TCCRE Assists M&T Bank with expansion
Oct 25, 2016
For sale: printers, servers, computers, stew pots, elliptical machines and one Kittinger partner’s desk listed at $10,000 that was discovered in the basement of M&T Center.
Those are some of the highlights of the inventory available at M&T Corporate ReUse, a department within M&T Bank’s corporate services division that sells pre-owned office assets to the general public.
Now those assets have a new place to call home, at least until they get sold. On Monday, M&T Corporate ReUse opened a new facility in Cheektowaga that nearly doubles the space it previously occupied just down the road at 157 Sonwil Drive.
With the exception of some rare finds – including the Kittinger desk – most items are modestly priced. All computer equipment has been scrubbed of bank data and reinstalled with clean operating systems.
It's fairly rare for a banking company to operate an in-house resale division. But Buffalo-based M&T (NYSE: MTB) – which turned 160 this summer – has acquired a lot of items over the years.
“When you’ve been in banking as long as M&T has, stuff tends to accumulate over time,” said Brian Lane, internal resources manager. “Years ago, we thought, ‘Maybe there’s an opportunity to find another purpose for this stuff.’”
Turns out, there was, and M&T Corporate ReUse was born in 2004. Donald Blady Jr., who joined M&T in 1981, manages the operation, which employs nine people full-time and a college intern from SUNY Buffalo State.
According to Blady, about half of the products come from bank acquisitions, including the November 2015 purchase of Hudson City Bancorp Inc. in New Jersey, from which Blady and his team expect to receive seven tractor-trailers worth of goods in the next several weeks.
The other half come from M&T itself, from computer upgrades for employees or building renovations throughout the eight-state footprint, Blady said.
Proceeds from the sale of the products go back to the departments in which the products came from. The bank has also donated certain items to local nonprofits including Buffalo City Mission.
M&T is leasing the space from Sonwil Distribution Center Inc. The deal was brokered by Patricia Collins of Tudor Collins Commercial Real Estate in Buffalo.
Store hours are 7:30 am to 4 p.m. Monday through Friday. M&T also sells the items online at www.mtreuse.com and on eBay, but those sites aren’t fully updated with the available products.
Including the new facility on Sonwil Drive, M&T now occupies approximately 1.7 million square feet of administrative and back-office space in Erie County. That includes commercial real estate that is bank-owned and leased.
Allissa Kline covers financial services, accounting, insurance and trade