New York bank acquisition leaves questions

When SBU Bank of Utica began operating under the name of Partners Trust in 2004, patrons - especially those loyal to the Gold Dome building in Utica - probably didn't expect changes anytime soon.

However, "an overwhelming amount of eligible" Partners Trust shareholders voted Wednesday in favor of M&T Bank Corp's plan to acquire Partners Trust for $555 million, said Steve Mahler, spokesman for the Partners Trust.

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<td>IMPORTANT DATES </td>

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<td>Nov. 30

*Partners Trust branches will close at 3 p.m.; M&T branches will stay open until 6 p.m.

Dec. 1

*Recurring payments scheduled to be paid after Dec. 1 with your Partners Trust card numbers need to be rescheduled using your M&T card number.

* Destroy and discard your Partners Trust card(s).

Dec. 3

* Partners Trust branches reopen as M&T Bank at normal business hours.

For more information on the conversion, including online banking, customers can call 1-800-414-9435 or visit www.mtb.com</td>

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Now, the Nov. 30 target conversion date leaves many unanswered questions for Partners Trust customers and Mohawk Valley residents.

For example, what will come of the many Partners Trust branches located around the region, especially the area's most notable one - Genesee Street's Gold Dome building that makes Utica's skyline what it is?

A closure of the Gold Dome would be "devastating" to downtown, said Mayor Tim Julian Wednesday night; but then again, he feels the business deal is harmful to begin with.

"The lost jobs hurt the area," he said. "Everyone wanted to cash out. They should've entered into a multiple-year agreement."

"No decision has been made on the facilities," said M. Jean Hill, spokeswoman for M&T. "Those decisions will take place in the future."

The merger will result in 382 job cuts in the Utica, Syracuse and Binghamton areas.

Of those job cuts, 219 will be in back-office type jobs in Utica and New Hartford.

While the laid-off employees will be paid through the end of the year, whether they will actually continue working past Nov. 30 depends on the employees' job functions, Hill said.

Meanwhile, banking business went on as usual at the Partners Trust branch in North Utica Wednesday afternoon, and customers seemed unaffected by the impending change.

"Next month we will find out if it's better or not," said Jabir Eltayeb of Utica. "If they have the same service, it's OK. If not, I will find another bank."

Nancy Pianka of Cold Brook echoed Eltayeb's sentiments.

She said she works in Utica and likes that the North Utica branch is open Saturday mornings.

"So far, I don't think there will be much of a change," she said, adding she briefly read some of the literature M&T sent Partners Trust customers last month. "At least I hope not."

A cover letter, dated Oct. 5, accompanied a book titled "Welcome to M&T: A Guide to Your Personal Accounts."

In the letter, M&T states that Partners Trust customers will see few changes in regards to their accounts, interest rates and lines of credit.

Buffalo-based M&T announced in July that it was buying Partners Trust and its 33 bank branches in a six-county area in Upstate New York, including Oneida and Herkimer counties.

The deal was originally scheduled to close Nov. 9, but was delayed because regulatory and shareholder approvals were still needed.

The Federal Reserve Board approved the merger Nov. 7, but approval still is needed from the New York State Banking Department.

Hill said this is expected to happen by Nov. 30.

Utica Observer-Dispatch