M&T Bank has begun work on a 1,726-square-foot branch at 162 Main Street in Paterson, with the goal of opening by the spring of 2018.
Construction work is slated to begin in the fall of 2017 to convert the former retail space in the commercial corridor by the corner of Main Street and College Boulevard.
"We're thrilled to add our new branch to the multitude of other economic investments taking place in Paterson," said M&T Bank Regional President for New Jersey Tom Comiskey. "Paterson is home to one of New Jersey's most diverse communities, and we are excited for the opportunity to serve its residents and small businesses with our community-focused approach to doing business."
Tifani Borel, who has almost 20 years of experience with the bank, has been selected to lead the team as branch manager of the new Paterson office. She currently serves as manager of the M&T Bank branch on 7th Avenue in Newark.
M&T Bank operates more than 90 branches throughout New Jersey, including four other branches in Passaic County. The bank is one of the most active small business lenders in New Jersey, ranking fourth in total SBA 7(a) loans made within the Newark SBA District last year.
Since entering the New Jersey retail banking marketplace last year, M&T Bank has become an active member of the Passaic County community, including allocating $200,000 in New Jersey Neighborhood Revitalization Tax Credits to help the New Jersey Community Development Corporation expand its youth workforce development programs by creating the Great Falls Education and Training Center.
The bank has also been a long-time sponsor of St. Paul's Men's Shelter, delivering and serving hot meals to the residents every month; provides financial assistance to the Boys and Girls Club of Paterson and Passaic County; and served as a supporter of the Passaic County Community Collegestudents who participated in Rutgers University's most recent Business School Case Competition.
"Our team is excited to become part of the Paterson community. The new branch offers an opportunity for our team to serve both M&T's existing consumer and small business customers, while opening new relationships with individuals and small businesses based in the neighborhood," said Senior Vice President of Retail Banking in New Jersey Noel Carroll.
About M&T Bank
M&T (NYSE: MTB) is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, operates banking offices in New Jersey, Pennsylvania, Delaware, New York, Maryland, Connecticut, Virginia, West Virginia, and the District of Columbia. Trust-related services are provided by M&T's Wilmington Trust-affiliated companies and by M&T Bank.
