WYANDANCH, NY — New York Community Bank (NYCB) and the Town of Babylon mark the opening of a newly constructed branch of the Bank’s Roslyn Savings Bank division in Wyandanch, the first stand-alone banking location to serve the hamlet in over 20 years.
Disproportionately underserved by traditional banking services, many Wyandanch residents have relied on high-cost check cashers or other money transfer agents to access funds over the past two decades. The services now offered at the new Roslyn Savings Bank branch include starter savings accounts that require as little as one dollar to open, as well as checking accounts with no minimum balances. NYCB will also be providing financial education programs for residents and businesses within Wyandanch, in addition to small business training and workshop programs.
“Financial inclusion–the ability for people to access banking products and services–is essential for the prosperity of any community. We take great pride in playing our part in the revitalization of Wyandanch. By providing a strong foundation for the community’s economic expansion, we will help bring unbanked residents into the financial mainstream,” said Andrew Kaplan, Executive Vice President of Retail Products and Services at NYCB.
Critical to the opening of this branch is New York State’s designation of Wyandanch as a Banking Development District (BDD). Last year, NYCB and the Town of Babylon worked together to secure this status, which provides incentives to help expand and preserve access to retail banking services for unbanked and under-banked residents in a community. Wyandanch is the second BDD on Long Island, following Brentwood’s designation in early 2014. The Brentwood location is also a branch of Roslyn Savings Bank.
“This is a monumental day for Wyandanch, as the establishment of this bank opens the door to vital financial tools for families and local businesses,” said Town of Babylon Supervisor Rich Schaffer. “The enhanced access to loans, homeownership tools, and many other services will promote long-term economic development, and stimulate personal and household wealth from the bottom-up. I thank New York Community Bank for their work in providing essential financial education programs to the area and am proud to welcome them to the Town of Babylon.”
A 4.4 square-mile hamlet located on the western edge of Suffolk County, Wyandanch is “highly underserved” by banks, according to New York State’s Department of Financial Services, with 0.86 branches per 10,000 people. In Suffolk County the average is 3.12.
“No one should have to travel outside of their community to apply for a loan, open a savings account, or cash their check. Our efforts, in partnership with New York Community Bancorp, help make it possible for even more New Yorkers to bank safely and provide for their families,” said New York State Comptroller Thomas P. DiNapoli. “As State Comptroller, I’m proud to deposit $10 million into Roslyn Savings Bank to help meet Wyandanch’s banking needs.”
The new bank is located in the heart of the new Wyandanch Village, a mixed-use development by the Albanese Organization Inc. that includes apartments and retail space just north of the railroad station. NYCB was the first business to join the project, signing a 10-year lease in December 2014.