New Banking District Created In Corona

New York Community Bank (NYCB) and Borough President Helen Marshall cut the ribbon on a new kind of banking in Corona this week.
On Monday morning in the park across from their newest branch, bank representatives and elected officials from across the city joined together to announce a Banking Development District (BDD) — only the second one of its kind in the borough.
BDD’s are designed to encourage the creation of banks in those areas where there is a demonstrated need for banking services by providing designated deposits from the state and city at below-market rates.
Queens County Savings Bank, a division of NYCB, reopened their branch at 51-13 108th Street in Corona Heights after a renovation that took it from 550 square feet to over 2,000. It also turned the former satellite office into a full service, 7-day-a-week branch to provide access to financial services for area residents.
“I remember growing up in Corona and having to walk to 103rd Street to go to the bank,” said NYCB President and CEO Joe Ficalora. Now the underserved have the opportunity to have access to banking near their home.”
Incentives available to banks within BDD’s include:
Diana Taylor, the superintendent of banking for the state, and city finance commissioner Martha Stark presented a check for $20 million ($10M each from the city and state) to NYCB to kickstart the program.”This step signals a confidence in the future,” Taylor said.
editrich@queenscourier.com