The three-story building was constructed in 1915, and is priced at $85,000, town officials said.

The town said they are purchasing the building with the hope of attracting a developer to invest in the property, as part of the long-term effort to revitalize downtown Ayden.