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JPMorgan Chase flipped the Boston banking market on its head when it announced earlier this year that it would be opening 50 retail branches in the city and surrounding areas.
Now, another big bank may be ready to expand into the Bay State as well.
Buffalo-based M&T Bank said in its recent earnings call that “Boston and Massachusetts is certainly on our radar screen.” The roughly $118 billion asset company already has three offices in the area – one in Boston on Congress Street, one in Plainville and one in Taunton – that provide insurance, commercial lending and wealth management services.
“In Boston, just because of our physical presence, we’ll be selective there,” Darren King, CFO of M&T Bank, said on the earnings call. “And we’ll focus on the relationships that we have and expanding them judiciously. But, Boston’s a very large market. And actually, if you look at the top 20 MSAs (metropolitan statistical areas) in the country, one where the presence of the big four is actually quite small, with the exception of Bank of America.”
King said M&T always takes the same approach when it comes to expansion: follow the customers.
“Oftentimes, our real estate customers lead the way and we follow them into those geographies,” he said. “And then, once we’re in there, we get involved in the market, like we normally do, both from a philanthropic perspective as well as being on boards and getting to know folks in the community.”
When asked about how Chase’s new presence might impact M&T’s strategy toward the Boston market, King didn’t flinch.
“Our view is that it’s an attractive market,” he said. “It’s a place where our way of banking we think fits. And we’ll look to grow at a measured pace and watch and see what opportunities present themselves.”
