Despite recent consolidation in the local banking industry, plans are in the works for a new player to enter the Buffalo marketplace. Pennsylvania-based CNB Bank is ramping up to launch its new Bank on Buffalo.
The company has tapped Martin Griffith, a 20-year veteran of the local banking industry, to be Bank on Buffalo's president. Griffith says it will be a full-service bank with a focus on small businesses.
"It's going to be almost a throwback type of experience for the small business owner. It's going to be banking the way it should be," Griffith said.
Given his experience, Griffith says he thinks small private companies are being under served by big banks. At the Bank on Buffalo, he will serve as a direct contact for business owners and be a hands-on decision maker.
"If there's a separator from us to even our direct competitors, the fact that this will be locally operated, with local decision making, largely vested from my pen, is going to be a critical factor in providing quicker access to capital to our small business customers," Griffith said.
Retail banking services will also be available.
The grand opening of Bank on Buffalo's first branch in the downtown Electric Tower is planned by the end of November. Griffith says the company plans to open two other local branches and hire 30 to 40 people over the next 6 to 9 months.