Representatives from BankOnBuffalo recently announced that the bank has surpassed major milestones in investment spending to benefit the local economy, total deposits, total loans and number of employees hired since opening as a new bank in the Buffalo-Niagara region in 2016.
“We are proud to say that as a local business built from scratch and not through acquisitions, BankOnBuffalo now provides steady employment to more than 50 local residents and invested approximately $8.2 million the past year as an added benefit to our local economy through employee compensation and payments to suppliers and vendors,” said Martin T. Griffith, BankOnBuffalo president. “This is all supported by record growth in our total deposits and loans.”
BankOnBuffalo reports the following milestone achievements:
• More than $525 million in deposits to-date – an estimated 21% increase from the $434 million cited in the Federal Deposit Insurance Corp. (FDIC) annual report on deposits as of June 30. At that time, the FDIC reported a one-year 162% increase in deposits for BankOnBuffalo as it jumped from number 11 to number 7 among Buffalo Niagara banks. Contributing to this increase is the 2.02% rate offered by the bank on personal savings, one of the highest rates in the nation.
• More than $500 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.
•Hiring 51 employees, a number right in line with original projections.
• Spending an estimated $8.2 million in the past year to support the Buffalo Niagara region through employee compensation, office renovations and furniture, rent, real estate taxes and purchasing local vendor services.
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 Wheatfield, and created a private banking and wealth management service called BankOnBuffalo Investment Advisors.
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.
BankOnBuffalo opened its regional headquarters on the historic, renovated seventh floor of the Electric Tower in February. It also is constructing a permanent branch in Niagara Falls with plans for an opening by the end of this year.