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 Yonkers, NY - Just one year after opening for business, The Westchester Bank, announced that its total assets as of June 30 exceeded $100 million.
The Bank also reported that its deposits as of June 30 are in excess of $80 million with commercial loans of $32 million.
“What a year it has been for The Westchester Bank! We have accomplished in one year what we originally forecasted would take at least two years,” said John Tolomer, President and CEO of The Westchester Bank. “What’s even more remarkable about this unprecedented growth is that has taken place during one of the worst economic downturns in a generation. Clearly, there is a growing market for a local bank focused on serving the area’s small to mid-sized businesses with a full range of banking products and a strong commitment to highly personal service,” Mr. Tolomer added.
Mr. Tolomer also attributed the Bank’s success to its financial strength. “Unlike many of the regional and multinational banks, The Westchester Bank is well capitalized with no subprime loans on our books. We are making loans and doing so at very competitive rates. Our goal is to work closely with our business customers to help them succeed,” he said.
In addition to its full line of business banking products and services, The Westchester Bank is now also offering consumer services including personal checking, money market accounts, personal loans and credit cards. “We found that many of our business customers were so pleased with our products and services that they wanted to bring their personal banking to us as well. It’s a perfect fit,” said Mr. Tolomer.
Two months ago, The Westchester Bank officially opened it new 8,000-square-foot headquarters at 2001 Central Park Avenue in Yonkers. Mr. Tolomer said the Bank is currently exploring sites for another branch office in Westchester County. “We are very bullish on the local economy. The market we serve -- the small and mid sized businesses – is fundamentally strong. As they grow and prosper, so will The Westchester Bank,” he said.
A New York State Chartered and FDIC insured commercial bank, The Westchester Bank offers a comprehensive line of banking services to businesses and consumers including business and personal checking, business lending, commercial mortgages, savings accounts, CDs, money market accounts, Interest On Lawyer Accounts (IOLA), attorney escrow accounts and tenant security accounts. The Westchester Bank utilizes the latest technology and online services to provide convenient service to its customers. For the Bank’s business customers, there’s the remote capture service that allows you to safely and securely deposit checks directly into your account without ever leaving your office. In addition, the Bank’s website features an Online Banking Center where customers can manage their accounts and make transactions online.
For more information about The Westchester Bank please visit www.thewestchesterbank.com or call (914) 337-1900.
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