The decision by Bank of America to closer its Elma operations may open the door for another firm - Moog Inc. - to begin an expansion project, creating an economic development ying and yang,
In state WARN filings, Bank of America said it will be shuttering its Jamison Road operations center in late June, a move that could impact 170 of the 252 people employed there.
Bank of America did say the impacted employees are being offered employment options with its network - although it didn't say if those jobs were local or out of the region.
Bank of America is not leaving the region.
"We will continue to invest in the region," it said in a prepared statement.
Bank of America has invested more than $26 million in local upgrades during the past 10 years and will be investing another $4 million in the coming years..
Bank of America had leased the office space from Moog but Moog said the Jamison Road facility is being targeted for the expansion of its space actuation and avionics divisions, which among other clients is part of the NASA team connected to the current Artemis II mission.
"Let's see how everything is handled," said Brenda McDuffie, Erie County Industrial Development Agency chairperson.
McDuffie said she hopes history repeats itself in referring to HCBC Bank that, at one time scaled back its local operations, but in recent years as re-invested in the region and added new jobs.
"I hope that happens," McDuffie said.
Moog to expand into Bank of America space
Moog to expand into Bank of America space
