BUFFALO, N.Y. — At first glance, Northwest Bank’s decision to close 42 of its 205 full-service offices was a shocking reminder of the scope of the Covid-19 pandemic.
The bank, based in Warren, Pa., reported a $110 million annual profit in January. Its $2.4 billion worth of deposits in the Buffalo-Niagara metro region are behind only major players M&T Bank, KeyBank, HSBC Bank USA N.A. and Bank of America, according to the most recent federal data. Northwest closed on a major acquisition in April, bringing MutualFirst Financial into the fold in a deal valued at about $213 million.
Yet here it was this September, announcing a major reduction in its physical footprint throughout Pennsylvania, New York, Ohio and Indiana. Local branches that will close by December include those on Sheridan Drive, Amherst; Amelia Drive, Orchard Park; and Ellicott Square Building, downtown. The move had an estimated pre-tax cost of $12 million and projected annual savings of $13 million. You can read the full story on Buffalo Business First's website.
