Carver Federal Savings Bank opened its second Queens branch at the corner of Archer Avenue and 160th Street with an official ribbon- cutting by Mayor…
By Courtney Dentch
There is a new place to get some cash, deposit checks or even apply for a loan in downtown Jamaica.
Carver Federal Savings Bank opened its second Queens branch at the corner of Archer Avenue and 160th Street with an official ribbon- cutting by Mayor Michael Bloomberg, Borough President Helen Marshall and community and bank leaders Monday.
The ceremony also celebrated the creation of Queens’ first Banking Development District, a state designation which helps bank branches survive the often rocky first years and encourages institutions to set up shop in underserved neighborhoods.
“In certain communities, such as this one, there are few more potent symbols of hope than the opening of a new bank branch,” said state Banking Superintendent Diana Taylor. “It could be a few years before a bank has enough deposit accounts to become viable. The governor’s program works to make these branches grow and become profitable by harnessing local government to help by providing municipal deposits.”
Carver Bank, which took one of the last spots in the Jamaica Center building housing the Jamaica Cinema, opened its doors in February, but Monday’s ceremony marked the official welcome from community, city and state leaders. Carver, a primarily black-run institution based in Harlem, has six branches in New York City, including one in St. Albans.
“There is a tremendous need for additional banking services in Jamaica, which presents a significant opportunity for Carver to grow as our communities remain comparatively underserved by financial institutions,” said Deborah Wright, president and chief executive of Carver.
The bank features an e-banking zone with online banking terminals, which provide customers with access to their accounts, bill payment services and other community features through Carver’s Web site, Wright said. Phone kiosks are available to connect customers with service representatives, and Carver’s ATMs offer postage stamps and MetroCards, in addition to traditional banking functions, she said.
“It certainly is a pleasure to have new openings in the Jamaica community,” said state Sen. Ada Smith (D-Jamaica). “Jamaica is thriving, it’s booming and it is the place to be.”
Jamaica was also named a Business Development District, after an application by Carver to the State Banking Department. The program awards Carver for moving into a neighborhood traditionally underserved communities. Southeast Queens has long been an area ignored by banking institutions, Wright said.
Carver was expected to receive $10 million in city deposits through the program, which would help stabilize the branch and boost its deposit accounts, said Martha Stark, commissioner of the city Department of Finance.
“With up to $10 million in city deposits from our Banking Development District program, this branch will be able to help residents from Jamaica and the surrounding neighborhoods obtain home and business loans, open checking accounts and take advantage of other important financial services,” Bloomberg said.
Carver services, including savings and checking accounts, mortgage, loan and investment plans will in turn benefit the Jamaica and South Jamaica communities in the Banking Development District, Bloomberg said. The district stretches from Jamaica Avenue to Baisley and Rockaway Boulevards, and from the Van Wyck Expressway to about 180th Street.
“The designation of Queens’ first Banking Development District in South Jamaica is an investment in the future of southeast Queens,” Borough President Helen Marshall said. “Today’s action will reap benefits for years to come.”
Reach reporter Courtney Dentch by e-mail at news@timesledger.com, or by phone at 718-229-0300, Ext. 138.
