Exceeds $1.1 Billion in Deposits; Invests Over $11 Million in Our Local Economy
ur personal, relationship-building approach to meeting the financial needs of our business and consumer clients has been the driving force to our success in contributing to the Western New York economy,’ said Martin T. Griffith, BankOnBuffalo president. “That contribution includes the steady employment we provide to 106 residents, $11 million invested over the past four years in our branch and regional headquarter locations, and the number of deposits and loans recorded.”
BankOnBuffalo, which has branches in Niagara Falls and Wilson in Niagara County, reports the following milestone achievements:
- More than $1.1 billion in deposits to-date –an estimated 110% increase from the $525 million cited in the Federal Deposit Insurance Corp. (FDIC) annual report on deposits as of June 30, 2019. Without accounting for the Bank of Akron acquisition that closed in July 2020, the FDIC report shows BankOnBuffalo deposits increased 69% to $734 million from June 30, 2019 to June 30, 2020.
- More than $780 million in total loans. BankOnBuffalo offers a special, personal approach to business banking for many industrial sectors that speeds up financing application decisions so companies can fund their business needs quicker.
- Currently having 106 employees, up from 51 a year ago — a number surpassing original projections based on the bank’s deposit and loan growth forecasts. BankOnBuffalo has spent $5 million in 2020 alone for employee salaries and benefits.
- Spending an estimated $11 million over the past four years for branch construction, renovations, leases and equipment.
BankOnBuffalo began as a start-up division of CNB Bank with a loan origination office in 2016 and in February 2017 opened a full-service bank branch on the first floor of the Electric Tower in downtown Buffalo. Since then, BankOnBuffalo has opened full-service branches in Orchard Park, Williamsville and Niagara Falls, created a private banking and wealth management service called BankOnBuffalo Investment Advisors, and added six branches in July 2020 in Akron, Clarence, Clarence Center, Lancaster and Wilson through its acquisition of the Bank of Akron.
In September, BankOnBuffalo conducted groundbreaking to launch renovations to what will become its 11th branch on Hopkins Road in the Town of Amherst. The state-of-the-art branch is scheduled to open in early 2021.
Primary banking services available include consumer and business deposit accounts, real estate, commercial, industrial, residential and consumer loans and lines of credit, treasury services, online banking, mobile banking, merchant credit card processing, remote deposit, and accounts receivable handling.
As a community bank, BankOnBuffalo, a division of CNB Bank, is being developed by local people and businesses. This local decision-making increases the level of service provided to the communities in and around Buffalo and brings growth to the entire region. More information is available at BankOnBuffalo.bank.