Less than two months after touching down in New York with retail branches on the perimeter of the Capital Region, a Pittsfield, Mass., bank is honing its sights on the heart of the area.
Fresh off its December acquisition of five First Niagara Bank branches, Legacy Banks is proposing its first Albany office at 39 N. Pearl St., the state Department of Banking reported Friday.
For more information on Legacy Banks, visit www.legacy-banks.com.
Since opening a loan office in Colonie in summer 2006, Legacy has been positioning itself to expand into the region. The bank bought $1.4 million in real estate from Lockport-based First Niagara and assumed about $76.6 million in deposit liabilities.
“It is our first retail step in the Capital District. We made no secret we wanted to expand into New York,” said Legacy Chairman and Chief Executive Office J. Williar Dunlaevy.
The proposed Legacy branch in Albany is not far from the retail office Pittsfield rival Berkshire Bank opened on State Street in 2005. The First Niagara deal gave Legacy offices in Greene, Washington and Schoharie counties. Legacy has 16 branches in western Massachusetts and Northeastern New York.
Dunlaevy said the Colonie loan office might be consolidated into the Albany branch, but not immediately. The downtown location formerly housed a Subway sandwich shop.
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