NEW YORK—The Federal Reserve Bank of New York today announced that the Board of Governors of the Federal Reserve System has approved its proposal to close the Bank's Buffalo Branch, effective October 31, 2008.
To assist in maintaining its valuable relationships in the greater upstate New York region, the Bank also announced that it will establish a new 10-member Upstate New York Regional Advisory Board. This Board will be composed of prominent business and community leaders from the broader upstate New York region, including the Albany area, and will meet with the Bank's senior leadership to share information on economic and financial conditions in their respective industries and the upstate New York region. Additionally, two New York Fed Ph. D. economists, Richard Deitz and Jaison Abel, will remain on staff in Buffalo to continue research on and outreach to the upstate area.
This proposal follows a re-examination of the Bank's regional strategy, which determined that the Second District would be better served if the Bank rebalanced the resources applied to its regional efforts to enhance its analysis and outreach across the entire District. The Bank plans to apply more broadly throughout the District the type of successful forums developed in Buffalo for senior business and community leaders that were based on research on major issues impacting in the upstate New York region. As a point of information, Federal Reserve Bank of New York's region includes New York State; the 12 northerly counties of New Jersey; Fairfield County, Connecticut; and Puerto Rico.
Over the past 15 years, financial services once provided by the Buffalo Branch were consolidated at other Federal Reserve locations that continue to meet the financial services needs of the upstate New York depository institutions in an efficient and effective manner. Following these operational consolidations, the focus of the Buffalo Branch shifted to one of regional economic research, community affairs outreach and education.