Gloucester’s century-old iconic old bank building will undergo a study in the coming months on how it may best be used in the downtown area.

The building, which most recently housed SunTrust Bank for a number of years, was purchased in July for $600,000 by the Gloucester Revolving Loan Fund.

The Revolving Loan Fund, which was established several years ago to provide partial funding for businesses and nonprofit organizations undertaking activities broadly defined as economic development within the village area, is partnering with the Gloucester Main Street Preservation Trust to launch the feasibility study on the 10,500-square-foot building’s revitalization. The study is being supported by a grant from Virginia Main Street.

Gloucester resident Susan Dutton, who recently began serving on the board of directors for the MSPT, said she’s glad that the structure has been purchased by the Revolving Loan Fund and enthusiastic about the future of the building, which she con...