Alliance Bank to open Cicero branch on Route 11

CNY Business Journal (1996+), Sep 26, 2003 by Dickinson, Casey J

CICERO - Alliance Bank will build a new branch on Route 11 in the fastgrowing Town of Cicero.

The new branch is part of a three-branch, Onondaga County expansion plan, says Joseph,Russo, vice president of marketing and investor relations for Alliance Financial, the bank's parent company. Alliance plans to have its new branches completed within the next year. The Cicero project is currently in the final bid stages, and the winner will begin building within the next month, says Russo.

"We're going to solidify. our position in Onondaga County," he adds. Alliance has Onondaga county branches in downtown Syracuse, Manlius, Lyndon Comers, Fairmount, and Baldwinsville. Each of the new branches will employ approximately five, says Russo.

The expansion plan does not rule out future acquisitions within the market, he adds. The bank views acquisitions and branch building as part of an overall expansion strategy.

The 2,400-square-foot Cicero branch will be located next to Wegmans' Cicero store near the intersection of Caughdenoy Road. The branch will have drive-up service and a 24-hour ATM. Alliance will lease property from Widewaters Associates, but Russo declined to give terms of the lease. The banking company has yet to tally its final construction and leasing costs, says Russo.

One of the new branches will feature a commercial banking and small-business center, says Russo. Alliance is still negotiating for its other two Onondaga. County sites, which it would not disclose. The same contractor may construct all three branches.

Formed in 1999, Alliance merged Oneida Valley National Bank and First National Bank of Cortland. The two banks' histories stretch back 150 years. Alliance has 18 branches and more than 250 employees.

Headquartered in both Cortland and Oneida, its executive offices are in downtown Syracuse. Alliance posted approximately $7 million in net income on $49.5 million in 2002 revenues. "The company launched an investment subsidiary in August.