"If this proposal goes through, there are a number of other areas that may potentially be lost," Duehay says.

While the ordinance would further delay any demolition requests, Duehay says he does not know whether it would be brought before the council anytime soon.

Such a delay might prove costly, according to Hemner, who says the bank plans to file for a demolition permit sometime after the November city council elections.

"My suspicion is that we will file for a demolition permit after the elections for city council," Hemner says.

The issue may wind up in court, according to Gifford, who says that dozens of local residents have contacted her to support legal action which would block any demolition requests.

Bank officials say they would be equally adamant in securing approval of their plan.

"This is our home. This is where we want to stay," says Allan McClennen, Jr. '61, trustee of Cambridge Savings Bank. "We understood this would be controversial because we're dealing with Harvard Square."

"But if we were in any other city in the United States, those buildings would be condemned by now," McClennen says.