Cit­i­zens Bank to com­bine Lock­port branches

The Buffalo News - - BUSINESS - – Matt Glynn – David Robin­son – Matt Glynn

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.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.