Since 1999, First Central Savings Bank has not only provided good, old-fashioned personal service, but also has established a reputation in the community as a one-stop-shop for all of its customers’ financial needs.
An operation that started with just one branch in Whitestone and only $5 million in capital, First Central Savings has expanded to nine branches in Queens and Long Island with $58 million in capital. The original staff of 15 people has grown to over 100 loyal employees. Predominately a Queens business, the bank currently has branches in Sunnyside, Whitestone, Astoria, Ridgewood, Bayside, Flushing, Ditmars, Forest Hills and Glen Cove.
This spring, as First Central Savings celebrates 10 years in business, Joseph Pistilli, President, CEO and Chair, reflects on the past decade of service. “Our philosophy hasn’t changed,” he said. “We are a community bank and always will be.” Pistilli explains that the bank’s goal – when it first opened its doors and still today – is to fill a void in the big bank mentality by providing service with good manners, hospitality and a smile. Pistilli maintains that you are hard pressed to find such service elsewhere in the banking industry.
First Central Savings Bank distinguishes itself from other institutions by taking extra steps toward making the business of the customers’ top priority. According to Pistilli, there are executive officers right on the banking floor to answer questions and address customer concerns. A true reflection of its presence in the community, First Central Savings has a dedicated Board of Directors that is made up of local business people who understand the community needs for quick, reliable personal service from their financial institution. “We know the customers, and the customers know us,” says Pistilli. “At any given time, you can pick up the phone, call the bank, and speak directly to the president.”
As the bank has grown, its business model has changed and expanded accordingly. For instance, Pistilli says, “We now have the resources to assist small business owners.” First Central Savings Bank provides commercial check cashing to aid businesses such as restaurants, hotels and constructions companies, among many others. Pistilli adds that the bank does financing for start-up businesses and long-term ownership as well.
First Central Savings Bank caters to businesses as well as individuals. A Business Checking Account at First Central Savings can provide access to services such as ATMs, debit cards, online Internet banking, bill payment and night deposit. The account is non-interest bearing and service charges are based on the average collected balance.
The bank also allows customers to streamline their business deposits, anywhere that business is done, through remote deposit. This service eliminates daily bank runs by allowing you to scan and send your items securely to First Central Savings, where banking representatives will take care of the rest.
For businesses looking to open savings accounts, First Central Savings Bank offers a variety of options. Business Money Market accounts provide a way to earn competitive rates while still having ready access to funds. An added bonus to this interest-bearing account, are no fees if the balance is $500 or more.
For funds that are not needed for current expenses, many businesses choose a First Central Savings Bank Business Term Deposit Certificate. Certificate terms vary, and are available for as short as seven days or as long as five years. Competitively high interest rates make this a profitable option, and interest begins to accrue on the business day you deposit non-cash items, such as checks.
Among the other savings plans for businesses are business savings statements and business passbook savings that only require a minimum of $250 to open and maintain an account. Accounts that require a higher minimum to open an account are the business supreme statement savings, which has a $15,000 minimum, and the business jumbo passbook savings, which has a $100,000 minimum. Both are high-yield interest accounts.
Keeping the customer in mind, as always, First Central Savings offers flexible banking hours with some locations open until 7 p.m. and on weekends. An ATM is available at every branch and, in keeping up with the digital world, Internet banking is a standard service offered. “The only difference between First Central Savings and any of the larger banks is that our service cannot be beat,” says Pistilli. “Good service is what we are here to provide.”
With such quality service comes a variety of options for customers to choose from in terms of personal banking. Basic and personal checking accounts give customers access to ATMs, debit cards, online banking and bill payment, and night deposits. These non-interest accounts are suitable for individuals who require unlimited check-writing privileges. For a minimum deposit of $500, customers can open a NOW checking account, and for a minimum deposit of $300, customers over 65 can open a NOW checking account for seniors. For savings, customers have the option of opening a Personal Money Market account with a competitive interest rate.
First Central Savings Bank offers a flexible and convenient home equity line of credit that allows you to choose what you want to do — consolidate bills, remodel your home, take a vacation, buy a new car, finance tuition or other expenses. In addition, First Central Savings’ Consumer Loans can help customers plan a home purchase or refinance. This type of loan offers a fixed rate, fixed monthly payments, and flexible terms. The bank’s Consumer Mortgage Loans offer competitive fees, flexible repayment terms or fixed interest rates. Talk to one of the talented, knowledgeable Consumer Mortgage Loan Team banking professionals at First Central Savings, who will help you choose a credit solution to meet your needs.
For customers looking to store treasured valuables or important documents, First Central Savings Bank’s safe deposit boxes are a great option. The safe boxes are tightly monitored and under a secure, dual-key system. Some of your important documents are best kept in a safe deposit box. First Central Savings Bank currently offers Safe Deposit Box rentals at the Whitestone and Astoria branches. Safe deposit boxes allow you to enjoy the peace of mind knowing that without both your key and the bank’s key, your box cannot be opened.
Looking towards the future of First Central Savings Bank, Pistilli explains that the goal will be to maintain the quality of personal service that the bank is known for while continuing branch expansion into different areas of Queens. In addition, Pistilli is not ruling out a merge with another community institution down the road. “If the opportunity were to strike, we would look towards a bank merge with a place that shares our values,” he says.
In the meantime, Pistilli and his dedicated staff celebrate this year’s anniversary with an appreciation for how far the bank has come and those who have supported its growth throughout the years. “Our 10-year anniversary is really about the people who have been with the bank through the years…our customers and lenders and those who have supported us,” Pistilli reflects. “It’s a celebration for the whole community.”
For additional information about First Central Savings Bank, call toll-free at 866-400-FCSB (3272) or visit the bank online at www.firstcentralsavings.com. After 10 years in business, First Central Savings remains the institution that offers a real choice in community banking.
