February 19, 2020
DFS AUTHORIZES EXPANSION OF NEW YORK STATE-CHARTERED BANK
Five Star Bank to Open Two New Branches in Erie County
Approval of Branches Will Provide Essential Banking Services and Products for Buffalo Families and Small Businesses
Superintendent of Financial Services Linda A. Lacewell today announced that the Department of Financial Services (DFS) has approved applications of Five Star Bank, a New York State-chartered bank, to open and operate two new branch locations in Erie County.
“DFS is committed to spurring economic development and providing access to credit in communities across the state by supporting the expansion of New York State-Chartered banking institutions,” said Superintendent Linda A. Lacewell. “Today’s approval of the two new branches will offer vital banking products and services to local communities and main street businesses in Buffalo.”
The New York State Department of Financial Services has approved Five Star Bank to open and occupy two new branch locations at 2222 Seneca Street, Buffalo New York 14210 and 451 Elmwood Avenue, Buffalo New York 14222. With DFS approval, both locations are now authorized to open and offer essential financial services and products to the community, including deposit accounts, fund disbursement, and loans.
Chief Executive Officer Martin K. Birmingham said, “We are very pleased to announce this expansion of Five Star Bank. The new locations will help us grow our branch network in the important Buffalo market, making us more accessible to residents and businesses, and enable us to deliver our style of community banking to these communities. Our associates will offer a robust set of products and services designed to meet the needs of our customers and deliver education, advice and solutions to help them to improve their financial well-being."
“The new branches will be situated in vibrant commercial corridors and extend the reach of Five Star Bank’s distribution system in both northern and southern directions from our downtown Fountain Plaza branch. The Seneca Street branch addresses a gap in availability of banking services and the Elmwood Street branch will be part of the adaptive redevelopment of the former Women and Children’s Hospital of Buffalo. Both branches are expected to open within the next twelve months.”
With the addition of these two new branches, Five Star Bank has DFS authorization to operate 55 branch offices in New York. The bank is headquartered in Warsaw, NY and has total assets of $4.384 billion as of September 2019.