December 23, 2016
Contact: Richard Loconte, 212-709-1691
DFS AUTHORIZES EXPANSION OF TWO NEW YORK STATE-CHARTERED BANKS
Flushing Bank and Pathfinder Bank to Open Branches in Queens and Onondaga Counties.
Financial Services Superintendent Maria T. Vullo today announced that the New York State Department of Financial Services (DFS) has approved branch applications for two New York State-chartered banks, Flushing Bank and Pathfinder Bank. Flushing Bank is opening two new branches in Flushing, New York, and Pathfinder has been granted permission to expand from a limited-service to a full-service branch in Onondaga County.
“DFS is committed to fostering and supporting the continued growth of locally regulated New York State-chartered banks, “ said Financial Services Superintendent Maria T. Vullo. “New York State-chartered banks offer New Yorkers a range of options in meeting their needs for financial services, strong consumer protection through DFS regulatory oversight, and expanded employment opportunities for many. DFS encourages further expansion of our state-chartered banking system to provide better access to financial services to communities across New York.”
John R. Buran, President and Chief Executive Officer of Flushing Bank, said: “As a New York State-chartered bank, we are excited to witness and participate in the economic development of the Flushing community. These new branches will showcase our Universal Banker model that combines technology with a highly skilled staff to deliver a superior experience to our personal and business customers. We have been a member of the Flushing community for over 87 years and plan to be around for many years to come.”
Thomas W. Schneider, President and CEO of Pathfinder Bank, said: “Pathfinder Bank is very pleased with the Department of Financial Services’s approval of our application to expand to a full-service office in order to serve the Syracuse market to our fullest capabilities, delivering our locally trusted, community-based banking model.”
Flushing Bank has been approved to open new branch locations at 150-60 Northern Boulevard and at 164-20 Northern Boulevard in Flushing, New York. Flushing Financial Corporation is the holding company for Flushing Bank, a New York State-chartered commercial bank. The bank serves consumers, businesses, professionals, corporate clients, and public entities through its 19 banking offices located in Queens, Brooklyn, Manhattan, and Nassau County.
Pathfinder Bank has received approval to operate as a full-service branch at 109 West Fayette Street, Syracuse. In 2013, DFS authorized the bank for commercial lending and acceptance of commercial deposits only. Pathfinder Bank is a New York State-chartered commercial bank headquartered in Oswego, New York. The bank, which is a wholly owned subsidiary of Pathfinder Bancorp, Inc., has nine full-service offices located in its market areas consisting of Oswego and Onondaga Counties.
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