M&T Bank Corp. of Buffalo, which recently bought 21 Citibank branches, has identified five branches it will close to eliminate overlap.
Chet Bridger, a spokesman for the $56.5 billion-asset parent of M&T Bank, said Monday that it plans to close four branches in Monroe County, N.Y., and one in downtown Buffalo by mid-November.
"In each case, there are branches almost next door to each other or right down the street," he said.
Other branches are also being evaluated for possible consolidation, he said.
This spring Citibank decided to pull out of upstate New York, and M&T bought all the Citigroup Inc. unit's branches there - nine in the Buffalo area and 12 in the Rochester area. The deal for the branches and about $1 billion of deposits closed June 30. The price was not disclosed.
Mr. Bridger said that no layoffs would result from the closings, and that the locations that are owned by M&T would be sold, but not necessarily to another bank.
