Skip to Content

Press Release

November 20, 2017

Contact: Richard Loconte, 212-709-1691

DFS AUTHORIZES EXPANSION OF NEW YORK STATE-CHARTERED BANK SYSTEM

Financial Services Superintendent Maria T. Vullo today announced that the New York State Department of Financial Services (DFS) has approved branch applications for Empire State Bank, a New York State-chartered bank, to open two new branches in Staten Island and Brooklyn, New York.  DFS also approved The Bridgehampton National Bank’s application to convert its charter to conduct business to a New York State Banking Charter, effective December 31, 2017. The Bridgehampton National Bank is the 13th federal bank to convert to a New York State charter since DFS was formed in October 2011. After the conversion, The Bridgehampton National Bank will change its name to BNB Bank.

“DFS appreciates these two banks’ commitment to the New York State-chartered banking system, which is a testament to the strength, effectiveness, and value of the state-chartered banking system,” said Superintendent Vullo.  “DFS is committed to supporting New York’s local communities and fostering a competitive financial services marketplace, while providing strong regulatory oversight and consumer protection.”

Philip Guarnieri, Chief Executive Officer Empire State Bank, said, “We are excited to expand our existing franchise and support our New York customer base as it broadens to include more New York neighborhoods.  As we continue to implement our business plan, we are proud to have the support of the Department of Financial Services.”

The Bridgehampton National Bank President and Chief Executive Officer Kevin M. O’Connor, said, “We are pleased to receive approval from the Department of Financial Services to convert to a New York state chartered bank. We are dedicated to serving the financial needs of New Yorkers, and we look forward to working with DFS as our primary regulator beginning in 2018.  The state charter will allow BNB to compete in the New York market while benefiting from the insight of locally focused regulators.”

DFS has approved Empire State Bank’s application to open two branch locations. One branch office will be located at 1698 Victory Boulevard in Staten Island. A second branch will be opened at 6823 18th Avenue, Brooklyn. Empire State Bank, originally chartered in 2004, has $269 million in total assets. Empire offers a wide range of financial services through its existing banking offices, which are located in Newburgh, New York, Brooklyn, New York, and Staten Island, New York.

The Bridgehampton National Bank operates 44 retail branch locations serving Long Island and the greater New York metropolitan area. In addition, the bank operates one loan production office in Manhattan. Through its branch network and its electronic delivery channels, the bank provides deposit and loan products and other financial services to local businesses, consumers and municipalities. Headquartered in Suffolk County, The Bridgehampton National Bank has assets of approximately $4.3 billion.

New York currently has a total of 139 state chartered commercial banks, savings banks and bank holding companies, 16 state chartered credit unions, 84 foreign branches, 10 foreign agencies, and 27 representative offices, with assets totaling more than $1.8 trillion.

###

 

Link to DFS Portal

About DFS

Contact DFS

Reports & Publications

Licensing

Laws and Regs

Connect With DFS

DFS Facebook page

Follow NYDFS on Twitter