New York.- On February 11, 2005, Marathon National Bank of New York entered into an agreement with Ocwen Financial Corp., parent company of Ocwen Federal Bank FSB, for the purchase of its branch office located in Fort Lee, New Jersey. Under the agreement, which is subject to regulatory approval, Marathon National Bank of New York will assume all deposit and related liabilities of the Fort Lee branch of Ocwen Savings Bank, FSB.
This acquisition represents the initial element of the strategic plan of Marathon National Bank of New York for expansion into Bergen County, NJ. The Fort Lee branch office will be part of a new and separate division specifically addressing the Bergen County market, and will serve as regional headquarters for further branching into the County. Marathon National Bank of New York will also continue its branch expansion within New York City and surrounding counties by opening two to three new branches per year.
Marathon National Bank of New York is a $688 million asset commercial bank, headquartered in Astoria, Queens, focusing on small and mid-sized businesses, professionals and consumers through its 10-branch network, in Queens, Brooklyn, and Manhattan.
Marathon National Bank of New York is a member of Piraeus Bank S.A., a $20 billion asset banking group, headquartered in Athens, Greece, with operations in Greece, in South-East Europe, and in London, UK.