M&T Bank is seeking permission from the state Department of Financial Services to open a third commercial banking office in southern New Jersey.
M&T confirmed plans to open the office in the Woodland Falls Corporate Center in Cherry Hill, New Jersey, a suburb near Philadelphia. M&T already operates a commercial banking office in northern New Jersey, which has been open since 2007, and it recently opened a central New Jersey office.
M&T spokesperson Chet Bridger said the office will provide commercial banking, wealth management and mortgage services. He did not say when the office is expected to open.
"We see this as an opportunity to grow our small business, middle market, commercial real estate and residential mortgage lending, as well as the wealth advisory services provided by Wilmington Trust in southern New Jersey," Bridger said in an email.
The office will have 10 or less employees to start, Bridger added.
M&T's presence in New Jersey is currently limited to commercial banking and wealth management services. The Buffalo-based bank wants to expand its retail operations into the state, but its planned acquisition of Hudson City Bancorp Inc., parent of Hudson City Savings Bank, has been twice delayed.
M&T is working to improve its Bank Secrecy Act/anti-money laundering compliance program, which was called out by the Federal Reserve Board during its review of the Hudson City transaction. M&T can't close the deal with the Fed's approval.