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volume 5 ••• Winter 2010

Amalgamated Bank Opens New Branches on Roosevelt Island and Ridgewood, New York

Roosevelt Island Ribbon Cutting
Branch staff, local residents and community leaders help Amalgamated Bank President and CEO Derrick Cephas cut the ribbon at the new Roosevelt Island branch.
Ridgewood Ribbon Cutting
Derrick Cephas cuts the ribbon at the new Ridgewood branch as part of a special holiday reception the Bank co-hosted with the Ridgewood Business Improvement District.

Amalgamated Bank continues to bring its affordable banking services that "work hard for working people" to growing and thriving communities like Roosevelt Island and Ridgewood, Queens. With solid support from its new neighbors, Amalgamated recently opened full-service branches at 619 Main Street on Roosevelt Island and at 56-29 Myrtle Avenue, which is in the heart of Ridgewood"s busy shopping district. Amalgamated now has 16 branches in New York City and more are scheduled during 2010.

"We are expanding in these vibrant communities where generations of men and women have raised families and made valued contributions to civic life," said Amalgamated Bank"s President and CEO Derrick D. Cephas.

With careful planning, the Bank was ready to open its Roosevelt Island branch when the previous bank departed the Island last summer. The professional and friendly branch staff even served customers as construction crews improved the interior, installed new ATMs, and delivered new furniture.

During the grand opening in October, students from the Roosevelt Island School held the red ribbon while Mr. Cephas cut the band and officially opened the branch. During the opening ceremonies, community and government leaders discussed the importance of bringing a local bank branch back on the Island. Speakers at the branch opening included Manhattan Borough President Scott M. Stringer, Roosevelt Island Operating Corporation CEO Stephen Shane, N.Y. State Assembly Member Micah Kellner, New York City Finance Commissioner David M. Frankel, and N.Y.C. Assistant Comptroller Denise Pease.

We are expanding in these vibrant communities where generations of men and women have raised families and made valued contributions to civic life.

-Derrick Cephas, Amalgamated Bank President and CEO

An equally large group was on hand in Ridgewood in December as Amalgamated opened its branch on Myrtle Avenue. Local retailers, business owners, and residents as well as civic and political leaders enthusiastically welcomed the bank to the neighborhood. President and CEO Derrick Cephas hosted the evening event that included a ribbon cutting and seasonal music provided by a string trio from Queens College. Also, the student choir from Grover Cleveland High School in Ridgewood sang holiday songs to passing shoppers and the branch staff gave out candy canes.

Serving the Community in Many Ways

Amalgamated Bank will support important community activities both on Roosevelt Island and in Ridgewood. During the recent holiday season, Amalgamated helped sponsor the Island"s annual tree lighting ceremonies. Also, Amalgamated"s branch manager Kathy Lasri will work with the parents and staff at The Roosevelt Island School to present the Tween Green SavingsTM program (see article on back page).

In Ridgewood, Amalgamated is building strong relationships with small businesses, residents and local groups. Theodore Renz, Executive Director of the Myrtle Avenue Business Improvement District, introduced Amalgamated to the Greater Ridgewood Restoration Corporation and Ridgewood Property Owners and Civic Association. Over time, the Bank will work with these groups and together they will make useful contributions to the community.