EAB, based in Uniondale, L.I., is a state-chartered bank with 30 branches in New York City and locations in Flushing, Jamaica, Long…
By Betsy Scheinbart
Citigroup, the parent of Citibank, has agreed to buy European Americanbank and its five Queens branches for $1.6 billion.
EAB, based in Uniondale, L.I., is a state-chartered bank with 30 branches in New York City and locations in Flushing, Jamaica, Long Island City, South Ozone Park and Elmhurst. Citibank has branches in almost every Queens neighborhood.
Citigroup, the nation’s largest bank, said it will buy EAB from its parent company, ABN Amro Bank NV, and all the EAB branches will bear the Citibank name.
“From both a geographic and business standpoint our businesses complement each other,” said Marge Magner, head of Citigroup’s domestic retail operations. “The acquisition extends our physical presence, since there is little overlap between EAB’s branch network and our own.”
But the two banks will duplicate branches in four spots in Queens: Flushing, Jamaica, Long Island City, and Elmhurst. Citibank will analyze those locations closely before making any decisions about the branches’ futures, said Keith Anderson, a spokesman for Citigroup.
“Where we determine there is overlap, one of the two will be closed, but from an employment standpoint, we don’t see a reduction of people, because we anticipate needs for all of them in the company,” Anderson said.
The purchase of EAB is subject to government regulatory approval, but the deal is expected to close by mid-year.
“We are pleased to join forces with Citibank to build a banking presence on Long Island and in New York that represents the best that both our companies have to offer,” said Edward Travaglianti, EAB chairman and chief executive officer.
The EAB branches in Queens are located at 41-80 Main St. at Sanford Avenue in Flushing; 168-48 Hillside Ave. at 169th Street in Jamaica; 31-21 Thompson Ave. at Van Dam in Long Island City; 133-07 Rockaway Boulevard at 133rd Street in South Ozone Park; and 85-15 Queens Blvd. at Broadway in Elmhurst.
Nearby Citibank locations include 38-11/17 Main St. near Roosevelt Avenue in Flushing; 89-50 164th St. near Jamaica Avenue in Jamaica, and 87-11 Queens Blvd. in Elmhurst.
Reach reporter Betsy Scheinbart by e-mail at Timesledgr@aol.com or call 229-0300, Ext. 138.
