CNB Financial said its Bank on Buffalo division has grown to $274 million in deposits and $222 million in loans in just two years.
Joseph B. Bower Jr., president and CEO of CNB, made a point of mentioning the division's results as part of the bank's third-quarter earnings. "We continue to be excited and encouraged by the business opportunities we are finding, particularly in our newer markets," he said.
Bank on Buffalo has expanded to four area branches, including a temporary location in Wheatfield that will be replaced next year by a permanent branch in Niagara Falls. The division's deposits represented about 11 percent of CNB's total deposits in the third quarter.
CNB, based in Clearfield, Pa., reported third-quarter profits of $9.2 million, up 28 percent from a year ago. The bank recorded diluted earnings per share of 60 cents, up 28 percent from 47 cents a year ago.