FARMINGTON – The Planning Board approved two applications Monday.

The University Credit Union received approval to renovate an existing building to establish a Farmington branch at 154 High St.

With the approval, credit union President Matthew Walsh said Monday the building, located at the corner of High and Middle streets, would be purchased this week and renovations would start next week. A third of the building will be torn down and new siding and roofing will be added as well as a walk-up ATM machine.

The credit union plans to start with three employees by August, prior to the start of college classes at the University of Maine at Farmington.

The University Credit Union with branches in Orono, Bangor and Portland will serve university students, faculty and employees and their immediate families. The credit union already has approximately 200 customers in the Farmington area.

Central Maine Power received approval for a substation expansion on Farmington Falls Road. The substation is located next to Edgar Davis and Goodtimes Unlimited.