Kellner Helps Assure Stability of New Bank

State Assembly Member Micah Kellner according to his website has confirmed that the planned entry of Amalgamated Bank will lead to a long turn relationship on Main Street by pushing for Roosevelt Island to be designated a Banking Development District which means $10 million of state money will anchor the new bank here

Read the whole story HERE. Congrats to Micah and to RIOC for ensuring that banking services are available to local residents and businesses.

According to a news release issued by Amalgamated, the current NYNB will stay open until July 17th. The new branch expects to open on July 20th and will be taking applications at the current NYNB branch with an Amalgamated representative for new accounts prior to that date.

Amalgamated certainly has a history with Roosevelt Island sponsoring or co-sponsoring past events on the island including the annual Halloween Gala for the kids at PS 217, the annual tree lighting at Blackwell House and its involvement at the recent Health Fairs. And you can't notice the basketball backboards at the courts adjacent to Capobianco Field.

Reports that Roosevelt Island's Only Bank to Close

[Updated at 3:00 pm for the addition of the second paragraph and the revision of the fourth.]

According to a reader of this blog a letter has been sent to depositers at the Roosevelt Island branch of New York National Bank (a subsidiary of the Husdon Valley Holding Corporation) announcing that the branch is scheduled to close this June. I have not seen a copy of the actual letter and based on the above picture taken last night no public signs of the claimed closure are apparent.

Stephen Shane, President of the Roosevelt Island Operating Corporation, confirmed the expected closing as RIOC received notification from NYNB as its landlord and as a depositor of the branch. According to Mr. Shane "neither the residents nor the merchants used it enough to make it economically viable [to NYNB]". RIOC has contacted Amalgamated Bank about the location but Amalgamated apparently does not want to repeat the failures of the former banks at that location.

As per this reader: This would be a terrible loss for the island since:
(1) It is the only bank here with full service,
(2) It serves the island businesses, seniors, disabled and those who cannot leave the island, and
(3) If the store is vacant will it be yet another storefront that RIOC would leave empty.

If the branch closes, the only bank ATMs on the island would be the two Chase ATMs and te ATM at Gristedes. The Chase ATMs are located at the Octagon and at the Duane Reade. It is unknown to this blogger if there are other ATMs at either Coler or Goldwater Hospitals.

My understanding is years ago there was an actual Chase Branch on the island and that only after a letter writing campaign to the State Banking Commission was NYNB found and brought to the island. It would appear that another grass roots effort may be needed if NYNB actually does close this branch.