Evans Bancorp’s merger with Fairport Savings Bank’s parent company in the Rochester area is off to a good start, albeit in uncommon times, said David J. Nasca, Evans’ president and CEO.
“The integration is going as well as it can go, under these unusual circumstances, in terms of acquiring new accounts,” Nasca said. “We think it’s ahead of schedule.”
Evans announced the $34.7 million deal last December and completed it in May, amid the Covid-19 pandemic. Fairport Savings Bank’s five branches will convert to Evans’ electronic systems and signs this weekend, Nasca said.
The acquisition weighed heavily on Evans’s second-quarter earnings, with $5 million in one-time, merger-related costs. Evans on Wednesday reported quarterly profits of just $469,000, compared to $4.4 million a year ago.
Another factor that dragged down Evans’ profits: its $597,000 provision for loan loss, compared to $90,000 a year ago. Banks everywhere are bolstering these provisions as a safeguard against the Covid-19’s potential economic impact on borrowers.
Meanwhile, Evans continues to renovate what will become its new corporate offices in Amherst. Those offices should be ready in mid September, said John Connerton, Evans’ chief financial officer.
But Nasca said bank officials will take into account factors that affect employees, including the reopening of schools, before deciding when to move employees into the Main Street offices.
Published by The Buffalo News