BankonBuffalo cuts ribbon on first day of operations following merger with Bank of Akron

Ribbon-cutting ceremonies were held Monday morning at former Bank of Akron branches, which were converted to BankOnBuffalo with new signage and back office functions merged over the weekend.

Martin T. Griffith, President, BankOnBuffalo led the celebration with acknowledgement of the history and culture of the Bank of Akron, which he noted is shared by BankOnBuffalo, and expressing excitement in kicking off operations with new teammates.  

E. Peter Forrestel, II, former President/CEO and Vice Chairman of Board of Directors for Bank of Akron expressed appreciation for being present for the start of a new chapter of banking in Akron.  He noted that it is the fifth chapter, sharing that the first chapter began in 1886 when NB Wickware began a private bank.  The second came in 1900 upon the death of Wickware who included provisions and directed in his will that his private banking business be converted to a national bank.  It was chartered Wickware National Bank of Akron.  That charter was surrendered in 1919 and a state charter obtained, due to poor economic conditions, Forrestel said.

Under the state charter in 1919 it became Bank of Akron and did well, with the new main office built in 1927 at 46 Main Street.  When the stock market collapsed, Eugene P. Forrestel a highway contractor and local businessman, recapitalized the bank with his own cash. He served as president for 43 years, set up provisions in his estate so the Bank could continue on.  “Now we are ready for a new chapter,” Forrestel said. “I recognize this is a good step forward for our community because BankonBuffalo and their parent CNB have resources and size to give better services and afford the technology.  We are pleased to be here for the start of new chapter in banking in Akron.”

“I arrived a little early this morning,” Peter F. Smith, Chairman, Board of Directors, CNB Financial Corporation said  as he addressed those gathered at the Bank Monday morning.  “I like an opportunity to drive around the community get to know it a little bit, see what is here, gauge its character, and I must say you have a beautiful, beautiful, beautiful town.  It shows a lot of pride, it shows stability and it is exactly the type of community that BankonBuffalo wants to become a part of.”

Smith shared that when the CNB board voted on the proposed merger November 12, 2019, he saw two very well run banks, solid balance sheets, good revenue streams, good margins, attractive ratios, and cultures that seemed like they would meld readily with one another.

“We have a sales culture that is dedicated to communities like Akron and the communities where you have your other branches,” Smith said.  “I think is going to be a very, very good fit.” He expressed belief that the future is bright and the resulting organization will be greater than sum of its parts.

“With onboarding of Bank of Akron with BankonBuffalo it’s amazing what we think we can do, we’re very excited about the future,” Joseph B. Bower, Jr., President/CEO of CNB Financial Corporation said.   He said that after meeting Bank of Akron leadership He knew it was, “the right place for us – a small town connected to a large city.  It’s perfect for what we do and we are very excited to continue on with the operations of Bank of Akron now going to be BankonBuffalo with the expanded reach that we have and an almost 5 billion dollar company now after the merger.  It is very, very exciting what we can do up here with the welcoming attitude of Western New York  and what we have to offer,”

Griffith, indicated the new chapter of banking in Akron represents expanding roots in WNY bringing together two organizations which are very deep rooted, both serving their communities since the mid 1800,s growing up in rural communities.  This is an expanding opportunity for employees and customers, Giffith said.  He noted that BankonBuffalo can deliver services in new and expanded ways, that business owners who may have outgrown Bank of Akron over a period of years because of their own success and financial needs will find BankonBuffalo can handle their busines.  “We have the scale that can handle your business, we want to help you grow.”

“We are thrilled beyond reason to be here today,” Griffith said.

BankOnBuffalo, highly successful with its personalized banking approach since launching four years ago, had it’s first day of operations following the completion of its parent company’s acquisition of the Bank of Akron on Monday.

CNB Financial Corporation (NASDAQ: CCNE), the parent company of CNB Bank, announced received full federal and state regulatory approval for its previously announced acquisition of the Bank of Akron (OTC: BARK) last week.

These approvals came from the Federal Deposit Insurance Corporation (FDIC) and the Pennsylvania Department of Banking and Securities.

CNB Financial Corporation announced on Dec. 18, 2019 that it had entered into a definitive agreement to acquire Bank of Akron for $215 per share in cash and stock, or approximately $64.5 million in the aggregate.  It was overwhelmingly approved by shareholders of the Bank of Akron on March 18

With completion of the merger, Bank of Akron will operate as BankOnBuffalo, a division of CNB Bank, which has branch offices in downtown Buffalo, Williamsville, Orchard Park and Niagara Falls. Bank of Akron serves the western New York markets of Akron, Clarence, Clarence Center, Lancaster, and Wilson with six branch locations.