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Bank on Buffalo fuels parent's loan, deposit growth

Bank on Buffalo was a driving force in its Pennsylvania-based parent's loan and deposit growth last year.

The Buffalo market accounted for nearly half of CNB Financial Corp.'s total loan growth of $329 million last year, the bank reported. And new deposit relationships in Buffalo accounted for 64 percent of CNB's total deposit growth in 2018.

Bank on Buffalo, a division of CNB, has four branches in the Buffalo area. The bank is preparing to open a fifth branch, in Amherst, this year.

CNB reported net income of $33.7 million in 2018, up 41 percent from $23.9 million the year before. The bank's fourth-quarter profits soared to $9 million from $3.5 million in the fourth quarter of 2017.

 

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