Newly Constructed Roslyn Savings Bank Provides a Critical Foundation for the Wyandanch Rising Project; NYCB Branch Will Serve One of Long Island’s Largest Unbanked Communities

WYANDANCH, N.Y.--(BUSINESS WIRE)-- New York Community Bank (NYCB) and the Town of Babylon today mark the opening of a newly constructed branch of the Bank’s Roslyn Savings Bank division in Wyandanch, the first stand-alone banking location to serve the hamlet in over 20 years.

Disproportionately underserved by traditional banking services, many Wyandanch residents have relied on high-cost check cashers or other money transfer agents to access funds over the past two decades. The services now offered at the new Roslyn Savings Bank branch include starter savings accounts that require as little as one dollar to open, as well as checking accounts with no minimum balances. NYCB will also be providing financial education programs for residents and businesses within Wyandanch, in addition to small business training and workshop programs.

“Financial inclusion--the ability for people to access banking products and services--is essential for the prosperity of any community. We take great pride in playing our part in the revitalization of Wyandanch. By providing a strong foundation for the community’s economic expansion, we will help bring unbanked residents into the financial mainstream," said Andrew Kaplan, Executive Vice President of Retail Products and Services at NYCB.

Critical to the opening of this branch is New York State’s designation of Wyandanch as a Banking Development District (BDD). Last year, NYCB and the Town of Babylon worked together to secure this status, which provides incentives to help expand and preserve access to retail banking services for unbanked and under-banked residents in a community. Wyandanch is the second BDD on Long Island, following Brentwood's designation in early 2014. The Brentwood location is also a branch of Roslyn Savings Bank.

"This is a monumental day for Wyandanch, as the establishment of this bank opens the door to vital financial tools for families and local businesses," said Town of Babylon Supervisor Rich Schaffer. "The enhanced access to loans, homeownership tools, and many other services will promote long-term economic development, and stimulate personal and household wealth from the bottom-up. I thank New York Community Bank for their work in providing essential financial education programs to the area and am proud to welcome them to the Town of Babylon."

A 4.4 square-mile hamlet located on the western edge of Suffolk County, Wyandanch is "highly underserved" by banks, according to New York State's Department of Financial Services, with 0.86 branches per 10,000 people. In Suffolk County the average is 3.12.

“No one should have to travel outside of their community to apply for a loan, open a savings account, or cash their check. Our efforts, in partnership with New York Community Bancorp, help make it possible for even more New Yorkers to bank safely and provide for their families,” said New York State Comptroller Thomas P. DiNapoli. “As State Comptroller, I’m proud to deposit $10 million into Roslyn Savings Bank to help meet Wyandanch’s banking needs.”

“The commitment of New York Community Bancorp to site a Roslyn Savings Branch in the Hamlet of Wyandanch is a win for the community and a true testament to the Bancorp’s mission to serve all,” said County Executive Steve Bellone. “Wyandanch Rising is the first major transit oriented development created on Long Island and with Roslyn Savings Bank providing retail banking services for the community and financial education they will be contributing to the Rising of Wyandanch.”

The new bank is located in the heart of the new Wyandanch Village, a mixed-use development by the Albanese Organization Inc. that includes apartments and retail space just north of the railroad station. NYCB was the first business to join the project, signing a 10-year lease in December 2014.

“We are extremely pleased to celebrate the opening of our first retailer, Roslyn Savings Bank, at Wyandanch Village. The bank will provide a breadth of necessary services to residents and commuters alike," concluded Russell Albanese, Chairman of the Albanese Organization.

About New York Community Bancorp, Inc.

One of the largest U.S. bank holding companies, with assets of $48.5 billion, New York Community Bancorp, Inc. is a leading producer of multi-family loans on non-luxury, rent-regulated apartment buildings in New York City, and the parent of New York Community Bank and New York Commercial Bank. With deposits of $29.0 billion and 257 branches in Metro New York, New Jersey, Florida, Ohio, and Arizona, the Company also ranks among the largest depositories in the United States.

Reflecting its growth through a series of acquisitions, the Community Bank currently operates through seven local divisions, each with a history of service and strength: Queens County Savings Bank, Roslyn Savings Bank, Richmond County Savings Bank, and Roosevelt Savings Bank in New York; Garden State Community Bank in New Jersey; Ohio Savings Bank in Ohio; and AmTrust Bank in Florida and Arizona. Similarly, New York Commercial Bank currently operates 18 of its 30 New York-based branches under the divisional name Atlantic Bank. Additional information about the Company and its bank subsidiaries is available at www.myNYCB.com.

Media:
Kelly Maude Leung, 516-683-4032

Source: New York Community Bank