Roosevelt Island Grand Opening

Amalgamated Bank, America's Labor Bank, has moved onto Roosevelt Island and will serve the community by providing its competitive array of affordable banking services that “work hard for working people.”

Today, Amalgamated Bank officially opened its newest branch, located at 619 Main Street on Roosevelt Island. The ribbon cutting ceremonies included residents, small business owners, teachers and students and elected leaders as well as officials from New York State, New York City and the Roosevelt Island Operating Corporation (RIOC). The Roosevelt Island branch is Amalgamated's fifth Banking Development District (BDD) branch in New York City and now 20 percent of the Bank's branches serve underbanked neighborhoods.

“The residents on Roosevelt Island value its small town way of life,” said Amalgamated Bank's President and Chief Executive Officer Derrick D. Cephas. “And, we came here to serve the community by delivering a range of products and services from basic bank accounts to home mortgages, credit cards, CDs and much more. Our job is to bring 'hard working' banking service to the island by building strong relationships with our neighbors and serving them for many years.”

The effort to bring a local bank back to Roosevelt Island was sparked by an alliance that included elected leaders and community-based groups as well as officials from New York State and New York City. Seeking to replace the previous bank that had decided to move off Roosevelt Island, Manhattan Borough President Scott M. Stringer joined with State Senator José M. Serrano, Assembly Member Micah Kellner and Council Member Jessica Lappin. Together they approached Superintendent of Banks Richard H. Neiman and asked the New York State Banking Department for help finding a bank to operate the BBD branch on the island. Their search led them to Amalgamated Bank, which responded quickly to the opportunity to further expand its branch network in New York City and serve an underbanked community.

In acknowledging Amalgamated's willingness to step forward, Manhattan Borough President Stringer said, “Growing up in Washington Heights, I've seen what happens when neighborhoods lack access to a local bank - a lot of people fall through the cracks financially. I applaud the opening of Amalgamated Bank's new Roosevelt Island branch, which will represent a new on-ramp to financial mobility and local banking for this community.”

Community Uses the Banking Development District Program

Local leaders and community groups used the Banking Development District (BDD) program to bring a local bank back to the island. The program provides incentives to banks that open branches in underbanked areas. For example, State Comptroller Thomas DiNapoli and City Comptroller William C. Thompson, Jr. deposited public funds with Amalgamated Bank. Those deposits help offset the costs to start up and operate the new branch.

In discussing New York State's support, Comptroller DiNapoli, said "The Amalgamated Bank's BDD branch on Roosevelt Island is truly a partnership between community residents, the bank, local officials, the Banking Department and the State Comptroller's office. The deposits will help the bank extend credit to neighborhood residents and small businesses. I look forward to watching Roosevelt Island continue to grow."

Also, the New York City Health and Hospitals Corporation, which runs the Coler-Goldwater Specialty Hospital and Nursing Facility on the island, offered to deposit a portion of its resources with the BDD branch. And, RIOC's Board of Directors led by President and CEO Stephen Shane agreed to deposit funds with Amalgamated and supported the Bank's move into the new space.

In discussing the Bank's commitment to the community, Mr. Shane said, "We are delighted to welcome Amalgamated Bank to the island. The Bank will provide residents and merchants with a convenient full service banking facility. We at RIOC are pleased to have assisted and look forward to a long and productive relationship."

With key support firmly place, Amalgamated Bank was ready to move onto Roosevelt Island. Amalgamated has three years of experience operating successful BDD branches in underbanked sections of the Bronx, Brooklyn and Queens. In addition, to providing basic banking services to hard working men and women, Amalgamated has joined with local groups to provide a wide range of financial literacy programs. Workshops and one-on-one meetings can assist people by helping them rebuild damaged credit ratings or create credit histories. They can also receive assistance managing their debt or working through home financing issues.

In discussing Amalgamated's branch on Roosevelt Island, Mr. Neiman, Superintendent of Banks for the State of New York, said “Reaching out to underbanked communities continues to be an integral part of the Banking Department's mission, especially in light of the economic woes New Yorkers have suffered in the past couple of years. It is important that all members of our community have access, in their neighborhoods, to affordable banking services and I commend Amalgamated Bank and its CEO Derrick Cephas for being part of the solution.”

Starts Savings Program for Students

Amalgamated Bank is also designing financial literacy programs for children, teens and adults on Roosevelt Island. In fact, later this month students at P.S./I.S. 217 on Roosevelt Island can sign up for Amalgamated's Children and Tween Green Savings program. Students will receive a passbook for a savings account, a piggy bank, materials and a calendar to remind them to make regular deposits in their accounts.

Also, the staff at the Roosevelt Island branch will work with teachers. Together, they will present lessons about the value of making good choices when it comes to saving or spending money. The goal is to help students form positive habits and attitudes about money that can serve them for years to come, said Amalgamated Bank's Vice President Lona Gill. Ms. Gill helped create the program with P.S. /I.S. 217 Principal Mandana Beckman and the faculty.

In addition to working with students, Assembly Member Micah Z. Kellner said, "Amalgamated Bank is a great fit for a diverse and historically underserved community like Roosevelt Island. I was happy to help secure Amalgamated's designation as a Banking Development District branch, and I know Roosevelt Islanders will welcome this new branch as a safe and convenient place to do their banking.”

The representatives from New York State who attended the ribbon cutting ceremonies included N.Y. Banking Department Deputy Superintendent of Consumer Services Dianne Dixon. Also, special guests from the City of New York were Commissioner David M. Frankel of the Department of Finance, Assistant Comptroller of Commercial Banking Denise Pease, Deputy Corporate Comptroller Martin Genee of the Health and Hospitals Corporation and Press Secretary John Moore from Council Member Lappin's office.