By Mark Scott
Buffalo, NY – A merger is in the works for a Western New York bank. Jamestown Savings Bank will merge with its corporate partner, Northwest Savings Bank of Warren, Pennsylvania.
Jamestown Savings Bank is relatively new. It was created in 1995 and quickly expanded, not just in Chautauqua County, but with branches in the Buffalo area as well. Since the beginning, Northwest Bancorp had a majority ownership in Jamestown Savings. And Monday it was announced the two would operate under a single charter.
Jamestown Savings President John Scalise said it should lead to greater customer convenience.
"Northwest Savings Bank is in four states -- Ohio, Maryland, Pennsylvania and New York," Scalise said. "Basically, (Jamestown Savings customers) will be part of a 159 office network."
Jamestown Savings Bank has ten branches in Chautauqua, Cattaraugus and Erie Counties. Assets now exceed $440 million.
Scalise says the Jamestown name will continue for the Chautauqua branches. But he says those in the Buffalo area will become known as Northwest Savings.
Bank officials say there will be no staff reductions.
The merger should be completed within six months. It must be approved by both federal and state regulators.