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Press Release

November 2, 2018

Contact: Richard Loconte, 212-709-1691

DFS AUTHORIZES EXPANSION OF NEW YORK STATE-CHARTERED BANK

American Community Bank to Open Branch in Nassau County

Financial Services Superintendent Maria T. Vullo today announced that the New York State Department of Financial Services (DFS) has approved a branch application for American Community Bank, a New York State-chartered bank, to open a new branch in New Hyde Park, New York.

“DFS is committed to encouraging the growth of the New York State-chartered banking system in New York, which provides strong consumer protection while maintaining robust regulatory oversight by DFS,” said Superintendent Vullo. “DFS will continue to support local communities through the expansion of New York State-chartered banks who invest in regional economic growth and create a competitive financial services marketplace.”

DFS has approved American Community Bank’s application to open a branch location at 799 Hillside Avenue in New Hyde Park, Nassau County.  American Community Bank is a New York State chartered commercial bank headquartered in Glen Cove, whose deposits are insured by the Federal Deposit Insurance Corporation. Along with the New Hyde Park branch the bank has additional branches in Glen Cove, Mineola, Commack and East Northport. The branch now approved will be a full service location with 24 hour ATM services, two drive thru lanes, night drop depository and safe deposit boxes.

New York currently has a total of 139 state chartered commercial banks, savings banks and bank holding companies, 15 state-chartered credit unions, 84 foreign branches, 10 foreign agencies, and 27 representative offices, with assets totaling more than $1.8 trillion.

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Department of Financial Services

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