In coming months, M&T Bank plans to close at least 10 retail bank branches across New York state, including two in Western New York whose shutdowns were announced in January.
The Buffalo-headquartered bank has applied to the New York State Department of Financial Services for permission to close 10 branches. It is unknown if more shutdowns are planned.
Spokesperson Chet Bridger said the bank reviews its branch and ATM network annually to determine which methods customers are using to access the bank.
"Based on these insights we adjust the network, which could include opening, closing or relocating branches, to best meet our customers' evolving needs," Bridger said.
Last month, M&T announced plans to close the branch located inside Tops Friendly Markets in Dunkirk on April 18 and shift accounts to an existing M&T branch at 1 E. Main St. in Fredonia.
A week later, the bank will close the branch at 564 Main St. in Snyder and move those accounts to 2050 Kensington Ave. near the Harlem Road intersection.
Other branches in line for closure are located in: Auburn, Binghamton, Henrietta, Greece, Ithaca, Troy and Ulster. Two of those branches are located inside Tops Friendly Markets stores.
Banks in general are grappling with slow revenue growth and rising compliance costs. Those factors - plus a slowdown in branch traffic - are leading some banks to close or repurpose offices.
A recent report by SNL Financial shows that banks in the U.S. closed more than 1,400 branches in 2013 as they dealt with slow revenue growth and rising compliance costs. Bank of America was the leader, shutting down 189 branches last year, SNL said.