BANKING
KeyBank to add six area branches
Published: April 14, 2009, 12:30 am
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KeyCorp said Monday that it will add six branches in Western New York over the next two years in its biggest expansion in this market in almost 20 years.
The Cleveland-based owner of KeyBank said it will open offices in West Seneca, East Amherst, Orchard Park and Grand Island, with two additional sites to be announced at a later date.
All six will be newly built facilities, with at least three located in shopping plazas anchored by Wegmans or Tops grocery stores. The branches are not in the supermarkets, however, and the bank does not have a relationship with those companies.
As part of the expansion, the bank will add 45 new banking positions, as well as generate construction jobs for local contractors.
The goal of the expansion is to build the bank’s existing scale locally, as it seeks to increase its deposit market share past 10 percent, to a point where it can grow at a faster pace. The bank grew retail deposits here by 7 percent last year.
“KeyBank believes in Buffalo. It’s a calculation on our part to help Buffalo grow faster as a community and be part of that growth,” Sterling Kozlowski, Western New York district president for KeyBank, said in an interview.
KeyBank currently operates 40 branches and 50 ATMs in four counties of Western New York, from Lewiston in the north to Olean and Jamestown in the south. It holds $3.1 billion in deposits and a 9 percent market share. In all, it employs about 1,000, including about 400 in a recently upgraded call center in Amherst, where it recently added 70 jobs.
Key is one of the nation’s largest banks, with $105 billion in assets, $77.5 billion in loans, $65.3 billion in deposits and 986 branches in 14 states from Maine to Alaska. It operates 228 branches across New York State, with $15.1 billion in deposits.
The bank would not say how much the expansion will cost, but “it’s substantial,” Kozlowski said.
The four locations that have been identified are:
• Wegmans Plaza on Orchard Park Road in West Seneca, to open this year.
• Tops Plaza at North French and Transit roads in East Amherst, to open this year.
• Union and Michael roads in Orchard Park, to open in 2010.
• Tops Plaza on Grand Island Boulevard in Grand Island, to open in 2010.
jepstein@buffnews.com
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