Citizens Bank to combine Lockport branches
Citizens Bank has a branch inside a Tops supermarket on South Transit Road in the Town of Lockport.
The bank has another branch just across the parking lot, in a standalone building alongside South Transit Road, near Strauss Road.
Soon, those two branches will become one.
Citizens has decided to combine the in-store branch with the standalone branch. The Tops branch will close June 14, but the bank will still operate an ATM in the store, said Megan Griffin, a Citizens spokeswoman.
Why does the bank have two branches so close to each other? Citizens inherited the arrangement.
Charter One, a Cleveland-based bank, opened the standalone branch nearly 20 years ago. Charter One added the in-store branch in 2004, at a time when the bank was expanding its number of branches inside Tops supermarkets. That same year, Rhode Island-based Citizens bought Charter One.
Citizens has stuck with operating the two Lockport branches close to each other. As of last June, the standalone branch had deposits of $57.4 million, while the in-store location had deposits of $9.5 million, which was the second-smallest total for any Citizens branch in Erie and Niagara counties, according to Federal Deposit Insurance Corp. data.
Taylor Devices profits rise during third quarter
Taylor Devices earned $446,000 during the third quarter, rebounding from a loss a year ago, as the North Tonawanda shock absorber manufacturer’s sales rose by 19 percent.
Taylor Devices’ profits, which equaled 13 cents per share, were an improvement from its loss of $23,417, or a penny per share, a year ago.
The company’s sales rose to $7.8 million during the quarter that ended in February, up from $6.6 million a year earlier.
James Wyckoff to leave Financial Institutions board
A relative of the family that was instrumental in the growth of Five Star Bank will not seek re-election to the board of the bank’s parent company.
James H. Wyckoff, 67, who has served on Financial Institutions’ board since 1985, is a cousin of Peter G. Humphrey.
Humphrey, the fourth-generation member of his family to leave the bank, abruptly retired as president and CEO in 2012.
Wyckoff’s decision to not stand for re-election was not due to any disagreement with the Warsaw-based bank, according to a regulatory filing. His term will expire at the bank’s annual meeting, scheduled for April 22.