Amalgamated Bank Branch Grand Opening On Roosevelt Island - Cause Of Celebration For Banking Deprived Residents

Photo by Catherine Gibbons

Last Friday's Grand Opening of the new Roosevelt Island Amalgamated Bank branch drew some divergent responses from readers. One wrote:

Only on Roosevelt Island do bank branches have grand openings. Amazing. I wish Starbucks did that when they opened. But they just opened without fanfare.

Another:

I think it's AWESOME that Amagamated Bank took over the vacated lease of the old bank. They have the support and resources to last here on the island and their rates are better. Welcome to R.I. Amalgamated!

Amalgamated's Public Relations representative forwarded this recap of the Roosevelt Island Grand Opening festivities.

Students, residents, local leaders and elected officials helped as Amalgamated Bank’s President and Chief Executive Officer Derrick D. Cephas and Branch Manager Kathy Lasri cut the ribbon during the grand opening of the Bank’s Roosevelt Island branch. Later this month, Amalgamated and P.S. / I.S. 217 will start a project that lets third and fifth grade students open savings accounts and deposit small amounts of money. The project will include classroom sessions about saving money and spending it wisely. Shown in the photo in the front row (from the left) are: Kartan Afif, Jessica McNamara, N.Y.C. Deputy Comptroller Denise Pease, Mr. Cephas, Ms. Lasri as well as students Alpha Bah, Julia Nam and Andrea Reyes. Back row (left to right): P.S. / I.S. 217 Principal Mandana Beckman, Father Peter A Miqueli, R.I.O.C. President and CEO Stephen Shane, Bank V.P. Lona Gill, New York State Assemblyman Micah Kellner, N.Y.C. Department of Finance Commissioner David Frankel, State Comptroller’s Deputy Press Secretary Vanessa Lockel and State Banking Department Director of the Consumer Affairs Unit Akua Soadwa

Assembly Member Micah Kellner was there and on his blog reports:

On October 1st, I was proud to join Amalgamated Bank President and CEO Derrick Cephas, as well as Borough President Scott Stringer and a number of other distinguished guests, to mark the grand opening of Amalgamated’s new branch on Roosevelt Island. The opening marks the beginning of a new era of community banking for island residents — a secure replacement for the New York National Bank branch that closed this summer.

In July, I posted about how I worked with Assembly Banking Committee Chair Darryl Towns to ensure that the State Banking Department designated the island’s new Amalgamated branch as a Banking Development District (BDD) branch. This means that $10 million in public funds have been deposited with the new branch, providing the security it needs to serve as a reliable long-term bank for Roosevelt Islanders. Thanks to the BDD designation, as well as support from State Comptroller Thomas DiNapoli, City Comptroller William C. Thompson, Jr., the Roosevelt Island Operating Corporation, and other stakeholders, island residents will continue to have a convenient location to do their banking for many years to come....

Let's hope that Amalgamated can stay in business on Roosevelt Island longer than their predecessors.

Amalgamated Bank To Open Full Service Roosevelt Island Branch On July 20

Image of NY National Bank soon to be Amalgamated Bank from RI 360

RIOC President Steve Shane forwards the press release below announcing that Amalgamated Bank will be assuming NY National Bank's lease for 619 Main Street and opening up a branch office at that location starting July 20.

New York National Bank and Amalgamated Bank Jointly Announce Arrangement to Continue Branch Banking on Roosevelt Island

Roosevelt Island, New York – July 13, 2009 – New York National Bank (NYNB) and Amalgamated Bank (Amalgamated) have announced an agreement involving NYNB’s branch at 619 Main Street on Roosevelt Island. Under the arrangement, Amalgamated will assume NYNB’s lease of its Roosevelt Island space and open a new full service branch at the Main Street location on July 20. NYNB announced in February that it was closing its Roosevelt Island branch on June 5, 2009. To facilitate the smooth transition with Amalgamated, NYNB will keep the branch open until July 17. “Closing our Roosevelt Island Branch was an unavoidable and difficult business decision,” said James J. Landy, President and Chief Executive Officer of NYNB. Since announcing the closure, we have worked with Amalgamated Bank to ensure that a full service branch will continue to serve the community. We are proud of our history of service to our customers and to the people of Roosevelt Island.” Amalgamated Bank has always served working families through its branch network and has actively supporting the Roosevelt Island community. For example, Amalgamated Bank organized a Halloween Gala for hundreds of children, tweens and their parents at the Roosevelt Island School (PS/IS 217). The Bank also sponsored the annual holiday tree lighting ceremony that is held in front of the Blackwell House and the Roosevelt Island Health Fair that is held in May each year. “During these events, we talked with many residents and developed an appreciation for their need to have a convenient bank on Roosevelt Island,” said Derrick D. Cephas, President and Chief Executive Officer of Amalgamated Bank. “We’re known as the Bank that works hard for working people. Now, we have an opportunity to serve our new neighbors by providing our array of affordable banking products and services.” As a convenience for existing NYNB customers and all residents of Roosevelt Island, Amalgamated will take new account applications at the 619 Main Street branch before the planned July 20th opening date. Consumers and businesses can meet with the Amalgamated’s representatives at the branch on Tuesdays and Thursdays from 11 a.m. to 4 p.m. through July 16. Any accounts opened in this manner will be held at Amalgamated’s Long Island City branch until its new Main Street branch opens for business. Accounts of current NYNB customers on Roosevelt Island, who choose to continue banking with NYNB, will be automatically transferred to the NYNB’s East Harlem Branch as previously announced. Or, they can continue to bank at other New York National Bank branches in the Bronx and Manhattan or any branch of its sister bank, Hudson Valley Bank....

There has been a constant turnover of Bank Branches on Roosevelt Island for many years. As I recall, there was a Manufactures Hanover, Chemical and Chase Bank all of whom chose to leave the same Roosevelt Island location prior to the latest decision by NY National. Hope Amalgamated can do better. UPDATE 2:45 PM - Assembly Member Micah Kellner has more on Amalgamated Bank opening a branch on Roosevelt Island.

... As a member of the Assembly’s Committee on Banks, I worked with Committee Chair Darryl Towns to ask the State Banking Department to designate Roosevelt Island a BDD. I am thrilled to announce that on July 6, the NYS Banking Department agreed to the designation. This means that public funds will be deposited in the new Amalgamated Branch, providing the security it needs to serve as a reliable long-term bank for Roosevelt Islanders. Island residents can take comfort in having a local bank that will be around for many years to come.