As 2010 came to a close last week, Alma Bank reflected on some of its achievements throughout the year.
The bank’s chairperson of the board, Kirk Karabelas, explained that one of the accomplishments during the past year was raising an additional $20 million of capital.
"In these economic times, to be able to go out and raise 20 million additional dollars is very hard to say the least," Karabelas said, adding that it was done without brokers or intermediaries.
Karabelas attributed the accomplishment to "local supporters of the community." The 166,666 additional shares were purchased by old shareholders and approximately 40 new shareholders.
"In being able to raise the capital, it wasn’t the need to raise it because we were in trouble or we were lacking funds," Karabelas said. "It was because of our growth.”
During 2010, Alma Bank opened four new branches, including one in Manhattan, to bring their total to nine branches. A 10th will be opening in New Jersey.
The bank has also increased its number of employees. Karabelas explained that there were 56 in December of 2009 but, at the conclusion of 2010, that amount had increased by 59 percent to 89 employees.
Alma Bank experienced a more than 50 percent increase in total assets and a total loans increase of more than 60 percent within the last year.
Karabelas explained that Alma Bank reinvests funds back into the communities they serve.
Additionally, the bank goes into underserved areas where Karabelas said that "banks have decided to close their doors to communities where they thought communities could not support" them. Karabelas said that this is done not only out of necessity for the bank’s growth but also out of responsibility to the FDIC’s banking department.
In 2011, Karabelas said that the bank will continue to grow. He said they want to be in every possible neighborhood and reach as many customers as they can.
Alma is looking to open more branches in Manhattan, as well as in Jackson Heights and on Long Island.
For more information on Alma Bank, call 347-649-6112 or visit www.almabank.com.
