America's Labor Bank and Myrtle Avenue BID Co-host Branch Opening and Ribbon Cutting

Amalgamated Bank, America's Labor Bank, has opened a full-service retail branch in Ridgewood to serve the community's residents, businesses and organizations. As a progressive bank, Amalgamated will provide its competitive array of affordable banking products and services that “work hard for working people.” In addition, the Bank's staff will work closely with the business community along Myrtle Avenue to foster economic growth and expansion.

Amalgamated Bank's newest branch is located at 56-29 Myrtle Avenue in Ridgewood. The Bank selected the community because generations of hardworking men and women have raised their families in the neighborhood's historic, yet affordable, brownstone homes. Long-time and new residents take pride in the area's tree-lined streets, pleasant lifestyle, and vibrant retail shopping district.

During the ribbon cutting ceremonies to officially open the branch, Amalgamated Bank's President and Chief Executive Officer Derrick D. Cephas said, “Ridgewood is thriving and will grow for many years to come. Our Bank can nurture that growth by providing personalized banking services and financial resources to our new neighbors.”

Also, Amalgamated Bank's Ridgewood branch will help local businesses improve the commercial district by making the streetscape more attractive to shoppers, diners and visitors. For example, Amalgamated has already built a strong relationship with the Myrtle Avenue Business Improvement District (BID), which co-hosted the branch's grand opening. Going forward, both organizations will work together to enhance the shopping environment on Myrtle Avenue from Fresh Pond Road to Wyckoff Avenue in Ridgewood.

“We are proud to welcome Amalgamated Bank to our community and believe the organization's commitment will help Ridgewood's vital retailing and business district,” said Executive Director Theodore Renz of the Myrtle Avenue BID. “Also, Amalgamated is a progressive bank with a long history of going the extra mile to meet the banking and personal finance needs of working families and small companies. We are looking forward to forging a long, productive and successful relationship with Amalgamated Bank.”

In addition to providing consumer and small business banking services and products, Amalgamated Bank is focused on helping men and women achieve their financial goals. This spring, the Bank will present its free series of Money Sense financial literacy workshops. Scheduled to be held in different venues around Ridgewood, the sessions will assist people who want to reduce personal debit, establish a credit history, create a solid credit rating, save for a home or retirement and develop an effective relationship with their bank.

Also, to help students grasp the importance of saving money, Amalgamated will join with local intermediate schools to provide its Tween Green Savings program. By enrolling and consistently participating in the program, students realize that saving money is a useful habit to develop. “Financial literacy is one of those valuable assets that we can start developing at a young age, build on overtime and later apply to the more complex decisions that we face throughout life,” explained Mr. Cephas.

“Helping men and women increase their financial literacy is just one of the ways Amalgamated Bank makes a difference in the communities it serves in Queens County,” said New York State Assemblywoman Catherine Nolan, who represents the 37th Assembly District. “Based on my first-hand experience, this is a bank that knows how to assist hard working people by leading initiatives designed to improve their financial lives. Amalgamated is an organization you count on to do the right thing for everyone in the community.”

Assembly Member Nolan was represented at the branch opening by her Community Liaison Anne Lettau. In addition, a number of elected officials attended the event including: New York State Senator Joseph P. Addabbo Jr., 15th Senate District; Community Liaison Evelyn Cruz, representing Congresswoman Nydia Velazquez, 12th Congressional District; Assembly Member Michael Miller, 38th Assembly District; New York City Council Member Elizabeth S. Crowley, 30th Council District; and Community Liaison Alejandro Echecheverri, representing City Councilwoman Diana Reyna, 34th Council District.

Joining election officials at the branch were representatives of local community and civic organizations including: Executive Director Seth Bornstein of the Queens Economic Development Corporation, staff member Catherine O'Leary represented Community Board #5, Executive Director of Great Ridgewood Restoration Corporation Angela Mirabile, and the President of the Greater Ridgewood Historical Society Linda Monte.

During the branch opening, a choral group from Grover Cleveland High School sang holiday songs and string trio from Queens College played seasonal music.