The Buffalo area should be exceedingly pleased with the coming of Greater Buffalo Savings Bank, which will help provide for the financial needs of our community.
I wish to congratulate this new bank on its arrival, because Buffalo has been without a savings bank since the demise of Goldome Savings Bank, Empire of America Savings Bank (formerly Erie County Savings Bank) and the Western New York Savings Bank. These institutions represented over 150 years of banking service to the people of our area.
Unfortunately, Buffalo Savings Bank, in its infinite wisdom, saw fit a decade ago to eliminate the revered name Buffalo Savings Bank and change it to Goldome. Likewise, the highly regarded Erie County Savings Bank had its name changed to Empire of America, a move that I, as a bank director, strongly opposed.
Unlike Goldome and Empire, our immediate neighbor, Lockport Savings Bank of Lockport, saw fit to retain its original name and is enjoying great success. Glendale Savings Bank of Glendale, Calif., likewise is enjoying great success.
Goldome and Empire, the former great citadels of our community, subsequently were declared insolvent by the U.S. government, a terrific blow to our community.
With Buffalo desperately attempting to reinvigorate its economy, as well as improve our schools and other community assets, the new Greater Buffalo Savings Bank is a welcome addition to our area. Hopefully, it will help to re-establish our pride and love for our city.
PASCHAL C. RUBINO