Currently, town council meetings are held in the same room that houses several shelves of books.
"I'm absolutely thrilled. It will give us more space and them more space. It's a win-win," Sally Hull said.
The town council had discussed options for relocating the town hall and considered building a new town hall next to the existing one.
Last year, a committee was created to design a new building.
But when the former bank became available, "we saw the (cost) difference of about $500,000 and said, 'why not?'" Matt Hull said.
The bank building, at 19 S. Main St., is 1,150 square feet and sits on 1.6 acres of land, according to state property records.
The building is owned by Fonda Ghiardi and is being rented by Textile Preservation Associates Inc.
Donna Tissue, the company's administrator, said the company is moving from Keedysville to Ranson, W.Va.
Matt Hull said the inside of the building needs a fresh coat of paint and bathroom facilities need to be installed downstairs to make the building hadicapped accessible.
The only working bathroom is on the building's second floor, Matt Hull said.
Part of the property adjoins a stream that the state has previously stocked with fish. Matt Hull said the town hopes to get the stream restocked after the sale goes through.
Closing on the purchase is scheduled for May 6, and Matt Hull said he hopes to have the building open in time for the town council's June meeting.