M&T Bank closes nearly half its locations, reinvests $9 million to update branches
The bank has just a one percent retail market share in the region, said Ira Brown, area executive for Pennsylvania and New Jersey. “So we are going to focus on a business-first strategy. We will grow what we do best and bring retail along with us.”
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Buffalo-based M&T Bank announced plans to close 13 of its 30 locations across Pennsylvania and New Jersey to reinvest and make the branches appear more modern.
In August and September, the bank will close eight of its branches in southeastern Pennsylvania, three in South Jersey and two in the Lehigh Valley.
These are Doylestown, Holland, Bustleton, Port Richmond, Glenolden, Drexel Hill, Concordville, West Goshen, Allentown and Bethlehem in Pennsylvania; and Cherry Hill, Woodbury Heights and Cinnaminson in South Jersey.
The company, which is the 26th largest U.S. bank with $120 billion in total assets, then plans to reinvest $9 million in modernizing its 17 remaining locations, it said in a release.
The bank plans to transition to a business model that focuses more on commercial and business lending, wealth management and private banking.
“We’ve had a lot of success here, but we still just have about 1 percent [retail] market share,” said Ira Brown, area executive for Pennsylvania and New Jersey. “So we are going to focus on a business-first strategy. We will grow what we do best and bring retail along with us.”
The company said that impacted employees will be offered jobs at the renovated locations.