Commonwealth Cooperative Bank will move its Centre Street branch to the new Arboretum Place development on Washington Street later this year in a switch approved by the state last month.

The Hyde Park-based bank was already known to be part of the new development at 3803 Washington St. But the fate of the existing Jamaica Plain branch at 733 Centre was not clear. The move was approved on Dec. 28, according to a state Division of Banks report.

It is unclear what will happen to the Centre Street storefront. Bank officials could not be reached for comment.

Arboretum Place also will be home to another existing JP business, Harvest Co-Op Market. But Harvest is also keeping its existing South Street business in place.