The Bank of Scotland closed its branch in the town back in May, stating that customers were able to use its online app.
Peebles Community Trust (PCT) announced plans to buy the property with the intent to relocate its re-use hub, sparking support from MPs, MSPs and Tweeddale councillors.
The group submitted a bid at the October 9 closing date and was unveiled as the preferred bidder this week.
PCT chairman Michael Ireland said: “We as a board have been on tenterhooks for the last week or so, following the closing date, as we waited for a decision from the bank, but are delighted that the bank have decided to accept our offer.
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“From early discussions with the bank, it was clear and right that they were going to run the marketing process on an open basis and as such we had to match that with as commercial an offer as possible.”
Mr Ireland said the trust had secured a loan from Social Investment Scotland, topped up by its own cash reserves.
“We made a conscious decision with this one to be as commercial as possible in our approach and not simply rely on external grant funding,” he said. “This project needs to stand on its own two feet.
“That said, our objective will be to pay off the loan as soon as possible in order to free up PCT funds to future projects and as such we will shortly be announcing details of our funding appeal.”
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The PCT said that the High Street site could potentially be used as a community banking hub, as well as housing its re-use hub.
The hub was set up in 2020 to save materials from going to landfill when recycling facilities were closed due to the coronavirus pandemic.
It is run out of the School Brae Hub, a large site near the centre of Peebles bought by the PCT in 2019.
But proposals emerged last year to demolish the building after the trust was handed an estimated refurbishment bill of £1.8m.
It is now hoped that the re-use hub will have a new home in the former bank branch.
“We don’t have an agreed date of entry yet, but are hoping to have all the legals completed and keys by early in the new year,” said Mr Ireland.
PCT’s bid was raised in the House of Commons by Tweeddale MP David Mundell earlier this month.
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Mr Ireland said the group was “exceedingly grateful” for the support from the Peebles community and political representatives.
PCT is now turning to the practical issues of preparing to take entry of the building.
Director Malcolm Bruce added: “We are looking at what internal alterations might be required before we move in, and if there are any planning requirements for any changes required.”
He added that the PCT was not intending to make any alterations to the outside of the listed building, which he said was a “prominent part of the High Street”.
The Bank of Scotland was approached for comment.
