Buffalo Industrial Bank _ Table of Contents

Chronological History - Buffalo Industrial Bank

By Debra Hall-Stonish
2015


Bank of Buffalo Building – Buffalo Industrial Bank

1916 – a group of prominent business executives, many connected with the Marine Trust Company, raised $200,000 to start the Buffalo Morris Plan Industrial Bank. Like similar plans throughout the country, the Morris Plan focused on making personal loans. The only other services were savings certificates and Christmas Club savings accounts.

1930s - A brochure from 1933 pointed out that one out every 10 families used the Morris Plan. In the early 1930s, a person could walk into the bank and request a loan of up to $5,000. The interest rate for the 12-month loan was about 7%.

1934 – Changed its name to Buffalo Industrial Bank

1936 - The bank began doing more commercial business and changed its name to Buffalo Industrial Bank.

1939 - First bank east of the Mississippi to offer drive-up banking – at its branch on Fillmore Avenue. They thought it was a perfect fit with highlighting the fact that Buffalo Industrial Bank was the leader in financing automobiles.

1948 – Moved to 17 Court Street

1959 – The bank moved from an industrial bank to a full-fledged state-chartered commercial bank. The name was changed to Bank of Buffalo.

1976 – Under a new state law effective January 1 1976, commercial banks were allowed to branch statewide. Purchased by Bank of New York – one of the nation’s first banks founded in 1784. Became Bank of New York – Western Region. Later – purchased by Key Bank.

Bank of New York claimed to be the first bank to introduce the home improvement loan and student loan concepts to the WNY area. In the 1960s, the bank introduced lines of credit attached to checking accounts to overdraft protection.




Ad found in Souvenir Historical Book, Buffalo's 125th Anniversary, World Port Celebration, 1832-1957, p. 95





Photos and their arrangement © 2015 Chuck LaChiusa
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