M&T Bank Corp, fresh off the announced purchase of New Jersey's Hudson City Bancorp, which gives it a Connecticut presence for the first time, is now trying to make further inroads in New England by opening two commercial banking offices in the Boston area.
The Buffalo-based banking company has applied to the New York State Department of Financial Services for permission to convert two limited-purpose offices it already has in Boston and Plainville, Mass., into bank branches that can accept commercial deposits.
The two locations - 280 Congress St. in Boston and 72A Taunton St. in Plainville, Norfolk County - are already functioning as offices but don't accept deposits, said M&T spokesman Chet Bridger.
The Boston location is a wealth management office that M&T gained with the purchase of Delaware-based Wilmington Trust Corp. in 2011. It was that bank's Northeast regional office, and its 30 employees provide wealth advisory services, Bridger said.
The Plainville office is a commercial lending office that M&T has maintained, offering auto floor plan loans for dealers, health plan lending and some commercial real estate loans.
However, neither office allows commercial customers to deposit money. That would change with a commercial charter, enabling M&T to broaden its services and deepen its penetration into the business market.
"Essentially, we'd be able to offer more services to the customer base that we have there," Bridger said.
The opening of the commercial offices doesn't mean M&T will seek to acquire a branch bank in Massachusetts or start opening retail branches in the state.
But it established a similar kind of foothold in New Jersey before the Hudson City deal, and Massachusetts is adjacent to states where the bank already does business.