The parent company for rapidly expanding Bank on Buffalo on Thursday formally announced the acquisition of Bank of Akron.
The $64.5 million purchase will see Bank on Buffalo take over Bank of Akron’s six Western New York locations in Clarence, Clarence Center, Akron, Lancaster and Wilson.
Bank on Buffalo President Martin Griffith said the opportunity to expand in the area was too good to pass up.
“This is an opportunity to expand east of Transit Road,” he said. “The Bank of Akron brings with it six locations, and many of those locations are locations that I’ve been searching for a next branch in for the past couple of years.”
Griffith said he does not foresee the merging of banks to have any effect on Bank of Akron employees. Instead, he said its best if customers walk into the banks and saw the familiar faces they have always done business with.
So what is next for Bank of Akron customers as it changes over? CEO Anthony Delmonte Jr. explained.
“I think a lot of our customers will be able to grow a lot quicker,” Delmonte said. “With the combination of the two banks we’ll be able to offer more services, especially on the wealth management and treasury management side of the house, and we’ll be able to lend a little bit more into some of our existing customers, right now, that we may be pushing some limits with, especially on the commercial side.”
Martin said he expects a complete integration of Bank of Akron into Bank on Buffalo to be completed by the middle of July.