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Banking Development District Created in Buffalo

By Lisa Litzinger

Buffalo, NY – The state Banking Department has created what's called a "Banking Development District" inside the city of Buffalo. It's the first of its kind in this area but the tenth in New York State.

It encompasses parts of Buffalo's East Side. State Banking Superintendent Elizabeth McCaul says the designation means there's a need for more banking services.

"One of the things that we took into account when we looked at this area in making the designation of the Banking Development District is we actually walked the area to look at what the banking services were in the area," McCaul explained.

McCaul says banks receive state incentives to locate within a banking district. A branch of the Greater Buffalo Savings Bank will open on Main Street within the new district in two weeks.