Evans Bank set a record for profits for a fourth straight year, reaching $17.9 million in 2019.
The Hamburg-based bank capped the year with net income of $4.6 million in the fourth quarter, up slightly from a year earlier. Evans’ full-year profits increased 9% from 2018.
“We’re encouraged by the progress we’re making in expanding the business, growing earnings,” said David J. Nasca, president and CEO.”It’s a very competitive banking market, challenging interest rate environment, yet we still had another consecutive year of record earnings.”
The bank’s growth in assets and clients helped fuel the record results, Nasca said. “Our [customer] awareness continues to come up, and we’re driving continued business growth and client acquisition.”
Evans has two significant items on its agenda this year.
The bank expects to complete its deal for Fairport Savings Bank, based in suburban Rochester, in late April or early May. The deal, which includes five branches, is valued at $34.7 million and will mark Evans’ expansion beyond the Buffalo Niagara region.
And Evans is moving its corporate offices to Amherst from Hamburg, with a projected July 1 move-in date. The project is estimated at $7.65 million, including the building’s acquisition price. Evans’ corporate offices in Hamburg are up for sale.
Evans recently acquired Benefit Brokers of WNY, bolstering its employee benefits administration business.
Published by The Buffalo News