Magazine article American Banker

Marine Midland Planning Expansion within Northeastern US Quadrant

Magazine article American Banker

Marine Midland Planning Expansion within Northeastern US Quadrant

Article excerpt

Marine Midland Planning Expansion Within Northeastern US Quadrant

Marine Midland Banks Inc. plans to expand within the northeastern portion of the United States in advance of interstate banking there, its vice chairman said recently.

Speaking to security analysts in Chicago on Friday, Thomas F. Donovan, the vice chairman of the $24.7 billion-asset Marine Midland, said the company wants to strengthen its position in the "Northeast quadrant,' which he described as running eastward from Illinois and northward from Virginia to Maine.

Marine will achieve this expansion both through acquisition and investment, he said. The company has a program under which it invests in banks in states outside New York. It currently has stakes in the Society Corp. of Cleveland, the Statewide Bancorp. in Toms River, N.J., and the Michigan National Corp. in Detroit.

"We'd like to have an investment of consequence, which is between 20% and 25%, in every state in the quadrant,' Mr. Donovan said in a presentation to the Investment Analysts Society of Chicago.

"We're constantly looking at and talking to others [in that area],' he added.

Expanding within the Northeast is part of a new five-prong strategy Marine has set, Mr. Donovan said. The other parts of the strategy are:

Building on its position in New York State, both through internal growth and acquisition. …

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