YONKERS, NY (July 2011) – What started out as a small office in a construction trailer on Central Park Avenue in Yonkers has grown to become one of the nation’s fastestgrowing community banks with nearly a quarter of a billion dollars in assets.
And it all happened in just three years during one of the worst economic downturns in the country’s history. The Westchester Bank is celebrating its third anniversary in business with impressive financial gains. For the quarter ending June 30th, the Bank’s deposits exceeded $196 million, up 29% from last June, while assets totaled more than $240 million, a gain of 30% from a year ago. Total loans outstanding currently exceed $140 million, which is 59% above last June. The Bank currently has over 2,600 customers.
As another indication of its success, The Westchester Bank recently completed a private placement stock offering that raised nearly $27 million in new capital. “This infusion of new capital will enable us to increase the amount of money we can lend to our customers. It will also fund our continuing growth,” said John Tolomer, President and CEO of The Westchester Bank. He noted that the Bank’s capital raise was funded entirely by individual investors. “We’re very pleased by the response to our capital raise. This is local people investing in a local community bank,” he added.
Mr. Tolomer said The Westchester Bank’s financial performance has far exceeded expectations. “We are two years ahead of our original forecasts. Clearly, the business model we’ve developed works… and it works very well. Our mission from day one was to create a true community bank for businesses that can deliver all the products, services and state-of-the-art technology of the big banks but with an unparalleled level of personal service.”
In addition to its modern headquarters building on Central Park Avenue, The Westchester Bank also has a branch in downtown White Plains at 464 Mamaroneck Avenue. Since opening in November 2009, the White Plains branch has attracted more than $71 million in new deposits. “We’re very pleased with the growth of our White Plains branch. It has provided us with a high visibility presence in the center of Westchester. We are attracting customers from White Plains, Scarsdale, Hartsdale and other surrounding communities. It’s been a real success for us,” said Mr. Tolomer.
While some banks continue to build a traditional “bricks and mortar” branch network, Mr. Tolomer said The Westchester Bank is using the latest online services and cutting-edge technology to expand its base of business banking customers. “Our online banking and Remote Capture check scanning services are very popular with our customers. It’s the smart and convenient way to do your banking and allows our customers to focus on running their business, which is important in today’s challenging business climate,” Mr. Tolomer said.
Looking ahead, Mr. Tolomer said the Bank plans to expand within the county. “We’re looking to open four new branches in the next four years. However, we will never lose sight of our original mission which is to be a local bank where decisions are made locally by local people,” he said.
The Westchester Bank is a New York State Chartered and FDIC insured commercial bank. The Westchester Bank offers a comprehensive line of banking services to businesses and consumers including business and personal checking, business lending, commercial mortgages, savings accounts, CDs, money market accounts, Interest on Lawyer Accounts (IOLA), attorney escrow accounts and tenant security accounts. The Westchester Bank’s headquarters is located at 2001 Central Park Avenue, Yonkers.