By Matt Glynn
News Business Reporter
At a time when many banks are reducing their branch networks, Alden State Bank is thinking differently.
The bank is asking for regulators’ approval to open its third branch, at 6545 Transit Road in Clarence, south of Miles Road.
To the bank’s president and CEO, Richard Koelbl, the reasoning is simple: “Our customers still like the idea of being in a bank branch, and our branches get a lot of customer traffic.”
The new location will still have a teller line, unlike the new-style format some other banks have adopted for new locations.
The bank plans to buy the building for $780,000 and complete the deal in October, Koelbl said. Citizens Bank, which leases the building from the current owner, is expected to move its branch to a new location.
Alden State Bank had been searching for a location to serve the Clarence area, and hopes to have its new branch operating in the first quarter, probably with six employees. “We’ve been looking for a year to 18 months for a suitable location,” Koelbl said.
Alden State Bank already has two locations: one at its home base in Alden, and the other one in Lancaster.
The bank has about $285 million in assets. It ranked seventh in deposit market share in Erie County last year, with 0.65 percent, according to the most recent figures from the Federal Deposit Insurance Corp.