Amalgamated Bank Opens Long Island City Branch

Gathered to cut the ribbon and open the Amalgamated Bank Long Island City branch are (l. to r.): Congressmember Carolyn Maloney, ERDA President Bishop Mitchell Taylor, Assemblymember Catherine Nolan, Amalgamated Bank Vice President and Branch Manager Josh Andre, Amalgamated Bank President and Chief Executive Officer Derrick Cephas, Deputy Borough President Karen Koslowitz, City Comptroller William Thompson and Peter Mosbacher. Photos Florence Koulouris

Last Friday, an alliance of government officials, community and labor leaders as well as business organizations participated in ribbon-cutting ceremonies to officially open the Amalgamated Bank branch, the first bank in this community in decades. Working together, the alliance brought a retail bank to this underbanked area with 32,000 residents. Supporters believe the bank will be a positive force in revitalizing the economy of this ethnically diverse, proud and determined area.

"Everyone who helped bring Amalgamated Bank to this Long Island City neighborhood recognized the many opportunities that exist here," Amalgamated President and Chief Executive Officer Derrick D. Cephas said. "It is clear to us that there is much untapped, economic potential in this community, and now we have a key piece in place for working people and small business owners to manage their banking and financial needs right here. We're using our banking expertise, knowledge of the community and skilled personnel to foster business growth and provide affordable banking services to people who want to pursue their dreams and create a better life for themselves and their families."

Amalgamated Bank branch officers (l. to r.) are: Coty Green, customer service representative, Ralph Scherillo, assistant vice president, Josh Andre, vice president and branch manager, and Jovanny Peralta, supervisor.

Located near the intersection of 21st Street and 36th Avenue, the full-service branch has two 24-hour ATMs, a drive-up teller window and off-street parking. The branch, which is open six days a week and offers extended banking hours, is serving a neighborhood that includes the New York Housing Authority's Queensbridge Houses, the largest public housing development in the United States, as well as Ravenswood and Astoria Houses. In the past, residents of these developments and other people in the neighborhood usually walked a mile or more to the nearest local bank or kept their money in boxes, containers and hiding places in their homes.

Photo Allison Sargent Events Youngsters from the Hour Children Early Learning Program were on hand when local, city, state and federal officials cut the ribbon and officially opened the Amalgamated Bank at 21st Street and 36th Avenue. For more than 10 years, Sister Tesa Fitzgerald's Hour Children organization, based at 12th Street and 36th Avenue in Long Island City, has provided loving care to children of mothers who were formerly incarcerated and are now working to support their families. Surrounded by kids are (l. to r.) Josh Andre, manager of the new branch, Assemblymember Catherine T. Nolan, Amalgamated Bank President and Chief Executive Officer Derrick D. Cephas and Sister Tesa Fitzgerald, Hour Children executive director. Teenage girls shown are part of a group of volunteers who come each summer from St. Mark's Church in Independence, Missouri to help care for kids.

To build new relationships with the neighborhood's working people and small business owners, Amalgamated Bank will partner with the Long Island Citybased East River Development Alliance (ERDA) and LaGuardia Community College's Office of Economic Development. For example, the bank is working with the college for the second consecutive year to jointly offer "Money Sense" financial literacy workshops, which help people make responsible and intelligent decisions regarding their money. The bank is expanding the scope of the workshop project by providing a yearlong, $50,000 grant that was presented to LaGuardia President Dr. Gail O. Mellow during the ribbon-cutting ceremonies. During the fall, workshops will be held at Queensbridge Houses as well as in the new branch and at nearby locations.

Also, during the ceremonies, the bank provided a $12,000 grant to the ERDA, the non-profit organization that works to expand economic opportunities for public housing residents. Resources from the grant will support the organization's Building Wealth Academy, an innovative program that provides residents with one-on-one financial counseling, money management classes and group workshops. Recently, ERDA and the bank held a series of money management classes at Ravenswood Houses and the neighborhood's P.S. 76, William Hallet Elementary School. Each individual who completed the course had $50 deposited in an Amalgamated Bank account opened in his or her name.

The bank is also recruiting personnel for the new branch from a variety of workforce development programs. Local resources include ERDA's workforce development program and LaGuardia Community College's Workforce1 job training initiative as well as Vocational Foundation Inc.'s programs, which offer New York City "at-risk" teens and young adults occupational training, counseling and job placement.

In bringing the branch to the neighborhood, the alliance of government and community leaders worked closely with Amalgamated Bank to estab- lish a Banking Development District

BDD) in Long Island City. To encourage banks to open branches in underserved areas, the governor of New York and the state legislature enacted the law that created Banking Development Districts. The law also provides banks with such incentives as reduced property tax levies for the branches in underbanked areas and low cost deposits from state and municipal governments. Based on the enthusiastic support from Queens County officials and community leaders, the New York State Banking Department rapidly approved the BDD for Long Island City.

The support of many public officials was critical to securing a BDD in Long Island City. Individuals who played key roles include City Comptroller William J. Thompson, Jr.; Borough President Helen M. Marshall; Assemblymember Catherine T. Nolan; City Councilmember Eric Gioia, and former Superintendent of Banks Diana L. Taylor. Bishop Mitchell Taylor, president of ERDA, and Union Local 137 Sheet Metal Workers International also provided valuable guidance.

"I am proud to have taken a leadership role in participating in the state's Banking Development District Program," Thompson said. "The new Amalgamated Bank branch will give the residents of Queensbridge Houses access to banking services that so many of us take for granted. New York City's investment in this program will empower the residents with much needed savings and checking accounts, mortgages and small business loans as well as financial education programs."

Nolan added, "We are all gratified, proud and enthusiastic about attending the opening of a bank in this community of deserving and hardworking individuals and families. While we can all savor our success, most of us know that more work lies ahead if we are going to truly serve the economic needs of the neighborhood. I'm committed to pulling the community up by its bootstraps, so that it becomes an even better place to live, work and raise a family."

Marshall, who was represented at the grand opening by Deputy Borough President Karen Koslowitz, said, "This bank is a welcome new neighbor to the thousands of residents and businesses in a community that has traveled far and wide in the past for banking services. This underserved community now has access to a wide variety of programs that will provide more opportunities for the future. I thank Amalgamated Bank for its investment in this neighborhood and my colleagues in government at the local, city and state levels. We all worked together with the private sector to make this bank an integral part of the community. Congratulations to all!"