John Tolomer, President and CEO of The Westchester Bank, will accept the Small Business Success Award from the Business Council of Westchester at its annual Hall of Fame awards dinner on April 19 in New Rochelle. Photo Credit: Contributed
WESTCHESTER COUNTY, N.Y. The Westchester Bank will be honored by the Business Council of Westchester at its prestigious Business Hall of Fame Awards Dinner.
The dinner will be held on on Tuesday, April 19 at the Glen Island Harbour Club in New Rochelle. The Westchester Bank and its President and CEO, John Tolomer, will receive the Small Business Success award.
The Westchester Bank was formed in 2008, a time when the nation was facing the worst economic downturn since the Great Depression. It was a year in which large financial and banking institutions were failing and consumer confidence was at its lowest ebb not exactly the most propitious time to start a small business anchored in Yonkers.
Yet The Westchester Bank had correctly identified a void in the marketplace and opened a local community bank with a simple, yet fundamental, formula for success. Starting with just eight employees in 2008, the Bank currently employs 56 people. The Bank has expanded from a single branch to five fullservice branches throughout Westchester County and has a newly established headquarters in White Plains.
In just seven years, the Bank has grown from $39 million in assets to more than $600 million in total assets. Deposits have increased from $22 million to $479 million, while loans increased from $7 million to $510 million.