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Community Bank System, Inc. and St. Bonaventure University announced today that they have signed an agreement whereby the University will sell to the bank a nearly 10-acre lot on Route 417 in the town of Allegany.
The parcel, formerly the site of the Castle Restaurant, will be utilized by the bank to construct a new loan operations center. The entire site, purchased by the university after the Castle was razed, is approximately 17 acres.
“We’ve simply outgrown our current operational locations. This new building will allow us to consolidate our Loan Operations Department on South Street and Mortgage Processing Department on North Union Street into a single location,” said Brian Donahue, Community Bank’s Chief Banking Officer.
“This has been a great partnership with the university. We appreciate the extremely cooperative effort that will result in an outstanding new facility,” added Nicholas DiCerbo, Esq., Chairman of the Board for Community Bank System, Inc.
Brenda McGee, senior vice president for finance and administration at the university, was grateful that the buyer was a “valued community partner.”
“The potential that this new operations center creates for internships, and maybe even careers, for our School of Business students is very exciting,” McGee said. “Community Bank was an important resource for us in the construction of our new Swan Business Center.”
The new 25,000-sq.-ft. building will house approximately 100 current Community Bank loan operations and mortgage processing employees. While there will be no new employees added at this time, the new building will allow for future growth and additionally house space for document storage and training.
Community Bank, N.A. and St. Bonaventure University would like to thank the Cattaraugus County Industrial Development Agency for helping with this important initiative.
The bank will submit preliminary plans to the Town of Allegany in March and hopes to complete the project by the end of the year. The bank is currently evaluating its options for its current South Street facility.
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