Nolan Brings Together Support for Banking Development District and Amalgamated Bank in Long Island City

June 28, 2007

Queens – The newest branch of the Amalgamated Bank will open in Long Island City, Queens on Friday, June 29, 2007. Assemblywoman Catherine Nolan (D-Queens) sponsored the legislation that helped seal the decision to locate the branch in the special Banking Development District bounded by Broadway to the north, 31st street to the east, Queens Plaza North to the south and Vernon Boulevard to the west.

“I am pleased to see the culmination of our efforts to establish a Banking Development District in Long Island City, and to have played a part in choosing Amalgated Bank to lead the way,” said Assemblywoman Nolan.

In 1997, the New York State legislature created the Banking Development District Program to encourage banks to establish branches in areas that demonstrated a need for enhanced banking services. While the program has seen great success, Assemblywoman Nolan recognized that a more thorough discussion among community groups and state officials during the application process and prior to the establishment of a BDD would ensure the best possible sites were chosen for new banks.

“As former Chairwoman of the New York State Assembly Committee on Banking I collaborated with other key Queens’s community members, including Borough President Helen Marshall and Councilman Eric Gioia to make this dream a reality. I want to congratulate Amalgamated Bank’s president and chief executive officer, Derrick D. Cephas, for believing in our dreams for Long Island City. This banking district will increase commerce and benefit our community tremendously,” said Nolan.