Good catch, JB! Yes, and yes.
I have actually done a ton of research and am recreating Bedford Falls as closely as practical. Of course, the whole thing was a set on the RKO backlot. Only one building in the entire movie was real, the Martini "castle" in Bailey park. The gym of Beverly Hills High School is where the swimming pool scenes were filmed.
Here's a pic of the old RKO backlot small town street;

The tall building is the Anderson department store where the Bailey Building and Loan occupies the second floor.

