State College

M&T Bank to close Allen Street branch

The M&T Bank branch at 114 S. Allen Street in State College will close in May.
The M&T Bank branch at 114 S. Allen Street in State College will close in May. CDT file photo

M&T Bank will have one less location in the Centre Region.

The downtown location at 114 S. Allen St. will close May 8.

M&T Bank spokesman Philip Hosmer said the bank recently decided to consolidate in the area, which will leave two banks in the Centre Region on North and South Atherton streets.

“As we evaluate our branches we can identify specific locations where we need to locate a new branch or ATM, where we should invest in expanding or remodeling a branch location and also where we have branches that are no longer positioned to effectively and efficiently serve our customers,” he said. “In those situations, we often look to consolidate offices — not only to improve our efficiency, but also to make sure that we’re located where our customers are located.”

Hosmer said that, although the bank’s lease at the Allen Street location continues past May 8, the bank will not have any operations there after that date. He said the move was the bank’s decision and that there were not issues with the lease.

He also said employees at the location will be transferred to nearby banks.

The South Allen Street branch opened in March 2008 after it closed another location at 234 E. College Ave.

The Friedman Real Estate Group, which owns the property, did not respond to requests for comment.

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