Motor Drawing Too Much Current

0.75kw motor drives the hydraulic pump in a horizontal band saw. Label FLA (nominal 220v 60hz) is 2.9 A. Measured is 4.17. Motor overload trips after 30 seconds or so.

When the motor is running the saw operates normally... for 30 seconds.

What causes a motor to draw more current? Pressures are unchanged so I am thinking that the pump isn't loading the motor more than usual.

Bearings? No unusual noises are heard and the motor doesn't seem unusually warm.

The mains voltage is 205, not yet 10 percent off the rated 220, so that wouldn't cause this amount of current draw, would it?

I have read that an unbalanced phase (or 2?) of more than 5 percent can cause higher current draw. Is this true? I think the phases are 205, 205, 210.

Being a 35-year-old machine I'm not confident that a new motor/pump can be had, and if so, would probably make the repair not economical, so re-winding/re-bearing is the only option I think.

The electric utility changed the transformer supplying this building last weekend and I think this is when the trouble started. (There are no electronic components in this machine.) I don't know what the voltage was prior to the transformer change-out so I can't say if there is now a change in the mains voltage.

I think I've covered all the bases I have considered. Which are most likely and what haven't I thought of?

Since I'm the one who will be making the call of whether or not to get the motor rebuilt, I'd like to be right.

Thanks.