The 1,726-square-foot storefront next to the S&A Store on Main Street is being renovated to house the downtown Paterson branch of M&T Bank. Construction is slated to start in the fall to convert the retail space at 162 Main Street into a bank branch.
“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,” Tom Comiskey, regional president of M&T Bank for New Jersey, said in a statement on Tuesday morning.
The branch will be headed by Tifani Borel. She is currently manager of M&T Bank’s branch on 7th Avenue in Newark. Borel has been with the bank for 20 years.
“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,” Noel Carroll, the bank’s senior vice president of retail banking in New Jersey, said.
The bank operates more than 90 branches in New Jersey. It has four of those in Passaic County. Even without a branch in Paterson, the bank has been involved with the city’s nonprofit organizations.
It allocated $200,000 in New Jersey Neighborhood Revitalization Tax Credits to the New Jersey Community Development Corporation (NJCDC) to help expand the nonprofit’s youth workforce development program by creating the Great Falls Education and Training Center. It is also a longtime sponsor of St. Paul’s Men’s Shelter and the Boys and Girls Club of Paterson and Passaic.
The bank’s staff deliver and serve hot meals to men at the shelter every month. It provides financial assistance to the Boys and Girls Club, according to the bank. It also works with the Passaic County Community College.
The downtown Paterson branch of the Buffalo-based bank will open in spring of next year. “Our team is excited to become part of the Paterson community,” Carroll said.