Roosevelt Islander Online: Roosevelt Island Bank Update

The
Roosevelt Island Operating Corp
(RIOC)
announced October 28:

On Monday, October 25th, Roosevelt Island Operating Corporation (RIOC), with
support of elected officials, the Roosevelt Island Resident Association
(RIRA), Community Board 8 and other community representatives, held an open
house for financial institutions interested in bringing a full-service branch
to the island. Those in attendance toured two locations on the island. They
were also offered a Red Bus tour of the island and engaged in a Q&A
session to better understand our unique community. We look forward to updating
the community as discussions continue. 

The two locations RIOC presented as possible bank locations were space at a
renovated
Sportspark (250 Main Street)
and the former
Amalgamated Bank site
(619 Main Street) which closed in September 2020.

Here’s the promotional brochure RIOC prepared for the bank presentation.

RIOC declined to invite members of the Roosevelt Island media to cover the
Bank Open House that included elected officials and several local residents in
attendance.

In reply to my question about the Roosevelt Island Bank Open House, NY State
Assembly Member
Rebecca Seawright reported:

Our aggressive marketing and recruitment campaign garnered five banking
institutions with deep roots in New York and a strong affinity for community
banking. Senior representatives from Apple Bank, TD Bank, Metropolitan
Commercial Bank, Ridgewood Savings Bank, and New York Community Bank came to
our open house with great interest in learning more about the growing
economy and the vibrant residential and educational communities on Roosevelt
Island. They asked many good questions and visited several attractive venue
opportunities.

At my request, representatives from the state Department of Financial
Services attended to explain the state Banking Designation District, or BDD,
designation for the island. This program offers an attractive $10 million in
subsidized public deposits and other benefits. 

These conversations are continuing with several state agencies. The feedback
has been positive, productive, and helpful. I am grateful for the strong
cooperation of my partners in government, including Representative Carolyn
Maloney, State Senator Jose Serrano, and Councilman Ben Kallos.

NYC Council Member Ben Kallos adds:

It was a pleasure touring potential sites to bring a bank back to Roosevelt
Island, alongside Manhattan Borough President Brewer and Assembly Member
Seawright. Several banks joined us, and if we are able to get this going
soon, it will be a testament to the community’s efforts and the real need
for a local bank on the Island.



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